From what leaked out of the meeting,Wells Fargo and a few of the relatively safe banks practically laughed a Bernake when he sat them all down. They said they were fine and that the deal was bad for them on many fronts. Bernake then explained that if they don't take the money now, if they get caught in another bad turn, the gov't would do its best to fuck them. His offer was take it now or fail later if things don't turn around.
Quote:
Originally Posted by LFG
Because I GUARANTEE you this incentive was promised on or about Jan 1 2008 as part of the annual compensation plan to sales employees who worked for it and earned it before Wells Fargo accepted the bail out money. What they have now done, based on political pressure, is to reneg on compensation promised to their sales force. I guarantee you they will pay them the same value in another way to make up for this, or will be sued for the full value and win because this amounts to compensation/contract damages.
Have a short jaunt in Las Vegas or keep my job because the company is hurting…? That shouldn't even be a choice.
When it's figured into your pay, like tips are, yeah, different issue altogether. You did your job just fine to earn that compensation and they budgeted for it.And Wells Fargo isn't hurting in the same sense as others; they didn't actually need the money.
Have a short jaunt in Las Vegas or keep my job because the company is hurting…? That shouldn't even be a choice.
The problem is, Wells Fargo is not hurting. They were and are competently managed. As described above, they took the money under pressure as a contingency in case they needed it.
What happens when you pay less than competitive sales compensation is that you lose your top sales people to other companies. The 80/20 rule really applies here. 20 percent of your sales force brings in 80 percent of your revenue. When given a choice to accept a lower wage or leave, many sales people will leave, because the top people are immediately employable elsewhere at higher rates, even during this recession.
On 1/16, I was laid off from a job in which I earned about $150k last year because my employer hired someone for between $30k and $50k less to do the same job. Problem is, I had a 44% sales increase (#1 of appx 100 sales people) over the previous year, in an industry where average sales were down 14% from 2007. I enjoyed a lavish President's Club in 2008 for my 2007 performance at a five star resort in Mexico with all the trimmings.
And in less than two weeks from being laid off, I was hired for the same money I made at my previous company, in a job I'll actually like better. My extremely short sighted previous employer will now make MILLIONS less per year in revenue because they were directed by the mother ship to reduce the pay of the highest paid employees. This decision by my previous employer was nothing less than Down-Syndrom retarded.
And this is the same type of knee jerk reactions we are hearing from the Obama administration now. They are catering to political pressure from people who's understanding of how top level incentive programs work is equivalent to that of a Waffle House waitress. This is the worst type of politically correct government thinking.
I also want to make it extremely clear that I'm not advocating million dollar executive bonuses and $130k gold commodes and such.
I strongly oppose those things as grossly wasteful.
All I'm suggesting is that if they take away commonly given sales incentives from top performers, as Wells Fargo was pressured to do in this case, they WILL cause significantly more harm than good to these companies.
...
Sorry, last time I checked, if you did something wrong, you weren't rewarded for it. The fucking CEO of Merrill Lynch (before he "resigned") spent 1.2 million RENNOVATING his fucking OFFICE.
These assholes should be given a choice...either pay back what they fucking spent OR go to jail. Ask for a handout from the government and all fucking bets are off.
This is the new era of 'no child left behind', everyone passes, we don't keep score at kids games so there can be no 'loser'. The 60s love children asked for it, and we got it.
Shit, my boss used to do a raffle at Christmas where top prizes were going on a ship for a cruise for up to 5 days this last year we were fucking lucky to get a bonus. They had to start giving them in October cause their was no way he could afford to do them all at once.
Fuck these fucking ass clown government lap dogs and their jokes of a business, let them all fail so the smaller guys get a chance to capitalize on their failures.
This is the new era of 'no child left behind', everyone passes, we don't keep score at kids games so there can be no 'loser'. The 60s love children asked for it, and we got it.
Wait, who asked for "no child left behind"?
__________________
Quote:
Originally Posted by Hexus
Meh, I don't think Otis is really that old
Irony:
Quote:
Originally Posted by Laodaron
LOL, the "I'm getting owned, but I'll pretend that I owned you in my mind" (anti)logic isn't going to work here.
Shit, my boss used to do a raffle at Christmas where top prizes were going on a ship for a cruise for up to 5 days this last year we were fucking lucky to get a bonus. They had to start giving them in October cause their was no way he could afford to do them all at once.
Thats pretty nice. Ive been at the same company for a decade. In ten years we've recieved a bonus twice. And it wasnt much at all. The past 2-3 years we got the gift of love.
__________________ "Right now, a shipment of Pats 19-0 shirts are on their way to some small village in South America"
Re: How are they not arrested for this shit?
