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CEO's annual income During 2012 presidential election, Mitt Romney released his 2010 income tax return of $21.7 million and 2011 of $21 million. I wrote an email to my 3 very good friends (using Bcc) that I have to work full time as pharmacist for 180 years to get Mr. Romney in 1 year income. My banker friend replied "you have a roof over your head, a car to take wherever you want to go and meals on table to eat, ..... you are much better than most of the people". He said his income is a couple millions and never made $21 millions. I thought $2 million a year is very rich. On Tuesday, Sept 20, Wells Fargo Bank CEO, John Stumpf was in a hot seat on Capitol Hill been grilled by U.S. commercial bank committees. Mr. Stumpf said his annual income of last year is $93 millions. Wells Fargo has more than 100 branches I assumed, my banker friend only has 4 locations. I wrote an email to my banker friend, he replied "Mr. Stumpf needs to resign. He has no shame." "The (banking) contests are part of business but you never abused the system like he did". As we know, Mr. Stumpf and his senior executives pushed Wells Fargo employees to get more banking accounts, more credit card accounts to make the book records look good, so 5,300 employees made "fake accounts", "fraudulent accounts" in order to have good book records and its CEO to make $93 million last year. Those 5,300 employees have been fired and sued by customers. Those employees were making pay check to pay check but they still came out with $2 million to compensate customers. How come Mr. Stumpf didn't pay a nickle to customers or been penalized his income? The CEO salary is decided by "board of directors". Why Wells Fargo bank "board of directors" didn't punish its CEO? On Wednesday, Sept 21st, Mylan pharmaceutical CEO, Heather Bresch, also in a hot seat on Capitol Hill to be questioned with skyrocketed Epi-Pen price from $100 in 2009 to $600 now. This is "price gouging". Epi-Pen is an injection of Epinephrine (Adrenaline) for life-threaten anaphylaxis of peanuts or bee stings, ... severe allergy reactions. Mylan CEO made roughly $18 millions last year, she answered. Every school, doctor/ dental office, ... have to prepare Epi-Pen just in case of anyone has anaphylaxis. Mylan certainly makes lots of profits. It is "monopoly" and "price gouging". Donald Trump is the CEO of Trump Empire. He has NOT released his prior 3 years (2013 - 2015) income tax returns yet. How much did Trump make his annual income? We don't know his income, but we know he is a billionaire and a president nominee of Republican party. Why didn't Trump release his income tax? There are many "construction companies" worked for Trump but didn't get paid and filed lawsuits. Did Trump make profits out of those small construction companies? Why Trump want to reduce millionaire and corporation tax to be 15%? For his benefits?? Does Trump make more than Wells Fargo bank CEO's $93 millions or Mr. Romney's $21 millions? We want to know. Top 1% people's wealth is over 99% people wealth in combined.   Honesty is the best policy. |
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CEO salary is not that high, but the "stock option" has much bigger amount than salary. Please refer to those CEO took annual $1 salary but actually they got "stock option" which is a tremendous amount. If a company is NOT a publicly trading stock, the CEO won't get "stock option". The "board of directors" decide the CEO's salary. Honesty is the best policy.
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Think positive, don't let few bad apples to influence the majority of CEO's. Recent news that those bad apples are in "head wind", so people complain about their high salary. However, look the big picture of CEO's such as Apple Inc., Microsoft, Facebook, Warren Buffett, Google (Alphabet), Amazon, JPMorgan Chase Bank,....... they are good CEO's. They sometimes play golf too. Nothing wrong with "play golf" to relax or even talk about business during during golfing. What is your definition of "overwork"? Are you saying "labor work" as blue collar workers or "white collar "ideas", "thought" and "leadership"? Are you saying as CEO need to clean the toilets? or hire people to do the job? Obama also plays golf but I would say he is hardworking president. Anything big happened in any corner in the world might wake=up the president during his sleep in bed. However, nobody will wake-up a janitor in the middle of night to clean the toilet. The responsibilities lay on CEO are heavy. There are competition, criticism, pressure, ... are out there for CEO to take care of. All I want to emphasize is the "Majority of CEO" are good leaders, but only few "bad apples" (no pun intended with Apple Inc.) that have been summoned to Capitol Hill for questions. i believe those bad apples should be "fired", "resign", and their salary should be use as penalty to customers. I posted this blog to talk about bad apples of CEO's recently. No doubt, they should be punished. However, they are just a few, NOT majority of CEO's. As Trump, I think he should be "lock up" to question why he intend to suggest gun owners to kill, assassinate Hillary Clinton. He plays to low-class to say that Obama was NOT born in USA and Hillary initiate the "birther" theory. That's is Bull Shits !! Is the presidential election that important to ruin Obama and Hillary reputation? Trump has no integrity or temperament to be U.S. president. I am not an attorney, but I think Trump has crossed the line and should be lock up. Honesty is the best policy.
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I inserted two photos with this blog and it took long time to approve. Honesty is the best policy.
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Newest news - Wells Fargo CEO, John Stumpf, resigns from Fed's advisory council. Honesty is the best policy.
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I once emailed my banker friend "You are married to your career, your business, .... You don't have personal life". I just want to say something fairly about CEO's. Honesty is the best policy.
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My banker CEO friend who's bank is NOT public trade stock. His bank only has 4 locations (too small) and he only rewarded $2 million annually. However, he has the same responsibility as CEO. I have known him for over 10 yrs. He is very busy and kind to his customers and employees. He has to deal with customers, employees, board of directors, government regulation, join other 4 board of director (real estate) for business related, ... There are many meetings, after meetings, .... He still need to smile even there are problems to take care of. Not let those bad apples (Wells Fargo bank and Mylan Pharmaceutical) CEO to judge all the CEO's. For example, Apple CEO, Tim Cook. I copied after search for Time Cook salary. "As Chief Executive Officer at APPLE INC, Tim Cook made $10,281,327 in total compensation. Of this total $2,000,000 was received as a salary, $8,000,000 was received as a bonus, $0 was received in stock options, $0 was awarded as stock and $281,327 came from other types of compensation." I copy and paste this article without change a word. Do you think Tim Cook is always on golf court playing golfing??? No, he has thousand things to take care of every day. He deserves this million dollar income. He is a leader of Apple Inc. a high-tech company that facing competition from Samsung, LG, Google, .... He'd better make right decisions for everything comes his way. Don't let some bad apples ruined the whole basket. Honesty is the best policy.
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To be a CEO needs to have many talents, i.e. entrepreneurial vision/charisma, intelligence, responsibilities, knowledge, courage, discipline, energy, positive, ...... to be qualified. There are "board of directors" to decide what they deserve to be paid based on their abilities. As my dentist ex-husband said "a doctor only can work on one patient, but CEO has many people make money for him/her". My thought is "doctor or attorney or any professional people need to have investment vision after they make money from their jobs". I have quit my pharmacist job to take care of my mom for 5 years and she passed away 3 years ago, so no pharmacy will hire me after 8 years lapse. Fortunately, I made good investments in real estate. Money is important but a person's integrity and reputation are much important. We only have one life to live, make best out of it. Honesty is the best policy.
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We have more billionaires in the world, Bill Gates (Microsoft), Warren Buffett, Tim Cook (Apple Inc.), Jamie Dimon (JP Morgan Chase Bank), .... How about Citi Bank Group, Amazon, Google, Elon Musk is CEO of 3 companies Tesla Motors, SpaceX, and Solar City, ....? Not all CEO are bad, they are intelligent and deserve to make more money. We are capitalism country, not communist. However, not like Wells Fargo, Mylan or Trump...... Honesty is the best policy.
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