DO a Good Job, get rewarded. Fail, get fired. It really IS that Simple.
Hey folks,
Good Monday morning to you. You get rewarded for a job well done. If not, you fail or get fired. True story. A few years ago, I started "PC Mailings." The concept is simple. I have information you need. You send me money, I send you the information. Simple right? Not so much. I took the time and the money, to go to Tallahassee and buy the "Rights" to the name. I bought the Licenses I needed. I wrote the Informational Packets. I was ready to go.
The hopes and dreams were filling my head. The Math was sound. If just 100 people wanted the informational packets, I would have made over $2,000 dollars. 1000 people? 10,000 people? You get the picture. I bought advertising for $500.00 for a two week period. I received ONE DOLLAR.
Was the advertising worded wrong? Maybe. Was it placed in the wrong place? Maybe. Could I have continued trying, spending more and more in advertising trying to keep the hope alive? Of course. Did I? Nope. I took the hit and dropped the idea and continued to work for others that PAID me for doing my job.
Now I, like most of you, have worked for others my whole life. EVERY JOB I have ever had, with the exception of one, I excelled and was promoted and rewarded for doing a good job. When I was in Security and Law Enforcement, I was promoted to Sgt and Senior Investigator. When I worked in a kitchen, I became the Night Supervisor. When I was in the Hotel Business, I went from Security, to Night Auditor, to Front Office Manager in one year. I ran a major brand Hotel in NY for six years, and one here in South Florida for three.
Then I worked for a Distribution Company. I could not care less about it. I was there for eight months. I did the minimum of what was asked. I did not show for work, I did not go anywhere. I refused to learn new things, and I pretty much could not have cared if the place burnt down. Did I get rewarded? Nope. I quit and moved on to work for a local City Government.
So the lesson? Do the job you were hired for. Do it well. No matter WHAT the field of endeavor. Get rewarded. Do NOT do the job you are hired for. Get fired or end up leaving on your own. So why does this seem to be a difficult concept?
The AP, Associated Press, conducted an investigation into the Banking Bailouts. What did they find? Get this.
The 116 banks that so far have received taxpayer dollars to boost them through the economic crisis gave their top tier of executives nearly $1.6 billion in salaries, bonuses and other benefits in 2007, an Associated Press analysis found.
That amount, spread among the 600 highest paid bank executives, would cover the bailout money given to 53 of the banks that have shared the $188 billion that Washington has doled out in rescue packages so far.
So these Executives that in essence FAILED to do their jobs. Got caught in the scam that was Fannie and Freddie, are now being rewarded to CONTINUE to fail. Or, I cannot believe I actually agree with him, but I do. As Barney Frank said, they are being bribed to do the job they were hired for.
"Most of us sign on to do jobs, and we do them best we can," said Frank. "We're told that some of the most highly paid people in executive positions are different. They need extra money to be motivated!"
Screw them. Don't do the Job, get the hell out. When I was in Hotel Management, what do you think I said to those that came to me and said, "You know what Pete, I just can't do this anymore. But if you give me a raise, I will try a little harder..?" Yup. I said "Your Fired."
• Lloyd Blankfein, president and chief executive of Goldman Sachs, took home nearly $54 million in compensation last year. The company's top five executives received a total of $242 million.
This year, Goldman's seven top-paid executives will work for their base salaries of $600,000, with no stock or cash bonuses, the company said. Last spring, before Wall Street's staggering losses and layoffs mushroomed, Goldman described its pay plan as essential to retain and motivate executives "whose efforts and judgments are vital to our continued success, by setting their compensation at appropriate and competitive levels." Goldman spokesman Ed Canaday declined to comment beyond that written report.
The New York-based company, after gains last year, on Dec. 16 reported its first quarterly loss since it went public in 1999. It received $10 billion in taxpayer money on Oct. 28.
• Even where banks cut back on pay, some executives were left with seven- or eight-figure compensation that most people can only dream about. Richard D. Fairbank, the chairman of Capital One Financial Corp., took a $1 million hit in compensation after his company had a disappointing year, but still got $17 million in stock options. The McLean, Va.-based company received $3.56 billion in bailout money on Nov. 14.
• John A. Thain, chief executive of Merrill Lynch, topped all corporate bank bosses with $83 million in earnings last year. Thain, a former chief operating officer for Goldman Sachs, came to Merrill Lynch in December 2007, avoiding the blame for a year in which Merrill lost $7.8 billion. Since he began work late in the year, he earned $57,692 in salary, a $15 million signing bonus and an additional $68 million in stock options.
Like Goldman, Merrill tapped taxpayers for $10 billion on Oct. 28.
Look at some of these other numbers.
The records detailing last year's pay packages show that personal financial advice was among the executive perks. Wells Fargo of San Francisco, which took $25 billion in taxpayer bailout money, gave its top executives up to $20,000 each to pay financial planners.
At Bank of New York Mellon Corp., chief executive Robert P. Kelly's stipend for financial planning services came to $66,748, on top of his $975,000 salary and $7.5 million bonus. His car and driver cost $178,879. Kelly also received $846,000 in relocation expenses, including help selling his home in Pittsburgh and purchasing one in Manhattan, the company said.
Goldman Sachs, paying as much as $233,000 for an executive's car and driver, told its shareholders that financial counseling and chauffeurs were needed so executives would have more time to focus on their jobs.
JPMorgan Chase chairman James Dimon ran up a $211,182 tab for private jet travel last year when his family lived in Chicago and he was commuting to New York. The company received $25 billion in bailout funds.
Banks cite security to justify personal use of company aircraft for some executives. But Rep. Brad Sherman, D-Calif., questioned that rationale, saying executives visit many locations more vulnerable than the nation's security-conscious commercial air terminals.
Now we are bailing out Auto Companies? Where is that money going to go? Housing? Did that money go to help YOU. YOU stay in YOUR house? Nope. Private Jets, Big Parties. Big compensations for THEIR Executives. Big rewards for those that CAUSED the problem or ALLOWED it to continue, Like Frank himself. Why is the Auto Industry Different? It's not.
What about a bailout to ME? I started a business that failed. I lost money. I need a consultant, a driver, and someone to fly me places, you know, so I can concentrate more on the business. What would YOU get if I were to get say one Million? Nothing. Just like the Banking, Housing, and Auto industries. You would pay me YOUR tax money, for, well, nothing. But hey, if everyone else is getting bailed out, why not?
So more and more people, including States, Private Business, Public Businesses, and the Little Man on the Moon, are all coming out of the wood work for this "Free Money." Problem is, it's not free, it is YOURS.
Peter
Sources:
AP - AP study finds $1.6B went to bailed-out bank execs
Hey folks,
Good Monday morning to you. You get rewarded for a job well done. If not, you fail or get fired. True story. A few years ago, I started "PC Mailings." The concept is simple. I have information you need. You send me money, I send you the information. Simple right? Not so much. I took the time and the money, to go to Tallahassee and buy the "Rights" to the name. I bought the Licenses I needed. I wrote the Informational Packets. I was ready to go.The hopes and dreams were filling my head. The Math was sound. If just 100 people wanted the informational packets, I would have made over $2,000 dollars. 1000 people? 10,000 people? You get the picture. I bought advertising for $500.00 for a two week period. I received ONE DOLLAR.
Was the advertising worded wrong? Maybe. Was it placed in the wrong place? Maybe. Could I have continued trying, spending more and more in advertising trying to keep the hope alive? Of course. Did I? Nope. I took the hit and dropped the idea and continued to work for others that PAID me for doing my job.
Now I, like most of you, have worked for others my whole life. EVERY JOB I have ever had, with the exception of one, I excelled and was promoted and rewarded for doing a good job. When I was in Security and Law Enforcement, I was promoted to Sgt and Senior Investigator. When I worked in a kitchen, I became the Night Supervisor. When I was in the Hotel Business, I went from Security, to Night Auditor, to Front Office Manager in one year. I ran a major brand Hotel in NY for six years, and one here in South Florida for three.
Then I worked for a Distribution Company. I could not care less about it. I was there for eight months. I did the minimum of what was asked. I did not show for work, I did not go anywhere. I refused to learn new things, and I pretty much could not have cared if the place burnt down. Did I get rewarded? Nope. I quit and moved on to work for a local City Government.
So the lesson? Do the job you were hired for. Do it well. No matter WHAT the field of endeavor. Get rewarded. Do NOT do the job you are hired for. Get fired or end up leaving on your own. So why does this seem to be a difficult concept?
The AP, Associated Press, conducted an investigation into the Banking Bailouts. What did they find? Get this.The 116 banks that so far have received taxpayer dollars to boost them through the economic crisis gave their top tier of executives nearly $1.6 billion in salaries, bonuses and other benefits in 2007, an Associated Press analysis found.
That amount, spread among the 600 highest paid bank executives, would cover the bailout money given to 53 of the banks that have shared the $188 billion that Washington has doled out in rescue packages so far.
So these Executives that in essence FAILED to do their jobs. Got caught in the scam that was Fannie and Freddie, are now being rewarded to CONTINUE to fail. Or, I cannot believe I actually agree with him, but I do. As Barney Frank said, they are being bribed to do the job they were hired for.
"Most of us sign on to do jobs, and we do them best we can," said Frank. "We're told that some of the most highly paid people in executive positions are different. They need extra money to be motivated!"
Screw them. Don't do the Job, get the hell out. When I was in Hotel Management, what do you think I said to those that came to me and said, "You know what Pete, I just can't do this anymore. But if you give me a raise, I will try a little harder..?" Yup. I said "Your Fired."
• Lloyd Blankfein, president and chief executive of Goldman Sachs, took home nearly $54 million in compensation last year. The company's top five executives received a total of $242 million.
This year, Goldman's seven top-paid executives will work for their base salaries of $600,000, with no stock or cash bonuses, the company said. Last spring, before Wall Street's staggering losses and layoffs mushroomed, Goldman described its pay plan as essential to retain and motivate executives "whose efforts and judgments are vital to our continued success, by setting their compensation at appropriate and competitive levels." Goldman spokesman Ed Canaday declined to comment beyond that written report.
The New York-based company, after gains last year, on Dec. 16 reported its first quarterly loss since it went public in 1999. It received $10 billion in taxpayer money on Oct. 28.
• Even where banks cut back on pay, some executives were left with seven- or eight-figure compensation that most people can only dream about. Richard D. Fairbank, the chairman of Capital One Financial Corp., took a $1 million hit in compensation after his company had a disappointing year, but still got $17 million in stock options. The McLean, Va.-based company received $3.56 billion in bailout money on Nov. 14.
• John A. Thain, chief executive of Merrill Lynch, topped all corporate bank bosses with $83 million in earnings last year. Thain, a former chief operating officer for Goldman Sachs, came to Merrill Lynch in December 2007, avoiding the blame for a year in which Merrill lost $7.8 billion. Since he began work late in the year, he earned $57,692 in salary, a $15 million signing bonus and an additional $68 million in stock options.
Like Goldman, Merrill tapped taxpayers for $10 billion on Oct. 28.
Look at some of these other numbers.
The records detailing last year's pay packages show that personal financial advice was among the executive perks. Wells Fargo of San Francisco, which took $25 billion in taxpayer bailout money, gave its top executives up to $20,000 each to pay financial planners.
At Bank of New York Mellon Corp., chief executive Robert P. Kelly's stipend for financial planning services came to $66,748, on top of his $975,000 salary and $7.5 million bonus. His car and driver cost $178,879. Kelly also received $846,000 in relocation expenses, including help selling his home in Pittsburgh and purchasing one in Manhattan, the company said.
Goldman Sachs, paying as much as $233,000 for an executive's car and driver, told its shareholders that financial counseling and chauffeurs were needed so executives would have more time to focus on their jobs.
JPMorgan Chase chairman James Dimon ran up a $211,182 tab for private jet travel last year when his family lived in Chicago and he was commuting to New York. The company received $25 billion in bailout funds.
Banks cite security to justify personal use of company aircraft for some executives. But Rep. Brad Sherman, D-Calif., questioned that rationale, saying executives visit many locations more vulnerable than the nation's security-conscious commercial air terminals.
Now we are bailing out Auto Companies? Where is that money going to go? Housing? Did that money go to help YOU. YOU stay in YOUR house? Nope. Private Jets, Big Parties. Big compensations for THEIR Executives. Big rewards for those that CAUSED the problem or ALLOWED it to continue, Like Frank himself. Why is the Auto Industry Different? It's not.What about a bailout to ME? I started a business that failed. I lost money. I need a consultant, a driver, and someone to fly me places, you know, so I can concentrate more on the business. What would YOU get if I were to get say one Million? Nothing. Just like the Banking, Housing, and Auto industries. You would pay me YOUR tax money, for, well, nothing. But hey, if everyone else is getting bailed out, why not?
So more and more people, including States, Private Business, Public Businesses, and the Little Man on the Moon, are all coming out of the wood work for this "Free Money." Problem is, it's not free, it is YOURS.
Peter
Sources:
AP - AP study finds $1.6B went to bailed-out bank execs
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