Could you survive on only $500,000 a year?

[PHicks]

After Obama's decision today to limit the salaries of bank executives to $500k I wondered how many people at Citibank would be effected 5, 10, 20 (it is a big company)

Nowhere close; an executive recruitment specialist on the radio today estimated that Citibank has over 1000 employees that make over $500k; wow!

Now, if you make $6million a year does that mean that you have to work the rest of 2009 for free?

No wonder Gen sales have been up!

 

[Trevor52]

I would say that your post is the definition of class envy.

 

[tehflea]

lol i think i could happily survive off $500k

i would still buy reps tho LOL

 

[Spirit]

I would say that your post is the definition of class envy.

Noooooooooooooooooooooooooooooo...SRSLY?

I would be ass-broke if I had to live with $500k/year...damn! suck to be those poor bank executives!
:mrgreen:

Cheers,
Spirit.

 

[SLK55]

just one step closer to communism....as expected. :roll: Next up - nationalizing auto prcies and calling everyone Comrade.

 

[sconehead]

just one step closer to communism....as expected. :roll: Next up - nationalizing auto prcies and calling everyone Comrade.

Ahhh...my friend you seem to be mistaking socialism for communism, there are big differences you know... :roll:

 

[Hambone]

Most of us spend what we make, and hopefully save for retirement. If you earn 150,000 a year and your pay jumps to 500,000, then thats great. If you are making 2 million and your pay is cut to 500,000, your lifestyle is used to the 2 mill and that woiuld then become a hardship to support that continued lifestyle.

Asking taxpayers to fund fatcat salaries after bailing out these corporations because they were mismanaged in the first place is an affront to all taxpayers. This has zero to do with communism and everything to do with what is fair.

 

[PHicks]

I would say that your post is the definition of class envy.

No, not at all. It's a comment amount about absolute, at all cost, greed. People with class have morals. They don't pillage their neighbors and then look for government bailouts.

 

[RWIGWH]

As long as Manny can still be Manny, and turn down 25 million a year from the Dodgers this week, I think we are safe from a commie nation.

 

[heatfromthelorcin]

As long as Manny can still be Manny, and turn down 25 million a year from the Dodgers this week, I think we are safe from a commie nation.

lol

 

[brtelec]

I do agree with H-U, I do not begrudge anyone the money they earn. If you are properly managing a financial institution and you are doing so well that they can afford to pay you millions a year, good for you. But if the only reason you still have a job is because you were saved by American tax dollars, I believe we have every right to be outraged by the current behavior of these people and can sure as shit tell them what they can and can't do with the money. You think it is a hardship to go from millions to $500,000 a year, how about going from millions to unemployed?

 

[RayBelCons]

As work expands to full available time, I would have the whole 500Gs gone in the blink of a paycheck.

And....life is not fair. Want proof? Just ask a judge what equal is. 75% to her, of course !

 

[SLK55]

This has zero to do with communism and everything to do with what is fair.

Ahhh... yes... for each according to need and from each according to ability...sounds familiar - I believe it was Carl Marx that suggested that.

Is it fair that I had to go to school, part time, without the help from the government, put myself through college and law school, studied for months to pass multiple bar exams for me to be able to earn what I do....is it FAIR that back in the hay day - mortgage brokers without even a GED made more then I do in a year in a month? FAIR...hmm - kinda goes against the idea of capitalism, doesnt it? Without a long political discussion, Capitalism rests on laze fare government involvement. The more government regulates any industry the less capitalist pursuits are left.

If banks sold bogus loans to high risk individuals and are now in trouble - let them fail. If the auto industry paid 72.00 per hour to union thugs, and failed to compete with the foreighn manufacturers - let them fail...Our founding fathers are rolling over in their graves over this corporate bail out bull crap - and they are right.

Sorry to vent - flame away.

 

[brtelec]

@SLK55, I think you missed what H-U was saying. I believe he meant fair in the sense that they will be taking what they are given if what they are given is taxpayers money. If a mortgage banker made more in a month than you made in a year I guess you picked the wrong job. I agree that the correct answer is let them fail, but then again what would be the fallout of banks and the auto industry collapsing? I guess that is the reason that I work in an industry that only asks for a strong back and a disregard for personal safety, I just don't know the answer.

 

[tehflea]

If banks sold bogus loans to high risk individuals and are now in trouble - let them fail. If the auto industry paid 72.00 per hour to union thugs, and failed to compete with the foreighn manufacturers - let them fail...Our founding fathers are rolling over in their graves over this corporate bail out bull crap - and they are right.

Sorry to vent - flame away.

you communist socialist blah blah

no seriously i couldent agree more

i say let them fail, they will be replaced...

 

[PHicks]

You think it is a hardship to go from millions to $500,000 a year, how about going from millions to unemployed?

How about going from $20,000 to zero? No savings to fall back on there.

Lets get real here. I work for a multi-national manufacturing company. Our top executives make 300 or 400k; but we only have a handful. That's reasonable. This is typical, just take a look at the annual reports for solvent, profitable mid-size manufacturing companies in the US.

The recruitment specialist talking on the radio today said that managers on wall street typically exceed $500k after 3 or 4 years on the job. In my business 3 or 4 years doesn't qualify you for anything; how could it?

Wall street recruits from within and pays their new 'experts' crazy salaries and bonuses. Not too many kids from the south side of Chicago get jobs there. This is not 'class' but a simple case of the 'mob'. Rather than shooting people they just steal your money.

Given the free hand that wall street has been given it has encouraged their financial managers to take whatever risks will result in huge short term gains. Let me see, why not create a mortgage offer that requires no down payment, has ridiculously low repayments for the first 2 years and give this mortgage to someone that has no credit history. Once you have this contract sell it to some mug and call it AAAA+++ (just like some of our watch dealers) and receive a huge sales bonus. If property prices keep going up you're ok but of course sometime they won't and you have just created a worldwise financial crisis. But don't worry, just pay yourself a bonus using the money that the government (taxpayers) just gave you.

In the good old fashioned manufacturing industries we figured out these scams a generation ago. Our sales people would try to sell sand to the Arabs but finance got wise to this along time ago.

Why do people think that wall street has all these really smart people that deserve to skim our savings? They are no more special than anyone else. Do they think that all the smart people in this world chose to go into finance? If so, how come the world economy is so screwed up?

I guess I will now get the the 'Commi' treatment which seems to be the standard response to anyone that questions 'business as usual'. I'm ready for it; bring it on!

 

[SLK55]

@SLK55, I think you missed what H-U was saying. I believe he meant fair in the sense that they will be taking what they are given if what they are given is taxpayers money. If a mortgage banker made more in a month than you made in a year I guess you picked the wrong job. I agree that the correct answer is let them fail, but then again what would be the fallout of banks and the auto industry collapsing? I guess that is the reason that I work in an industry that only asks for a strong back and a disregard for personal safety, I just don't know the answer.

Wrong profession - may be...but I still have my job, whereas...well... they are selling their Bentleys to me lol. Education is still king - and a highly educated person will always be able to provide at a level higher then those without. If the auto industry collapses - it will be replaced - by companies more mindful of their competition and willing to put in the time and effort to do a better job. When a Cadillac costs as much as a BMW - they are not competing. Prices are driven by costs - costs are increased due to union involvement and regulations, all these things prevent the automotive industry from competing. What do you think a bail out will do - save the US automakers and automotive industry? Seriously? Its not even a band aid for a problem that is soo deep-rooted that no amount of band aid would cure it.

As for banks - the sole reason why we are bailing them out is becuase their sharholders are in charge at the highest levels of government. Letting non-competing old dinasaur companies fail is the American way - they will be replaced by a young, more energetic companies with better ideas of how to compete in the 21st century. Do I want a great American car? YES!! Is there one - NO!...solution - lets build one - lets give companies that promise to build one a chance - lets give them the money.

Remmember the movie Ransom? Instead of giving the ransom money to kidnappers - Mel Gibson offered the money to the people that will bring them in. Why not use that example - let the government offer incentives and financial backing and low interest loans to any other company that would like to step in and revamp the American automotive industry - Telsa, Noble and the likes. Ford may be an institution - but they stopped competing in the 70's and are not even trying anymore. I havent seen an exciting car come from Ford in decades, perhaps since the 1965 Mustang.

Truth hurts - the realty for these companies is that they brought it on to themselves. If they were more mindful of their business enviornment - none of this would ever happen. They were greedy, blind and lazy - so what do we do? Reward them of course.

 

[SLK55]

I guess I will now get the the 'Commi' treatment which seems to be the standard response to anyone that questions 'business as usual'. I'm ready for it; bring it on!

The commie comments come from a different place. I do not, in any way, advocate business as usual - quite the opposit. My point is actually a 180 degree opposite. Let people who can not compete fail. Let them all fall. From the ashes, new companies will rise - survival of the fittest and all that Darwinian nonsense...

 

[watchbuff]

That's almost triple my nut !!!
I would do just fine! I would buy a gallardo !

 

[kye_lin]

500K/year.... I bet that excludes bonuses... which will be in the millions...