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|User Info||On This Tax Day....; entered at 2018-04-15 11:12:00|
Registered: 2017-04-29 DeKalb, Illinois
I used to do my shareholderly duty, and go through the proxy statement carefully, and vote against the bankster thieves on the board, against the ridiculous compensation of the senior executives, and against their even more ridiculous golden parachutes and retirement packages. It never made any difference. Now I just shred the proxies. |
Back in the greed-filled 1980s, I was working at a small high-tech company in western Marxachusetts. I was working 12-14 hour days 6 days a week, but only 8-10 on Sundays. I wanted to have a stake in the company, so I innocently asked the personnel director if I could have a stock option. She replied that they only gave those to essential personnel. So, when I said that in that case, all of us non-essential personnel should stop working so damn hard, I got a chewing out. I went back out there for a visit a year after I left in disgust, and was told by one of the senior vice presidents, that they had no idea how much work I was doing. They had to replace me with 3 people, and a vice president. If the company had not been so badly managed, they would have known how much work I was doing. Needless to say, the founders lost control of the firm, and it was swallowed up by a competitor.
Since most executives that have stock options just feed them back into the firm's share buybacks, the whole scam should be taxed heavily. But, of course that would never be the case. Most people simply do not understand corporate finance and tax law, so they keep getting screwed over.