Warm Southern Breeze

"… there is no such thing as nothing."

Posts Tagged ‘CEO’

Your Tax Dollars At Work: Taxpayers Subsidize CEO Pay, Here’s How #BonusLoophole

Posted by Warm Southern Breeze on Saturday, September 3, 2016

Executive Excess 2016: The Wall Street CEO Bonus Loophole

This 23rd annual report reveals how taxpayers are subsidizing financial crisis windfalls.

By Sarah Anderson and Sam Pizzigati, August 31, 2016

CashingInOnTheCrisis-Graphic-1-1This report is the first to calculate how much taxpayers have been subsidizing executive bonuses at the nation’s largest banks.

The study focuses on a 1993 Clinton administration reform that was intended to rein in runaway CEO pay by capping the tax deductibility of executive compensation at $1 million. But the new rule included a huge loophole for stock options and other “performance” pay. As a result, the more corporations hand out in executive bonuses, the lower their tax bill. This perverse incentive for excessive compensation has been a major factor in the explosion of CEO pay.

The financial bailout program closed this loophole for recipients, but only until Read the rest of this entry »

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President Barack Obama to visit Chattanooga, Tuesday, July 30, 2013

Posted by Warm Southern Breeze on Sunday, July 28, 2013

Chattanooga is an old, old, old, old city.

It’s older than Civil War old.

Throughout the city there are narrow streets, many (if not most) of which need widening and repaving. Interstate 24, which leads into the city, is in sore need of widening. Because of the twisting, winding route it takes as it leads into, through and around the city and it’s numerous mountains and hills, it can be treacherous. When any slowdown for any reason occurs, traffic can be backed up for 15-20 miles, or more. When wrecks occur on that route, they’re often fatal, and create even longer delays. The only other major route into the city is US Highway 72. There is no bypass. If there are problems on either of those two routes, significant delays can take hours. (See a Google Map of the area.)

It has a university – University of Tennessee, Chattanooga – with other smaller colleges & universities nearby (Lee University, in Cleveland & Southern Adventist University, in Collegedale). One of three hospitals in the area (each which has numerous campuses) Erlanger, is a Level One Trauma Center, and teaching hospital for the College of Medicine at the University of Tennessee, Knoxville. Memorial Hospital, is part of the Catholic Health Initiatives system, and is a teaching hospital, while Parkridge Hospital is operated by TriStar Health.

Because of industrial waste released by area manufacturing, in 1969, Chattanooga had the filthiest air in the nation. The Tennessee River which serves as a boundary for the area was equally polluted. For many years, troubles GALORE plagued the city, including economic inequality, poor race relations, deteriorating economic infrastructure, rapid population decline, and departure of industry.

Recognizing that the city and area residents were suffering a slow suicide, officials and interested citizens embarked upon a plan to revitalize the area, including cleaning up industrial waste, reinvigorating the economy with employment opportunity, and looking forward, rather than backward.

EPB (Electric Power Board), one of the public utilities in the area, came upon an idea to infuse their power grid with Fiber Optic cable to enable better response times, to pinpoint areas of concern, and to re-route electricity during power outages when lines were downed by trees or severe weather. They faced stiff opposition in the form of legal fights by Comcast (principally), yet were successful in overcoming. In turn, they sold High Speed fiber optic Internet Connectivity to area residents at a significantly reduced cost in comparison to the Wall-Street-traded Comcast. They also provide better service.

While the area’s renaissance is by no means complete, it has advanced with enormously significant strides.


 

Obama to visit uneven Chattanooga area recovery


published Saturday, July 27th, 2013

Mike Pare, deputy Business editor at the Chattanooga Times Free Press, Mike Pare MPare@TimesFreepress.com phone: 423-757-6318

Mike Pare, Deputy Business Editor, Chattanooga Times Free Press; MPare@ TimesFreePress.com phone: (423) 757-6318

by Mike Pare
view bio

When President Barack Obama flies into Chattanooga on Tuesday to tout new economic initiatives, he’ll see a city recognized in a national study as a metro area emerging from the recession as an “economic frontrunner.”

Area Development, a national business magazine covering site selection and relocation, ranked metro Chattanooga at No. 86 — in the top quarter — among 380 metro areas examined for the study titled “Leading Locations for 2013.”

While in Chattanooga Obama is expected to unveil new ways to spur the nation’s sluggish economic recovery.

At the Amazon distribution center at Enterprise South industrial park, the president will see a growing, state-of-the-art distribution facility with 1,800 full-time jobs created since 2011. The Chattanooga facility, along with Read the rest of this entry »

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Big Business Profit Model Harms Long Term Profitability

Posted by Warm Southern Breeze on Wednesday, December 26, 2012

Perhaps the most telling rationale, or motivation for the course upon which corporations have set is explained in this statement by ANDREW SMITHERS: Yes, the current way in which managements are rewarded is perverse from an economic viewpoint. Adam Smith pointed out that some characteristics of human beings such as greed, which are often unpleasant at a personal level, can nonetheless bring social benefits. But this is not necessarily the case under current remuneration systems; greed is increasingly the cause of harm rather than help to the economy.

The long and short of it, is greed. And in that paragraph is the solitary mention of the word or practice.

Philosophically, this time, this period in our nation’s history – and in the history of the world, and in the greater, long term picture of humanity – is yet another prime example, and case in point illustrating why and how the selfishness of greed is unsustainable and genuinely evil.

Capital Wins, Labor Loses, But Andrew Smithers Says It Can’t Go On

MAKING SENSE — December 26, 2012 at 4:48 PM EDT

BY: PAUL SOLMAN

Warehouse manager at operations desk on computer. Photo courtesy of John McBride & Company Inc.

Warehouse manager at operations desk on computer. Photo courtesy of John McBride & Company Inc.

Paul Solman: Jon Shayne is not just the world’s No. 1 econo-crooner, belting out economics tunes of his own invention under the stage name Merle Hazard at his own website and for the PBS NewsHour audience on inflation, on the Greek debt crisis, on the euro crisis in general, on too-big-to-fail banks, and most recently, on the fiscal cliff.

No, Shayne/Hazard is no one-trick pony. He is also a noted money manager, recently highlighted by Forbes magazine for his perspicacity in stock-picking. Wrote Forbes: “If you follow the stock market, Jon Shayne is worth a good, long listen. Especially now.”

Having listened to Jon plenty over the past few years, I agree, especially with his emphasis on the increasing share of national income commanded by the owners of capital, in contrast to labor. This angle is the focus of Forbes’ story as well.

So I asked Jon to elaborate for the Making Sen$e audience. He has done so by interviewing the person who inspired his thoughts on the subject, British economist Andrew Smithers, who formerly ran the asset management business of S.G. Warburg, and now Read the rest of this entry »

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Yahoo! CEO Marissa Mayer gives new iPhone 5 to all Yahoo! employees & pays their cell phone bills

Posted by Warm Southern Breeze on Sunday, September 16, 2012

In reality, she offered a choice from among 6 smartphones.

She is also also going to pay its employees data and phone bills.

Marissa Mayer Just Gave Every Yahoo Employee An iPhone 5

Nicholas Carlson | Sep. 15, 2012, 11:32 PM
New Yahoo CEO Marissa Mayer just sent an email to all of Yahoo’s full time and part time employees in the US, promising them a new Apple, Samsung, Nokia, or HTC smartphone.

Yahoo! CEO Marissa Meyer with Michael Arrington at TechCrunch Disrupt

Yahoo! CEO Marissa Meyer with Michael Arrington founder and former co-editor of TechCrunch at TechCrunch Disrupt September 14, 2011. Photo by Kevin Krejci

“People are happy,” says a source at the company.

A couple weeks ago, we reported that new Yahoo CEO Marissa Mayer was considering giving every Yahoo employee a new iPhone or Android smartphone.

Mayer has now put that plan into motion through a program Yahoo is calling “Yahoo! Smart Phones, Smart Fun!”

We learned about this plan from an internal memo, which we received from one source and confirmed with another.

Through the program, Yahoo employees will have a choice of phones: iPhone 5, Samsung Galaxy S3, HTC One X, HTC EVO 4G LTE, or Nokia Lumia 920.

Yahoo is also going to Read the rest of this entry »

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Goodbye & Good Riddance: Alabama Public TeeVee COO Charles Grantham resigns effective August 31 2012

Posted by Warm Southern Breeze on Wednesday, August 1, 2012

FOR THE RECORD:
Good bye, and good riddance. Time to say ‘goodbye‘ to the old cr3w, and welcome a new day.

Why?

APTV has NOT yet achieved its potential.

That new and glorious day is ahead.

Thanks be to God that the old Board members, CEO, COO & CFO are gone.

Again, why?

They have NOT led APTV to glory.

Duh!

Hello?!?

If Alabamians were as rabid for APTV as they are for their cockamamie football team from Tuscaloosa, we’d have had a First Rate, Nationally Award-Winning organization & programs a long time ago.

The problem is, it was only once, and a very long time ago.

And we’ve been scraping the bottom of the barrel ever since.

For example, why did APTV close the long-time Montgomery bureau, only to open a Washington, D.C. bureau?

Be sure to ask that of the fired CFO Pauline Howland & fired Executive Director Alan Pizzato. They’re likely to know.

Bear this in mind as well, my commentary, while critical, is in no way reflective upon those individuals as human beings. That is to say, I have no ‘axe to grind’ with any of them, and I have no reason to suspect or imagine that they’re anything other than fine people.

However, they have a job to do, and APTV has been sucking wind for way too long.

In the competitive arena, if you don’t earn market share or provide value, your business dwindles. Keep that up, and the CEO’s head will roll, along with the COO, CFO, and possibly members of the Board of Directors, as well.

And that’s exactly what has happened.

It’s time to change.

To that denunciation, I add this additional withering criticism: The second story indicates that Mr. “Grantham told reporters that commission chairman Ferris Stephens instructed him that he was no longer allowed to talk to the media about the recent upheaval at APT.

That is an illegal act.

And someone like Ferris Stephens ought to know better than to do something as stupid as that, because he’s an Assistant Attorney General at the Alabama Attorney General’s Office.

Not only is the management of the network a matter of PUBLIC RECORD, but the employees have Freedom of Speech rights under the First Amendment.

Particularly, according to Rankin v. McPherson, 483 U.S. 378, 384 (1987) “The threshold question . . . is whether [an employee’s] speech may be ‘fairly characterized as constituting speech on a matter of public concern.'” There is little doubt that Mr. Grantham’s public speech may certainly be characterized as being on a matter of public concern.

Alabama Public TV COO Charles Grantham Resigns

Credit aptv.org / Alabama Public Television

The chief operating officer for Alabama Public Television has resigned after Read the rest of this entry »

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CEO pay soars while employee pay falters

Posted by Warm Southern Breeze on Friday, April 1, 2011

Those “poor, poor” rich men. We shouldn’t tax those poor, poor souls because they, in their mercy, give jobs to us, the genuinely wealthy slobs who do not need them. No, Congress should cut their taxes, and should not tax multi-national corporations such as General Electric which makes billions in profits and does not pay any income tax. In fact, Congress should eliminate all taxes upon the über-wealthy and should tax the poor! (sarcasm ends here)
•••

CEO pay soars while workers’ pay stalls

By Matt Krantz and Barbara Hansen, USA TODAY
Updated: 04/01/2011 9:20am

CEOs didn’t have to cry poor for long.

The heads of the nation’s top companies got the biggest raises in recent memory last year after taking a hiatus during the recession.

At a time most employees can barely remember their last substantial raise, median CEO pay jumped 27% in 2010 as the executives’ compensation started working its way back to prerecession levels, a USA TODAY analysis of data from GovernanceMetrics International found. Workers in private industry, meanwhile, Read the rest of this entry »

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Healthcare Reform Addresses Rising Health Care Costs

Posted by Warm Southern Breeze on Monday, February 28, 2011

Healthcare reform is going to happen because it has to. We cannot, as a country, continue to absorb cost increases in healthcare.”
– Cullman (AL) Regional Medical Center CEO, Jim Weidner, Thursday, 24 February, 2011 in his “State of the Hospital” address

The CEO’s address was encouraging, not the least reasons of which were that Read the rest of this entry »

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FAIL: RFCU President’s response

Posted by Warm Southern Breeze on Monday, March 15, 2010

Is John Newberry, President/CEO of Redstone Federal Credit Union, out of touch with reality?

After a virtual media black-out which essentially denied that Redstone Federal Credit Union members accounts had been emptied because of computer hacks, this is how the RFCU President/CEO responds:  …Continue…

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