• Rojo27 [he/him]@hexbear.netEnglish
    53·
    13 days ago

    it is important to understand that executive compensation is not only tied to performance, but also to risk.

    Oh fuck off. What fucking risk? A CEO could completely tank a company and have a Golden Parachute waiting for them once the board gets tired of them. Jail for “mistakes they don’t know about”? How many CEOs are in jail in America? Even then, they’d get put in cushy, minimum security prisons.

    • InevitableSwing [none/use name]@hexbear.netOPEnglish
      30·
      13 days ago

      How many CEOs are in jail in America?

      That’s a great question. My wild guess is that about once a decade an insanely wealthy CEO goes to prison. Is that wildly wrong and way too optimistic?

      Even then, they’d get put in cushy, minimum security prisons.

      Being that the defendant as no criminal record…

      They might as well say “Being that the defendant is in the 1% of the 1%…”

      It’s a bit off-topic but actress Felicity Huffman was involved in an SAT scandal where she was clearly guilty. The entire thing made me laugh She ended up in the “slammer” for 10 days. In other words - she went to a country club prison. I googled it and I learned the place even had a piano. Her husband William H. Macy never even faced charges.

      Varsity Blues scandal - Wikipedia

       
      I love the final sentence of the section. You can see that she really learned from her experience.

      In a November 2023 interview with KABC-TV, Huffman broke her silence on the Varsity Blues scandal for the first time, saying “It felt like I would be a bad mother if I didn’t do it.”

      Felicity Huffman

      Varsity Blues scandal

      Main article: Varsity Blues scandal

      Huffman was among dozens charged by the U.S. Attorney’s Office on March 12, 2019, in a nationwide college entrance exam cheating scandal. Prosecutors alleged that Huffman’s $15,000 donation to the Key Worldwide Foundation, ostensibly a charitable contribution, was in fact payment to someone who posed as Huffman’s daughter Sophia to take the SAT, receiving a score that showed significant improvement over Sophia’s score on the Preliminary SAT (PSAT).

      Huffman was arrested at her California home on March 12 by FBI agents and IRS agents and charged with conspiracy to commit mail fraud and honest services fraud. She appeared on March 13 in Los Angeles Federal Court, where federal agents took her passport and the court released her on $250,000 bail. At her court appearance in Boston on April 3, she acknowledged her rights, charges and maximum possible penalties then waived a pretrial hearing, signed conditions of her release and was allowed to leave.

      On April 8, she agreed to plead guilty to one count of conspiracy to commit mail fraud and honest services mail fraud. Huffman formally pleaded guilty to honest services fraud on May 13 and to federal charges for paying $15,000 to have a proctor correct SAT questions answered incorrectly by her daughter. On September 13, she was sentenced to 14 days in jail and one year of supervised release, fined $30,000 and ordered to do 250 hours of community service.

      She reported to the Federal Correctional Institution in Dublin, California on October 15 to begin her sentence. She was released on October 25, two days early, because October 27 fell on a weekend. As of October 2020, when Huffman completed her full sentence, no charges have been filed against her husband and Sophia’s father, actor and director William H. Macy.

    • SacredExcrement [any, comrade/them]@hexbear.netEnglish
      26·
      13 days ago

      Not to mention, once you make it to that tier, getting fired isn’t the end of the road

      Do you know how many failed CEOs get to keep failing as a CEO or CFO elsewhere after? Just do some digging on your current one, odds are good they got canned at some point prior to ‘working’ at your company

    • MolotovHalfEmpty [he/him]@hexbear.netEnglish
      26·
      13 days ago

      Someone replied to him asking how many CEOs have gone to jail under the very law he cited and he just straight up said I dunno, I haven’t heard of any. picard

      Never mind the fact that if job pay was linked to risk (including getting killed) pizza deliver people would be out here getting $10m worth of stock options in Domino’s.

      Just completely unthinking tripe dressed up as economic insight.

    • LukeEnglish
      18·
      13 days ago

      The “risk” that the executives will become working class and have to get a normal job. The horror!

      • LeZero [he/him]@hexbear.netEnglish
        8·
        13 days ago

        Hey, you might become the 1 in 10000 who get scapegoated like Madoff (still have to touch rich people money though)