Submitted 7 months ago by L4s@lemmy.world [bot] to technology@lemmy.world
Journalist asks GM CEO Mary Barra about $29 million paycheck after UAW strike — On average, the Detroit Three’s CEOs are making 40 percent more today than they did four years ago::On average, the Detroit Three’s CEOs are making 40 percent more today than they did four years ago
“My pay is based on compensation based on how the company performs”
#WHICH IS A DIRECT RESULT OF THE WORKERS PRODUCTIVITY YOU HORSES ASS!!
“So if the company has performed so well, surely there’s plenty of capital available for increasing worker compensation!”
But when we pay the workers more the stock price doesn’t go up! Won’t anyone think of the stock price!
/s just in case anyone wasn’t sure.
“my pay is based on how the company performson how much value we can extract from our own employees.”
You and the person that you replied to are both wrong. Her pay is based not on company performance, it is based on how much she can game the stock market by spending capital on stock buybacks to inflate the price and get compensation via her stock options.
Rules were put in place to tax CEO incomes and suddenly CEOs didn’t get paid in taxable income anymore, instead they get paid in stock options.
when the company does well, everyone does well
Lady, do you really think people still fall for this bullshit line? At least come up with something more believable.
40%? That’s just to account for inflation. Have you seen the cost of a mega-yacht lately?
At this rate they’ll have to resort to buying used for their secondary yachts, like some kind of plebs
Or smaller yachts. And then the terrorists win. Is that what you want? I didn’t think so. USA!
Hazdaz@lemmy.world 7 months ago
Reading some of these replies in here are cringe as fuck. Not because I don’t agree with the overall sentiment, but rather in the fact that you guys don’t know what language to use. In essence, you don’t know your audience. Speak in the language that your audience can relate to.
When she says that her pay is dependent on the company performance, the reply isn’t to talk about worker this and worker that. The correct reply to that is to point out that GM stock has been essentially flat for the last 4 years. Her job as CEO is to increase value for stockholders. Stockholders haven’t seen a 40% increase in 4 years. So if shareholders haven’t seen a 40% increase in that time, then how is she justifying her pay increase.
And ultimately, her pay isn’t determined by her. It’s determined by the board of directors. And there lies the problem with all these out of control CEO salaries… it doesn’t cost anything for a director to increase some CEO’s pay. It’s not taken out of their pocket. It doesn’t affect them directly in any way, so to them it’s like monopoly money. You get a raise, and you get a raise and you get a raise. Every CEO gets a raise because the director that approves one CEO’s pay might be the CEO of another company who’s director is the other CEO who just got a raise. You scratch my back, and you scratch mine.
tryptaminev@feddit.de 7 months ago
I disagree with this.
We all are aware of how the communism of the rich works. See David Graeber and others for how the term can be coined all the way back to the roman empire.
This is not rich people playing unfairly with each other. This is about rich people fucking over the source of their wealth,which is the laborers work.
VentraSqwal@links.dartboard.social 7 months ago
To be honest, I think it is good that we’re starting to see the conversation reframed from that of a consumer to that of a worker. People need to learn to think of themselves that way, not as pure consumers. Maybe it’ll spread to also being nicer to waiters and stuff like that.
KevonLooney@lemm.ee 7 months ago
GM has increased their EPS by 50% over the past 4 years. That 40% increase actually seems appropriate, although I think the amount is too high. Basically it started from too high a number, but 40% seems ok.
She is not in charge of the stock price. Her job is to make sure they make money. She has done that.
Chetzemoka@startrek.website 7 months ago
Yes but one of the primary ways corporations are making money these days is by not hiring enough workers and not paying current workers 3x the salary even though they’re expected to do the work of 3 people
IHaveTwoCows@lemm.ee 7 months ago
Stocks are straight up fraud. All fake “value” and based on nothing real or tangible.
gastationsushi@lemmy.world 7 months ago
But language is how they lie to us and make it seem things are fair. In reality capitalism means all the trillions minted each year by our federal reserve flows to industries and not the people.
Look at it this way, if the federal reserve cutoff loans to banks who service the auto dealerships, the auto industry would collapse. The biggest industries would be severely hurt if not bankrupt without their connection to government and the federal reserve.
Why can’t people get that for direct access to federal reserve minting to start their own business, pay for their education, or buy a home? They can’t because people are the cattle that capitalists need to exploit.
ikidd@lemmy.world 7 months ago
The directors will be shareholders as well, usually fairly substantial ones if they’re on the board. I’m not sure how your logic plays out.