Those "Poor" CEOs, The Private Sector and Government
I first published this on March 8, 2007, but the subject is still VERY relevant, and I've added a Word History, and made only minor changes to the text (December 3, 2014), but bear in mind, the article refers to the subjects under discussion in the spring of 2007.
Well, in watching CNBC for awhile today, they have been discussing the congressional hearings into CEO pay. The hearing started today. I LOVE how all of these free market worshipers are in a hand wringing (see Word History below) mode about the possibility that the government might actually do something to halt the absolute nonsense that's been going on in many corporate board rooms. They always say how private business can take care of itself, and that there already are crackdowns going on within the corporate community to correct the problem. Most of the hysteria centers around a proposal that would give shareholders in a company the right to express their dissatisfaction with CEO pay and termination compensation. This "right," however, would be non-binding, under the current proposal. The bigwigs even get nervous about non-binding proposals. One guy even had the nerve to say something to the effect, (this in NOT a direct quote, but I'm putting it in quotes anyhow) "So a CEO comes home one day, his wife says the kids are almost grown up, that he's missed so much of their lives. Are you being compensated for all of this time you put in?" she asked him.
I had to wipe away the tears.... of laughter!!! These folks NEVER stop!!! EVER!!! There is NO shame!!! I can imagine a company worker telling his boss that he feels that he deserves extra pay because he's giving up time with his family. I can just hear the reply, "If you didn't want the job, why did you take it? Hell no you won't get any extra money! This is a business, not a charity! Now get the hell out of here before I replace you with someone else I can exploit... I mean, I might help along the corporate ladder."
To me, everything needs some sort of oversight. It's just how human beings are. For my friends on the political left, that includes the government. It also needs to have its sails trimmed at times. Just look at this mess with the medical care for veterans.* On the other hand, this nonsense that only business can work efficiently is just that, NONSENSE! Just recently, my telephone line had very bad static. I called the telephone company (this was on a Tuesday). The lady told me that the problem would be fixed within 48 hours. The very next morning (Wednesday), I received a call from the telephone company telling me that someone would be out Thursday, between 8:30 a.m. and 7:00 p.m. On Wednesday afternoon, I picked up the phone to make a call, and the line was dead. I looked outside, and a telephone company van was there. I went out, and here a repairman was working on my telephone line, and he had disconnected the line to make the repair. Within 30 minutes, the problem was fixed. On Thursday morning, the phone rang, and a telephone company representative said that someone was due out to fix my telephone line that day. I told her that the problem had already been repaired on Wednesday. On Saturday there was a knock at the door. A telephone repairman said he was here to repair a problem with static on my phone line. I told him that it had been fixed on Wednesday afternoon. Now, if this is private business efficiency, then I have a bridge, any bridge; hell, it doesn't have to be in Brooklyn, that I'll sell to you.
Further, recently I had the natural gas service in the upstairs of my house put into my name, as the unit was vacant, and with cold weather I wanted to have some heat up there to prevent frozen pipes. When I rented the unit, the gas company sent me a final bill for an outrageous amount. When I looked, it was an estimated bill!!! How can you send someone a final billing that is an estimate? I called the gas company and the customer service rep said that they hadn't gotten a reading, and so she apologized (not that this is her fault, but she's apologizing for the company; I understand), and she said for me to call her back with a reading from the meter, which I did. Instead of the obscene amount of the estimate, she told me the bill would be only a quarter of the amount of the estimated billing. About three or four days later, a bill arrived that was double the amount that she had told me during our telephone conversation. I called the gas company again, and again an apology was issued, with the statement that the computer did an incorrect calculation, and that indeed, the amount quoted by the original customer service rep was correct, and that another final bill would be sent, which it was. I LOVE the efficiency of private enterprise!
Folks, we need the private sector AND we need government. There has to be some kind of balancing act, but we need both. Only government can protect us from the excesses of the business world, which can be absolutely ruthless. We, as private citizens and businesses, must protect ourselves from government run amok, which it certainly does. The idea that either of these entities can function without some checks on their power from the other, is NONSENSE!
* For some information on the VA situation in 2007, see this Washington Post article: http://www.washingtonpost.com/wp-dyn/content/article/2007/03/04/AR2007030401394.html
WORD HISTORY:
Wring-This word, related to "wrong," "worry," and "wrangle," goes back to Indo European "wrengh," with the notion of "bend, compress." This gave its Old Germanic offspring "wrenganan," with the meaning "to twist, to bend, to squeeze," which then gave Old English (Anglo-Saxon) "wringan," with the same meanings. This then became "wringen," before the modern version. Forms in the other Germanic languages are: German "ringen" (to wrestle, to struggle), Low German Saxon and Dutch "wringen" (squeeze/press out), and Saterland Frisian "wringe" (press out, wring).^ Apparently, West Frisian no longer uses a form of the word in this general context, nor do the languages of the North Germanic branch of Germanic; Danish, Norwegian, Icelandic and Swedish, but the meanings in the Germanic languages diverged long ago from variant forms in Indo European, although all stemming from the notions of "twist, bend, press, squeeze." This is why "wring" is also related to "wrong," which once simply meant "twisted," and to "worry," which once meant "strangle" (twist or wring someone's or something's neck).
^Saterland Frisian is a surviving form of East Frisian, spoken in a section of Lower Saxony (German: Niedersachsen) in northwestern Germany.
Well, in watching CNBC for awhile today, they have been discussing the congressional hearings into CEO pay. The hearing started today. I LOVE how all of these free market worshipers are in a hand wringing (see Word History below) mode about the possibility that the government might actually do something to halt the absolute nonsense that's been going on in many corporate board rooms. They always say how private business can take care of itself, and that there already are crackdowns going on within the corporate community to correct the problem. Most of the hysteria centers around a proposal that would give shareholders in a company the right to express their dissatisfaction with CEO pay and termination compensation. This "right," however, would be non-binding, under the current proposal. The bigwigs even get nervous about non-binding proposals. One guy even had the nerve to say something to the effect, (this in NOT a direct quote, but I'm putting it in quotes anyhow) "So a CEO comes home one day, his wife says the kids are almost grown up, that he's missed so much of their lives. Are you being compensated for all of this time you put in?" she asked him.
I had to wipe away the tears.... of laughter!!! These folks NEVER stop!!! EVER!!! There is NO shame!!! I can imagine a company worker telling his boss that he feels that he deserves extra pay because he's giving up time with his family. I can just hear the reply, "If you didn't want the job, why did you take it? Hell no you won't get any extra money! This is a business, not a charity! Now get the hell out of here before I replace you with someone else I can exploit... I mean, I might help along the corporate ladder."
To me, everything needs some sort of oversight. It's just how human beings are. For my friends on the political left, that includes the government. It also needs to have its sails trimmed at times. Just look at this mess with the medical care for veterans.* On the other hand, this nonsense that only business can work efficiently is just that, NONSENSE! Just recently, my telephone line had very bad static. I called the telephone company (this was on a Tuesday). The lady told me that the problem would be fixed within 48 hours. The very next morning (Wednesday), I received a call from the telephone company telling me that someone would be out Thursday, between 8:30 a.m. and 7:00 p.m. On Wednesday afternoon, I picked up the phone to make a call, and the line was dead. I looked outside, and a telephone company van was there. I went out, and here a repairman was working on my telephone line, and he had disconnected the line to make the repair. Within 30 minutes, the problem was fixed. On Thursday morning, the phone rang, and a telephone company representative said that someone was due out to fix my telephone line that day. I told her that the problem had already been repaired on Wednesday. On Saturday there was a knock at the door. A telephone repairman said he was here to repair a problem with static on my phone line. I told him that it had been fixed on Wednesday afternoon. Now, if this is private business efficiency, then I have a bridge, any bridge; hell, it doesn't have to be in Brooklyn, that I'll sell to you.
Further, recently I had the natural gas service in the upstairs of my house put into my name, as the unit was vacant, and with cold weather I wanted to have some heat up there to prevent frozen pipes. When I rented the unit, the gas company sent me a final bill for an outrageous amount. When I looked, it was an estimated bill!!! How can you send someone a final billing that is an estimate? I called the gas company and the customer service rep said that they hadn't gotten a reading, and so she apologized (not that this is her fault, but she's apologizing for the company; I understand), and she said for me to call her back with a reading from the meter, which I did. Instead of the obscene amount of the estimate, she told me the bill would be only a quarter of the amount of the estimated billing. About three or four days later, a bill arrived that was double the amount that she had told me during our telephone conversation. I called the gas company again, and again an apology was issued, with the statement that the computer did an incorrect calculation, and that indeed, the amount quoted by the original customer service rep was correct, and that another final bill would be sent, which it was. I LOVE the efficiency of private enterprise!
Folks, we need the private sector AND we need government. There has to be some kind of balancing act, but we need both. Only government can protect us from the excesses of the business world, which can be absolutely ruthless. We, as private citizens and businesses, must protect ourselves from government run amok, which it certainly does. The idea that either of these entities can function without some checks on their power from the other, is NONSENSE!
* For some information on the VA situation in 2007, see this Washington Post article: http://www.washingtonpost.com/wp-dyn/content/article/2007/03/04/AR2007030401394.html
WORD HISTORY:
Wring-This word, related to "wrong," "worry," and "wrangle," goes back to Indo European "wrengh," with the notion of "bend, compress." This gave its Old Germanic offspring "wrenganan," with the meaning "to twist, to bend, to squeeze," which then gave Old English (Anglo-Saxon) "wringan," with the same meanings. This then became "wringen," before the modern version. Forms in the other Germanic languages are: German "ringen" (to wrestle, to struggle), Low German Saxon and Dutch "wringen" (squeeze/press out), and Saterland Frisian "wringe" (press out, wring).^ Apparently, West Frisian no longer uses a form of the word in this general context, nor do the languages of the North Germanic branch of Germanic; Danish, Norwegian, Icelandic and Swedish, but the meanings in the Germanic languages diverged long ago from variant forms in Indo European, although all stemming from the notions of "twist, bend, press, squeeze." This is why "wring" is also related to "wrong," which once simply meant "twisted," and to "worry," which once meant "strangle" (twist or wring someone's or something's neck).
^Saterland Frisian is a surviving form of East Frisian, spoken in a section of Lower Saxony (German: Niedersachsen) in northwestern Germany.
Labels: CEO pay, corporate executives, English, etymology, Germanic languages, government, greed, private sector, Veterans Administration
posted by Randy at 1:37 PM
1 Comments:
I pretty much agree, we need both private and government, but people like the Kochs are trying to eliminate government to allow them to do whatever they want and we will have no recourse. That's just plain BS!
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