Time Warner CEO To Get $80M For Six Weeks

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I'm telling you, we are all in the wrong business. $80 million for essentially taking the CEO job and immediately selling the company? :eek:

Robert D. Marcus became chief executive of Time Warner Cable at the start of the year. Less than two months later, he agreed to sell the company to its largest rival, Comcast, for $45 billion. For that work, he will receive nearly $80 million if the deal closes, a severance payment that amounts to more than $1 million a day for the six weeks he ran the company before agreeing to sell.
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Jesus, that's a nice deal. Why am I sniffing insider shenanigans in this? It isn't the money, it's the timing.
 
You know, sleazy fucks like this make defending the only economic system the world has ever seen that allows people to actually move up in income brackets very difficult.

Lets all be commies/serfs/slaves/human property/chattel and live in mud huts again. I give up.
 
If someone offered you $80mill sure you wouldn't turn it down...

Be angry but also don't, this guy likely started somewhere in life, went to school, had a low paying job or something (unless he had rich parents) and made different choices that clearly paid off in the end for him to make this much money.

It also wasn't his sole decision to sell, this would of been the board of director's decision in the endn and he was simply the messenger.

I often don't get why people get so angry at X person getting X money for their job. When you have the skills to run a company worth $45 billion dollars, you clearly have a skill set most people in this world do not.
 
schizrade said:
You know, sleazy fucks like this make defending the only economic system the world has ever seen that allows people to actually move up in income brackets very difficult.

Lets all be commies/serfs/slaves/human property/chattel and live in mud huts again. I give up.
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So you'd rather live in a communist government or in mud huts then let some guy not connected to you strike it rich for easy?
 
The problem isn't the qualifications. 99% of CEOs and top executives are idiots. The few that are actually smart deserve their money. The rest should die in a fire.
 
MrGuvernment said:
If someone offered you $80mill sure you wouldn't turn it down...

Be angry but also don't, this guy likely started somewhere in life, went to school, had a low paying job or something (unless he had rich parents) and made different choices that clearly paid off in the end for him to make this much money.

It also wasn't his sole decision to sell, this would of been the board of director's decision in the endn and he was simply the messenger.

I often don't get why people get so angry at X person getting X money for their job. When you have the skills to run a company worth $45 billion dollars, you clearly have a skill set most people in this world do not.
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because 80 million dollars is alot of fucking money,why not take half of that and put the other half into paying your employees more or getting better infrastructure? People get mad because there are a lot of Mr Burns type ceo's that run a shitty company and still make more money than anyone could dream of. How much money is enough? Hell i could live the rest of life with 40 million in my account.
 
Freedom isn't free, and apparently neither is tyranny. All hailz ze komcast!
 
MrGuvernment said:
I often don't get why people get so angry at X person getting X money for their job. When you have the skills to run a company worth $45 billion dollars, you clearly have a skill set most people in this world do not.
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You remember when the bailouts happened, and big bank CEOs STILL got millions in bonuses? Almost all of us here have the skills to bankrupt big banks just as fast as any of those guys that ran their companies into the ground, blamed others, then complained when people dared be upset at them still getting 6 million dollar bonuses for it. 'How dare you be upset at me for getting 6 million dollars in bonuses, you just hate the rich! Do you know how hard I worked to drive this company into bankruptcy? You know the kind of skill set and right life choices I had to make to get into this position to bankrupt this company?'
 
Hmm.. more of the rich getting richer for just being at the right place at the right time. Can't say I blame the guy personally, but I do feel like our society is going to hit a breaking point eventually if there is just a rich and a poor class and very little upward mobility.

It was like that in the past (feudalism) and people revolted. I think we are a long way off from that, but it doesn't appear to be moving in the right direction.

http://i0.wp.com/www.amendmentgazette.com/wp-content/uploads/2013/08/feudalism_then_now.jpg
 
SRTie4k said:
Or you're just a damned good bullshitter.
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As said, that is a skillset...

nvgrim said:
because 80 million dollars is alot of fucking money,why not take half of that and put the other half into paying your employees more or getting better infrastructure? People get mad because there are a lot of Mr Burns type ceo's that run a shitty company and still make more money than anyone could dream of. How much money is enough? Hell i could live the rest of life with 40 million in my account.
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Sure, how much is enough? Do people really need 30 inch 4k screens, or would 1080 be fine?

We can compare what is enough until we are blue in the face, and to each person it is different.

You do not know what he is doing with that money, he may be hording it, he may be donating to many good causes for all we know or being a cheap prick, never tipping and buying fake crap vs real to save a few bucks.

The reason he is getting $80mill is because he got his board of directors a massive payout and that was done by being cheap and cutting corners, where needed. Many CEO's are where they are because of who they know, not what they know, but fact is most any large company is like that this day in age.

It the world were perfect, every employee in a company would make the exact same money - everyone, because in essence, every employee at every company contributes to the success and failure.

But now, would you like the face that say your office receptionist makes the same as your System Admin? Or that your Accounting team that keeps the company in the Green makes the same as your Marketing team, who in turn brings in the business.

Sure you do not considering them doing the same work load, many don't at least.

We ALL think that our jobs are more important than the other departments and "with out us there would be no company" crap, especially in I.T fields.

It is frustrating to see $80mill go like that, with 200k i could redo our entire companies infrastructur for our main office but it can be like pulling teeth, meanwhile the company goes and drop's $500k on a promotion with out a 2nd thought because that is where they see value.

ISP's see value in cutting corners, throttling people and spending as little money as possible while trying to bring in as much as possible.
 
nvgrim said:
because 80 million dollars is alot of fucking money,why not take half of that and put the other half into paying your employees more or getting better infrastructure? People get mad because there are a lot of Mr Burns type ceo's that run a shitty company and still make more money than anyone could dream of. How much money is enough? Hell i could live the rest of life with 40 million in my account.
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Sure, lets take 40 million and divide it between the 51,600 employees. That would amount to a $64 per month raise for 1 year.
 
Capitalism and competition reduces profits. CEOs taking down $40M and these bloated profit margins, massive piles of cash, etc, isn't capitalism.
 
nutzo said:
Sure, lets take 40 million and divide it between the 51,600 employees. That would amount to a $64 per month raise for 1 year.
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I'm a really conservative guy, but no one likes it when shit like this happens
That being said i've often toyed with the notion of linking leadership pay as a multiple of the lowest paid employee.
 
And that $40M would almost immediately feed back into the economy of all of those employees; meanwhile it was sit in a trust of this guy fed back into other CEOs profits via their options. And the circle jerk of executive compensation will continue, as this guy uses his free time to sit on other companies' board of directors and vote for their "appropriate" compensation levels.
 
MrGuvernment said:
It the world were perfect, every employee in a company would make the exact same money - everyone, because in essence, every employee at every company contributes to the success and failure.
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No, in a perfect world people would be paid based on the value they add/produce for a company, and we wouldn't be taking tax dollars from the producers and giving them to the non-producers. Plus people wouldn't complain about what others are making, but instead would work harder/smarter to increase thier own pay.
 
TwistedAegis said:
Capitalism and competition reduces profits. CEOs taking down $40M and these bloated profit margins, massive piles of cash, etc, isn't capitalism.
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These huge profits to pay compensation like are largely due to protected markets. Markets protected by government regulations.

The more the goverment regulates, the more they reduce competition, and the higher the pay gap.

This is the major reason we have seen a growing gap the past 5 years.
 
nutzo said:
No, in a perfect world people would be paid based on the value they add/produce for a company, and we wouldn't be taking tax dollars from the producers and giving them to the non-producers. Plus people wouldn't complain about what others are making, but instead would work harder/smarter to increase thier own pay.
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Give me a break. In an economy where there are 6+ people for every job opening, working harder/smarter just increases the productivity of the company enough that they can let someone else go. Then that profit accumulates to executive management.

The issue is that labor's contribution to companies success has been 100% devalued. Further, management isn't even risking their own capital, which is often the reasoning behind such outsized profits.

Automation and outsourcing means that American incomes are reverting to a global mean. Meanwhile, we're complaining about "non-producers" not realizing that we're decimating the American middle class and killing demand. But that's fine, so long as the new American oligarchs (the Walton's have more wealth than the bottom 40% of Americans combined) have the money to put up gates, walls and security enough to keep the mobs out, I'm sure they're happy.
 
metril said:
The problem isn't the qualifications. 99% of CEOs and top executives are idiots. The few that are actually smart deserve their money. The rest should die in a fire.
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I don't buy that they are idiots, but I also don't buy that they deserve $1 million a day as fair compensation.

That's the problem. Should a general earn more than a captain who earns more than a private? Of course!

Should a general earn the income of 5,000 privates? HELL NO! And therein lies the rub. Capitalism works fantastic for the vast majority in the middle, where hard work, talent, and contribution are somewhat evenly balanced with compensation.

The extreme low end and high end of the scale are completely divorced from contribution though, and our solution of high taxation doesn't work in a global economy as they will simply move to a tax shelter and control the assets remotely and even if you COULD redistribute that money, you are now distributing it again completely divorced from contribution and in fact quite the opposite, where the people are welfare that don't do a LICK of work and the like are the recipients of this money, rather than say the other employees of that company that are actually producing the goods and services that are of value.
 
nutzo said:
These huge profits to pay compensation like are largely due to protected markets. Markets protected by government regulations.

The more the goverment regulates, the more they reduce competition, and the higher the pay gap.

This is the major reason we have seen a growing gap the past 5 years.
Click to expand...

I don't completely disagree, but I'm also not for completely deregulating. "Big" anything is bad for democracy - wealth and power in the hands of private individuals or government. Prior to 9/11, one of the biggest human caused losses of life was the Johnstown Flood, a dam that broke due to an oligarchs need for a wider dam to get to his country club. (2,200 people). There are plenty of examples of the "invisible hand' being completely useless in regulating markets.
 
Romale23 said:
I'm a really conservative guy, but no one likes it when shit like this happens
That being said i've often toyed with the notion of linking leadership pay as a multiple of the lowest paid employee.
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I believe that this is really the only solution without completely inventing a new economic system that doesn't exist yet from the ground up.

I'd support this, but again its one of those things where the entire world would have to participate. Otherwise, if everyone but Norway agrees, then suddenly you see all these top execs running the businesses from Norway and "contracting" out parts of the business in the US and elsewhere that can't be done from there, and they still skim a proportionately massive income off the top of corporate income.
 
Nah you can fix multinationals real easy, reduce business tax but then put a tax on international money transfers.
 
nutzo said:
Sure, lets take 40 million and divide it between the 51,600 employees. That would amount to a $64 per month raise for 1 year.
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money is money,would you deny extra pay per month? And i was using that as an example,there are a lot more extreme cases of this.
 
MrGuvernment said:
If someone offered you $80mill sure you wouldn't turn it down...

Be angry but also don't, this guy likely started somewhere in life, went to school, had a low paying job or something (unless he had rich parents) and made different choices that clearly paid off in the end for him to make this much money.

It also wasn't his sole decision to sell, this would of been the board of director's decision in the endn and he was simply the messenger.

I often don't get why people get so angry at X person getting X money for their job. When you have the skills to run a company worth $45 billion dollars, you clearly have a skill set most people in this world do not.
Click to expand...

Do you honestly believe any of this? http://www.youtube.com/watch?v=_67JbvXLrmw
 
nvgrim said:
because 80 million dollars is alot of fucking money,why not take half of that and put the other half into paying your employees more or getting better infrastructure? People get mad because there are a lot of Mr Burns type ceo's that run a shitty company and still make more money than anyone could dream of. How much money is enough? Hell i could live the rest of life with 40 million in my account.
Click to expand...

It comes down to the fact that the CEO's (and other executive) massive pay has to come from somewhere. It's certainly not going to come from the shareholders, so it comes from inflated prices and gets priced into the products.

There's a chart somewhere that shows executive pay has grown exponentially over the past few decades.
 
All the angst about CEO pay and "only 6 weeks of work" is badly misplace and overlooks a key point: this guy was almost certainly brought in specifically to broker the merger with Comcast.

This isn't an $80m golden parachute he's getting after serving a token amount of time in the hotseat. It's a payout from the change-of-control clause in his employment contract, which was most certainly written to incentivize him to sell TWC as fast as he could.
 
Spidey329 said:
It comes down to the fact that the CEO's (and other executive) massive pay has to come from somewhere. It's certainly not going to come from the shareholders, so it comes from inflated prices and gets priced into the products.

There's a chart somewhere that shows executive pay has grown exponentially over the past few decades.
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exactly,so us little people get fucked over while CEO's are wiping their asses with $100 bills.
 
Ducman69 said:
I believe that this is really the only solution without completely inventing a new economic system that doesn't exist yet from the ground up.
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I almost think we need to start thinking about this. I'm not talking communism or socialism or any scary -ism. But we're seeing automation (and globalization) really come to the forefront in our lifetime (late Gen-Xer). Sure we may need a few robot repairment and coders, but honestly, is everyone intelligent enough to do that? Many of those insulting those "takers" also want to cut education spending. At the end of the day, do we want to allow the few owners of all of these companies to take more and more of the income? (In the past ten years, something like 90% of all gains in income went to the top 1%. The "bottom" 93% of Americans income actually lost income.)
 
nutzo said:
Sure, lets take 40 million and divide it between the 51,600 employees. That would amount to a $64 per month raise for 1 year.
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hell yeah, i think its safe to say " There isnt many that would not take that."
 
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