goose Posted February 9, 2009 Posted February 9, 2009 Populist claptrap. Each time a bank awards a hefty bonus to an employee almost half of that finds it's way to govt coffers via income tax. The man on the street is better off.
beetle Posted February 9, 2009 Posted February 9, 2009 Compare the greed of the American companies to this ...........I guess this is one reason India is not in such a big mess. ---------------------------------------------------------------------------------------------------------------------------------- Tata group's top executives may get 15% salary cut MUMBAI: Senior executives in several Tata group companies are bracing themselves for a 10-15% salary cut in a bid to reduce wage bill wage bill and stave off job cuts at middle and junior levels, executives of at least three Tata companies told ET. These executives said this is the possibly the first time that the group is planning salary cuts at the senior level. The extent of salary cuts will depend on how severely individual group companies are affected by the downturn. "We will take a salary cut at the top-management level. This will allow us avoid putting many jobs at the mid and lower levels, across our facilities, at risk. However, a final call on this and the extent to which pay cuts will be effective, is yet to be taken," a top executive at Tata Steel told ET. Says Tata Motors MD Ravi Kant: "We are considering cuts in compensation of executives. But, the board is yet to take decision. Work on these lines are already underway." Tata Consultancy Services (TCS), which cut staff salaries across-the-board after the IT major failed to meet growth expectations, is also considering further pay cuts at the upper-management level, confirmed a senior group executive. Some group companies such as Tata Chemicals and Tata Power are, however, striving to avoid taking such drastic steps. "We have formed a central team and have put in place several HR initiative. While a call on pay cuts at Tata Chemicals is not warranted at this juncture, we are taking cautious steps," B Sudhakar, chief HR officer of Tata Chemicals, said. Tata Steel and Tata Motors have both reported poor results in the December quarter. While the auto maker posted losses of Rs 263 crore, the steel company's net profit dipped 56% as demand fell. Corus, the Anglo-Dutch steel maker that Tata Steel bought for over $13.5 billion, has recently announced around 3,500 job cuts across Europe. A UK newspaper on Sunday reported that Tata Motors may cut an additional 1,500 jobs if sales don't improve at the troubled Jaguar Land Rover division, which the Indian company took over last year. A Tata Sons director told ET that individual group companies will have to take their own decisions on what is in the interest of their respective companies. "They will have to act keeping in mind the current economic environment," he added. Tata Tea and Indian Hotels are also contemplating similar moves. These proposed salary cuts come on the back of a letter written by group chairman Ratan Tata to top group executives where he wrote the country is going through "the worst economic crisis in living history." Mr Tata is understood to have said in the email that "the global financial crisis, non-availability at reasonable rates and falling demand across sectors has severely impacted group businesses."
fineleg Posted February 9, 2009 Posted February 9, 2009 Compare the greed of the American companies to this ...........I guess this is one reason India is not in such a big mess. Excellent decision by Tata-ji. I hope more companies and govts tighten their belts like this, rather than just "eliminate rank and file jobs" to cut costs. However, beetle - greed is everywhere. There are very greedy politicians and execs in India also.
beetle Posted February 10, 2009 Posted February 10, 2009 Excellent decision by Tata-ji. I hope more companies and govts tighten their belts like this, rather than just "eliminate rank and file jobs" to cut costs. However, beetle - greed is everywhere. There are very greedy politicians and execs in India also. Yaar...but the kind of sick mentality shown by these peopleis disgusting.Imagine splurging on commodes while the company was going down the flush. In India...most companies that had ordered fancy jets for the personal use of the top brass have cancelled the orders keeping the current situation in view......but these Americans arejust too much.
Brainfade Posted February 10, 2009 Author Posted February 10, 2009 Compare the greed of the American companies to this ...........I guess this is one reason India is not in such a big mess. ---------------------------------------------------------------------------------------------------------------------------------- For what its worth, Fedex's CEO has taken a 20% paycut until further notice. Steve Jobs works for a buck a year (in his case, of course, one has to consider that Apple is "his" baby, and he'll do anything to keep it alive). Regardless, it is a symbolic move - no matter who is doing it. An interesting take: http://www.msnbc.msn.com/id/29085450/ Having said all that, it must be said that Ratan Tata is a unique individual anyway!
Ram Posted February 10, 2009 Posted February 10, 2009 Did anyone here see Obama's first prime-time press conference last evening? The thing about Obama is, you may have ideological/philosophical disagreements with what you’re doing, but man what a powerful leader! What a powerful personality. Coming into a presidency with the biggest economic crisis in 70 years looming in front of him, this guy truly believes he can make a difference. You can see that in his eyes, in his voice, in his tone. Incredible! How I wish India had a pro-active leader like him… U.S.A is in crisis and here we have, the President trying his bottom off to do something about it. Yet, India has been suffering from economic, social and security related problems for decades and yet none of our leaders have got the balls to do anything about it. Another interesting thing to note is how Obama continuously refers to Congress/Washington in the third person terms. He did that while campaigning, giving the impression that he’s someone who was fed up with all the game and politicking and was able to really impress upon people that he wants to bring change. He continues to do that now too, repeatedly referring to Washington/Congress as some third party entity that is hindering the stimulus package. Poor republicans, they have no option now but to pass this ball, coz if they don’t, they’ll be seen as some sort of villains who were a roadblock to a package that will be miracle cure for all of America’s troubles. Whichever way, all of us now are witnesses to a momentous occasion in history. Either this is the single most inspirational piece of leadership and conviction that saved America from a certain economic doom, or it’s the single most misguided piece of policy making that is going to throw the lives of 250 million Americans into dire turmoil. I cant wait to see what is going to transpire.
Brainfade Posted February 10, 2009 Author Posted February 10, 2009 Did anyone here see Obama's first prime-time press conference last evening? The thing about Obama is, you may have ideological/philosophical disagreements with what you’re doing, but man what a powerful leader! What a powerful personality. Coming into a presidency with the biggest economic crisis in 70 years looming in front of him, this guy truly believes he can make a difference. You can see that in his eyes, in his voice, in his tone. Incredible! How I wish India had a pro-active leader like him… U.S.A is in crisis and here we have, the President trying his bottom off to do something about it. Yet, India has been suffering from economic, social and security related problems for decades and yet none of our leaders have got the balls to do anything about it. Another interesting thing to note is how Obama continuously refers to Congress/Washington in the third person terms. He did that while campaigning, giving the impression that he’s someone who was fed up with all the game and politicking and was able to really impress upon people that he wants to bring change. He continues to do that now too, repeatedly referring to Washington/Congress as some third party entity that is hindering the stimulus package. Poor republicans, they have no option now but to pass this ball, coz if they don’t, they’ll be seen as some sort of villains who were a roadblock to a package that will be miracle cure for all of America’s troubles. Whichever way, all of us now are witnesses to a momentous occasion in history. Either this is the single most inspirational piece of leadership and conviction that saved America from a certain economic doom, or it’s the single most misguided piece of policy making that is going to throw the lives of 250 million Americans into dire turmoil. I cant wait to see what is going to transpire. I am sorry, but he does nothing for me. Give me someone who will put up a couple of graphs with regression analyses and show me quantitatively why something will work. Give me someone who will impress upon us the message of less spending, not more Government handouts. It is easy to say "we will do this, we will do that for you." Say things like "we will NOT do this. we will cut this out. you all need to cut that out," and see if it flies. If the Republicans truly believe that this spending spree will sink us (I don't think they do, they're just stalling like 3-year olds), they should make sure this does not go through. If I were a Senator, I would fight this bill like there was no tomorrow even if were billed a villain. Charisma is overrated. Look around in history - all the great villains of history were charismatic a-holes. Hope BHO is an aberration to that rule.
fineleg Posted February 10, 2009 Posted February 10, 2009 Retail looking bleak, consumer confidence and housing hitting low, Job losses are running in millions. Obama does not have a whole lot of time.
TheBoyPlunger Posted February 11, 2009 Posted February 11, 2009 Did anyone here see Obama's first prime-time press conference last evening? The thing about Obama is, you may have ideological/philosophical disagreements with what you’re doing, but man what a powerful leader! What a powerful personality. Coming into a presidency with the biggest economic crisis in 70 years looming in front of him, this guy truly believes he can make a difference. You can see that in his eyes, in his voice, in his tone. Incredible! How I wish India had a pro-active leader like him… U.S.A is in crisis and here we have, the President trying his bottom off to do something about it. Yet, India has been suffering from economic, social and security related problems for decades and yet none of our leaders have got the balls to do anything about it. Bottomline, fixing the economy is the only thing that matters. Rest is all talk and people won't be fooled by talk too long(apart from Chris Mathews' who feels a thrill going up his legs everytime Obama opens his mouth). Poor republicans, they have no option now but to pass this ball, coz if they don’t, they’ll be seen as some sort of villains who were a roadblock to a package that will be miracle cure for all of America’s troubles. According to most polls, only abt 50% of Americans favor the stimulus bill. Rasmussen, shows only a 37% approval for the stimulus bill.
yoda Posted February 11, 2009 Posted February 11, 2009 Back to OP, I read somewhere that it is good to look at it as the board limiting the CEO compensation and fed govt being an influential board member by virtue of pumping free money into these companies. And it does limit overall compensation, not just salary and it only affects companies which will get more money going forward, so overall good as a sound byte, but no major impact on things. I personally don't like it, but I don't like govt bailing out these financial companies either except may be a select few which are critical to the overall financial system.
Guest dada_rocks Posted February 11, 2009 Posted February 11, 2009 Compare the greed of the American companies to this ...........I guess this is one reason India is not in such a big mess. ---------------------------------------------------------------------------------------------------------------------------------- Tata group's top executives may get 15% salary cut MUMBAI: Senior executives in several Tata group companies are bracing themselves for a 10-15% salary cut in a bid to reduce wage bill wage bill and stave off job cuts at middle and junior levels, executives of at least three Tata companies told ET. These executives said this is the possibly the first time that the group is planning salary cuts at the senior level. The extent of salary cuts will depend on how severely individual group companies are affected by the downturn. "We will take a salary cut at the top-management level. This will allow us avoid putting many jobs at the mid and lower levels, across our facilities, at risk. However, a final call on this and the extent to which pay cuts will be effective, is yet to be taken," a top executive at Tata Steel told ET. Says Tata Motors MD Ravi Kant: "We are considering cuts in compensation of executives. But, the board is yet to take decision. Work on these lines are already underway." Tata Consultancy Services (TCS), which cut staff salaries across-the-board after the IT major failed to meet growth expectations, is also considering further pay cuts at the upper-management level, confirmed a senior group executive. Some group companies such as Tata Chemicals and Tata Power are, however, striving to avoid taking such drastic steps. "We have formed a central team and have put in place several HR initiative. While a call on pay cuts at Tata Chemicals is not warranted at this juncture, we are taking cautious steps," B Sudhakar, chief HR officer of Tata Chemicals, said. Tata Steel and Tata Motors have both reported poor results in the December quarter. While the auto maker posted losses of Rs 263 crore, the steel company's net profit dipped 56% as demand fell. Corus, the Anglo-Dutch steel maker that Tata Steel bought for over $13.5 billion, has recently announced around 3,500 job cuts across Europe. A UK newspaper on Sunday reported that Tata Motors may cut an additional 1,500 jobs if sales don't improve at the troubled Jaguar Land Rover division, which the Indian company took over last year. A Tata Sons director told ET that individual group companies will have to take their own decisions on what is in the interest of their respective companies. "They will have to act keeping in mind the current economic environment," he added. Tata Tea and Indian Hotels are also contemplating similar moves. These proposed salary cuts come on the back of a letter written by group chairman Ratan Tata to top group executives where he wrote the country is going through "the worst economic crisis in living history." Mr Tata is understood to have said in the email that "the global financial crisis, non-availability at reasonable rates and falling demand across sectors has severely impacted group businesses." This happens everywhere yaar in my company top management has taken decision to take 10% salary cut in next brakcte where I fall there is 5% cut and in the lowest bracket below there is no salary cut..
Guest dada_rocks Posted February 11, 2009 Posted February 11, 2009 Now, this is the slippery slope I fear: http://www.financialweek.com/apps/pbcs.dll/article?AID=/20090203/REG/902039977/1003/TOC&template=printart Key sentence: He said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies. Absolute horse-poop. Precisely what a comapny does if it's not survising on govt doles is their own business and Obama pobaama has no business meddling with that company
Guest dada_rocks Posted February 11, 2009 Posted February 11, 2009 Did anyone here see Obama's first prime-time press conference last evening? The thing about Obama is, you may have ideological/philosophical disagreements with what you’re doing, but man what a powerful leader! What a powerful personality. Coming into a presidency with the biggest economic crisis in 70 years looming in front of him, this guy truly believes he can make a difference. You can see that in his eyes, in his voice, in his tone. Incredible! How I wish India had a pro-active leader like him… U.S.A is in crisis and here we have, the President trying his bottom off to do something about it. Yet, India has been suffering from economic, social and security related problems for decades and yet none of our leaders have got the balls to do anything about it. Another interesting thing to note is how Obama continuously refers to Congress/Washington in the third person terms. He did that while campaigning, giving the impression that he’s someone who was fed up with all the game and politicking and was able to really impress upon people that he wants to bring change. He continues to do that now too, repeatedly referring to Washington/Congress as some third party entity that is hindering the stimulus package. Poor republicans, they have no option now but to pass this ball, coz if they don’t, they’ll be seen as some sort of villains who were a roadblock to a package that will be miracle cure for all of America’s troubles. Whichever way, all of us now are witnesses to a momentous occasion in history. Either this is the single most inspirational piece of leadership and conviction that saved America from a certain economic doom, or it’s the single most misguided piece of policy making that is going to throw the lives of 250 million Americans into dire turmoil. I cant wait to see what is going to transpire. get a room mate and also invite that NBC anchor..:hysterical: little too bloody cheesy..
Lurker Posted February 11, 2009 Posted February 11, 2009 In general, I am against the government dictating these things to the private sector, but I like the fact that he has restricted the CEO salary cap ONLY to companies that are receiving federal bailouts. If a company does not want to comply with the CEO salary cap,they can kiss federal money goodbye. A very, very good move, in my opinion. I have a problem with 2 things, though: (a) The amount - $500 K - is somewhat low for a job like that. Don't get me wrong - it is over 10x what I make - but for a job like that? It may result in these companies not attracting the best talent. (b) Just the general concept of the government getting involved in everything is a bit disconcerting. a) Best talent have thrown the world in worst disaster of my lifetime. Have had enough of this BS about best talents. This is exactly what they spit out in India these days when a BPO earns 25,000 and a Doctor 15,000. Best talent my rear end. b) Yes it is. Govt should not get involved. My only reason for support is Desperate Situations calls for desperate measures etc.
Guest dada_rocks Posted February 11, 2009 Posted February 11, 2009 a) Best talent have thrown the world in worst disaster of my lifetime. Have had enough of this BS about best talents. This is exactly what they spit out in India these days when a BPO earns 25' date='000 and a [b']Doctor 15,000. Best talent my rear end. b) Yes it is. Govt should not get involved. My only reason for support is Desperate Situations calls for desperate measures etc. Kote wala doctor to nahin hai :haha: phir to bhagyashali hai ki 15000 mil jata hai.. :giggle:
Lurker Posted February 11, 2009 Posted February 11, 2009 Kote wala doctor to nahin hai :haha: phir to bhagyashali hai ki 15000 mil jata hai.. :giggle: Kotewaala nahin hai bhaiyaa, Patna waala hai. PMCH waale doctor saab ki baat bata reha hoon. Aur tum bhi jyaada mat phudko. Itna R&D karke kya ukhaad liya? Ghanta! Dekha hai IT mein kaise namoonon ko paise milte hain? 75-100$/hr(translates to 150-200k per annum) milte hain easy. Woh bhi jis saale ko kuch nahin aata hai. Meri sister is Research Scientist in London, works with Nobel lauerates and brings home a third of what her Accenture hubby brings. I may be the only IT person who says we are overpaid. Me thinks though that the good times are over. Not sure if it should make me happy or sad. xxx
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