Daylife/AP Photo by Seth Wenig
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What to do in the face of economic ruin?
Fly to Cabo San Lucas, of course — on the company jet. Ex-Citigroup CEO Sandy Weill used one of his former company’s multimillion dollar jets to whisk his family to Cabo San Lucas, Mexico, to ring in the New Year.
The ex-CEO used the $45 million Bombardier Global Express jet to carry himself, his wife Joan, and his daughter Jessica and her family to the exclusive One and Only Palmilla Resort.
Rooms at the resort, where Eli Manning was married last April, can go for upwards of $10,000 a night for a four-bedroom suite.
The jet Weill took to Mexico features a full bar, crystal stemware, and and “pillows made from Hermes scarves,” a former crew member told the NY Post.
Citigroup declined to comment on Weill’s trip.
Gee. Do you have a comment?
“Gee. Do you have a comment?”
Yep,
So, I guess Mr. 3 and 4 feels that as long as you’re a corporate-level thief, it’s OK.
I have a comment.
“Pay no attention to that man behind the curtain.”
This is just to distract us from the real economic disaster. Government spending and the incredible national debt the government has saddled us with. Forget the piddling 600 billion bailout from Bush or the 1 trillion dollar stimulus package from Obama.
Getting away from the accounting scheme that allows government to count the IOUs to social security as assets, the real national debt is closer to $53 trillion and not $10 trillion.
That is about $177,000 per citizen. Let the guy fly to Cabo. It didn’t cost me nearly as much as the last 50 years of living in a welfare state.
I think Paddy-O would agree with Gordon Gekko, “Greed is Good!”.
The wealthy are disengaged from the concerns of the unwashed. They do not comprehend. This behaviour is normal, they know of no other way to behave. Take away everything and in ten weeks he’ll have another, bigger jet.
Seems like every financial institution is getting outed on a daily basis for this retarded kind of spending. Maybe Congress should demand OUR money back before it’s all gone!!!
# 9 burrn70 said, “Maybe Congress should demand OUR money back before it’s all gone!!!”
And lose out on campaign contributions?
#6 George has a real good point there.
To elucidate further, check this out.
http://tinyurl.com/dczrl9
I know you are all going to hate this because it proves that you are not as succesful as others in the world. But here’s the deal with the use of private jets by executives.
In many cases personal use of the corporate jet is part of their negociated compensation package. When that is the case it is no different than the $6.15/hour some of you are making in that it gets paid if the company is doing well or not.
#12–Gag==thats right!! Let them eat cake.
Yep, like it or not, a contract is a contract…except in pro sports where “re-negotiation” is not an oxymoron.
Did the ex-CEO do anything illegal? Probably not, so shut up.
If the STUPID US Government gives the corporations free reign to do with as they please with their bailout billions, then tough noogies to tax payers…who keep electing free-spending like a drunken congressman DemoRats.
# 12 GigG
I tend to agree with you. But the problem lies in approving those crazy benefits.
I think the some companies lost contact to reality. I can’t blame the guy who did this.
But in the other hand, maybe this guy got this benefit because he is so high up, that he manages to get this approved internally, as he was very powerful inside the company.
#11 Ah Yeah
That link is excellent, and shows how much of a sham Al Gore’s “Lock Box” was.
If the people of the United States OWNS the bank then it IS our business. It is time the snot nosed frat boys learn what consequences are.
Let’s also remember that most of these contracts were negotiated prior to any bailout.
And Boboo let me put it in terms you can understand. Your agree to go to work at McDonald’s. You have a contract (a big stack of paper) that both you and Ronald sign that says you will flip burgers 8 hours a day and they will pay you $7.00/hour.
The economy gets weak and they don’t sell as many burgers as they thought they would so they decide to reduce your pay to $6.50 per hour but expect you to hold up your end of the bargain.
I’ll bet you would be sad 🙁 and might even sue them because you saw a commercial on TV that said, “Have you been treated unfairly by your employer.”
#15 Is there really a disconnect from reality. The reality is that they have to give the pay and the perks that are competitive to get the people they want in the top spots.
The CEO of a locally based Fortune 200 company compensation package includes 12 or 13 personal flights to anywhere in the continental US in the corporate jet. I know this because it was fully disclosed to not only the share holders but the media.
# 17 Improbus said, “If the people of the United States OWNS the bank then it IS our business. ”
True. What bank does the US own? And, as the new owner did it renegotiate contracts? If not, “the people” don’t have a leg to stand on. Rule of law and all that…
# 18 GigG
I do understand the perks, and why. Even so, I still believe it has gone too far.
I don’t want to dwell in philosophical discussions of materialism and such themes. So I’d better stop here. 🙂
How ’bout defenestration. (Only from the first floor, but enough to get their attention. I’m not really in favor of killing anyone.)
Seriously though, actually taking money from these people directly isn’t such a bad idea. I’m sure someone can think of a legal reason why.
Wake up. There’s only a very thin line between the corporations and the government, regardless of which flavor of crook is elected. Who do you think puts these people in power? Us?
You’ll always get the cooperate toadies and petite bourgeois complaining that its not a crime to be rich and ‘they are not breaking the law’. Well its the rich who make the laws and these laws are usually designed to keep them rich (corporations law being one fine example).
The moral is that if you truly believe in democracy and capitalism, then stop complaining about the rich stealing your money via the government. It how the system works and how its always worked.
Conservative capitalist shouldn’t be backing these guys. They have scammed us all.
A contract never stopped some CEO’s from reorganizing and screwing a lot of people on their pension plans and union contracts. Let’s get real. If a CEO does a good job great have fun but these guys have not and they need to pay the price. Look, if Citi went bankrupt would there be any corporate jet to use? Of course not.
The only question I have is, are the French using their guillotines? I think we might need them.
So now would be a bad time to pitch shows like “Who Wants To Be A Trillionaire” and “The Apprentice Troth” and “Lifestyles of the Rich and Famous Corporate Piggies That Go To Stock Market”?
Bobbo & Hugh,
Good, rational comments.
I don’t have a problem paying taxes when there is something returned.
My solution would be for the government to take ownership of the banks and reduce the compensation levels to Senator Claire McCaskill’s proposals. Rewrite all the banks compensation contracts, by legislation if necessary.
I am so baffled that someone in a business that is almost bankrupt deserves a bonus. Secondly, why would you give a bonus to someone helping drive your company into bankruptcy?