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Letters to the Editor

Board decisions

March 23, 2009

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To the editor:

We continue to hear and read something about the greed and enormous multimillion-dollar pay packages of the top executive officers of so many of our companies in our American economy today. Also, that the average pay of the executives has been increasing each year even when their companies are losing money, their stock prices have fallen, employees are being terminated and, in some cases, the company has become bankrupt.

The question I think we should be asking is: “Why do the board members of these companies approve these exorbitant multimillion-dollar pay packages?” We know the pay packages would not be allowed if they were not approved by the board of directors of the company. It is this approval that makes the pay possible and legal. Maybe there should be some study of the compensation paid to the board members, for it is hard for me to understand how board members can be so irresponsible. Could it be the top executives have found a way to control who gets on the board and who does not?

Kenneth Fisher,
Lawrence

Comments

labmonkey 5 years, 10 months ago

Easy answer Kenneth. Board members are probably CEOs of other companies who has the CEO on their board. I'll scratch your back if you scratch mine.

just_another_bozo_on_this_bus 5 years, 10 months ago

Labmonkey pretty much sums it up. Corporate boards are places where incest is not only legal, but standard operating procedure.

SettingTheRecordStraight 5 years, 10 months ago

Yeah! Damn those eeeevil corporations and their insidious leadership for helping turn the US into the richest, most prosperous nation on the planet. Damn their research! Damn their development! Damn their entrepreneurial ways and their job creation!

labmonkey 5 years, 10 months ago

STRS-

I am not anticorporate...but you cannot deny what I said in my statement happens. CEOs should not be giving each other bonuses while they layoff thousands.

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