Sanders Going After Jamie Dimon

[Gregmal]

We don't need that. We need more engaged shareholders that push back on huge pay packages. That is one of the issues with so much "passive" capital in the market - remember The CEO works for the shareholder.

That doesnt really work though.

Most boards actively collude with management teams despite having a fiduciary duty to shareholders. It is rare, but shareholders do sometimes reject compensation packages via the say on pay vote. However all that happens when this occurs is that the board, often consisting of senior executives, hires a "compensation advisory" firm. They then gather a group of "peers" and then chart compensation ranges of said peers. From there they find ways to structure pay packages, almost always in the form of stock options and awards, that "looks" better, but is just as, if not mores egregious.

The only way this changes is it there are laws put in place. Otherwise they'll just work around it, or use "peers" as their benchmark, even though ALL compensation is out of all, EVERYWHERE.

Absolutely right.

The board members don't want to rock the boat. Getting paid $250,000 for a couple meetings a year. Not a bad gig.

Even the ones making a lot less! I focus a lot on smaller cap companies where boards get paid much less, but its still a joke. Theres this idea that on a minimum basis, a board member should be getting $80-100k a year in total comp. Which is preposterous. They have base fees, and then get paid thousands to simply attend meetings or be on committees. Double pay effectively. Their travel is all reimbursed when there isn't anything being done that cant be done via a telephone conference call. They make public appearances at shareholder's expense. And when it comes times to replace directors, they often pick their replacements...Its all a sham.

[BG2008]

To be fair, if any of us becomes a CEO, we will invite at least 2 of our closes friends to be on the board.  Even Buffet has Gates and Munger. 

[BG2008]

Okay, I am going to exit stage left out of politics.  It was fun while I was here, kind of like visiting California. 

[RuleNumberOne]

The better idea is to shut down the departments that have no commercial applications.

Right now everyone thinks they are going to say the "University of Michigan" and pay big expenses when in reality they are going to Michigan History University, Michigan Arts University, Michigan Music University, Michigan Anthropology University and so on.

If you had separate institutions for each major, the budgets, employees, tuition, etc would fall into line with employment prospects. Nobody would spend $200k for diplomas that should cost say $2k.

Yeah, Bernie the Vampire has made a comeback. He also went after Biomarin Pharma last week.

There is a large set of people with useless diplomas invested in debt forgiveness. CNBC said last week that people have stopped paying down their student loan balances. I think they have instead been contributing to Bernie and Elizabeth's campaigns.

Bernie is leading in NH and Iowa.

"When the people find that they can vote themselves money that will herald the end of the republic." Ben Franklin.

How about instead of debt forgiveness, they trade their debt for a certain percentage of additional tax going forward? Small debt 1% to 5% for large debt? You could cap the total for those who do end up with lucrative careers that actually end up paying off their debt. Now those who were frugal, so as to not have to take out debt, don't feel they are getting so screwed.

[RuleNumberOne]

Nearly three-fourths of the University of California employees are non-academic (just 46k of 163k are academic employees).

In the last 5 years alone they added 19,000 non-academic employees.  All these jobs come with the famously large California pensions.

https://www.universityofcalifornia.edu/infocenter/employee-fte

[stahleyp]

Okay, I am going to exit stage left out of politics.  It was fun while I was here, kind of like visiting California.

You can't start a thread and just abandoned it!

[Gregmal]

Okay, I am going to exit stage left out of politics.  It was fun while I was here, kind of like visiting California.

You can't start a thread and just abandoned it!

Why not? In todays culture you can start a kid, and abandon it.. There you go. Now it s a politics thread and BG can leave!

[LC]

Okay, I am going to exit stage left out of politics.  It was fun while I was here, kind of like visiting California.

You can't start a thread and just abandoned it!

Why not? In todays culture you can start a kid, and abandon it.. There you go. Now it s a politics thread and BG can leave!

Today's culture? I seem to remember some dude named Moses being abandoned down a creek in some desert somewhere.

[stahleyp]

Okay, I am going to exit stage left out of politics.  It was fun while I was here, kind of like visiting California.

You can't start a thread and just abandoned it!

Why not? In todays culture you can start a kid, and abandon it.. There you go. Now it s a politics thread and BG can leave!

Today's culture? I seem to remember some dude named Moses being abandoned down a creek in some desert somewhere.

I think that's a different form of "abandonment" than what Greg was talking about. One is trying to save the child the other doesn't want to be "bothered" by them.