Now that's an example
Posted On Wednesday, November 26, 2008 at at 11:02 AM by BijeshAfter failing to understand why the American firms wouldn't agree to cut compensations scales for its senior executives, I read about 3 former board-members of the Swiss UBS decided to forego part of the compensation due to them. It's absurd that the American companies, currently begging the Fed for money, still want to keep their bonus payments and compensation intact.
I mean, come on!! People are being fired to cut costs and these head-honchos continue to get paid a lot more than they deserve. Why fire people? Why not cut costs by chopping off salaries across board - starting with the chief executives?
And then there was what-should-have-been-but-was-not- embarrassing episode of the Big Three heads flying down to Washingtion in individual private jets to ask the government for money. Oh, yes, they did promise that they were looking at ways to cut costs in their respective companies. Yeah, right!
