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Switzerland Rejects Proposal To Limit Executive Pay

Tyler Durden's picture




 

Confirming that the brotherhood of the "fairness doctrine" in which everyone is equal to everyone else (but some are too big to fail or prosecute, and are thus a little more equal) will have to do more work to bring wayward Switzerland, home to some of the world's biggest companies, fattest bank accounts and wealthiest individuals, into the socialist fold was the announcement moments ago that Switzerland roundly rejected a proposal to limit executive salaries to 12 times that of the lowest paid employee, with 66% of the voters opposing. This so-called "1:12 initiative for fair pay," was brought about by the youth wing of the Social Democrats (JUSO) which claimed that nobody should earn more in a month than others earn in a year. The outcome is notable because it was in March when Swiss voters backed proposals to impose some of the world's strictest controls on executive pay, with some 70% of voters thought to have supported plans to give shareholders a veto on compensation and ban big payouts for new and departing managers. Surprisingly, just over six months later, the drive to bring more equality to all appears to have lost it steam.

"Of course we are disappointed. But I also believe that we have an achievement nonetheless," JUSO President David Roth told Reuters. "A year ago, opponents were defending high salaries. Today no-one is doing that. No-one in Swiss politics would dare say that million salaries are justified."

Maybe not, but they refused to enact it into law, which means that million and much higher salaries will continue. From Reuters:

Sunday's vote is just one of several initiatives being put to Swiss voters to try to address the widening income gap in the country. Switzerland will also hold a vote on whether to introduce a basic living wage of $2,800 per month from the state, though a date has not yet been set.

 

While anger at multi-million payouts for executives is not limited to Switzerland, the Swiss system of direct democracy - which allows for up to four national referenda per year - means popular outrage can more easily be translated into action.

 

Deborah Warburton, a partner at executive search consultants Hedley May said the issue has resonated in other parts of Europe.

 

"Even though it was a 'no' vote, the question of how to make executive pay fairer is still very much a live issue," she said, adding Britain has implemented a law to give shareholders a binding vote on executive pay while France and Germany are weighing similar measures.

Meanwhile, corporations and others who benefit from unlimited pay, are understandably delighted:

Opponents to the proposal had warned it would harm Switzerland by restricting the ability of firms to hire skilled staff, forcing firms to decamp abroad, resulting in a shortfall in social security contributions and higher taxes.

 

"It's an important decision for the Swiss business location," Valentin Vogt, president of the Swiss Association of Employers told Swiss television SRF. "The Swiss people have clearly decided that it's not up to the state to have a say on pay."

 

The Swiss have a history of voting against proposals they feel could hurt the country's economic success story or threaten competitiveness.

The last is particularly surprising in a world in which workers are eager to make their lives as easy as possible because contrary to the rest of the world, in Switzerland initiatives to increase workers' annual paid holiday allowance to six weeks from four and to cut the working week to 36 hours from 42 both have failed at the ballot box in the past. Impossible US labor unions would say. But such is life when one is actually concerned about the long-run instead of just maximizing one's consumption potential in the here and now.

Still it is likely that anger at social inequity will continue even in this most "neutral" of countries:

Some Swiss firms have acknowledged the public anger. Last month, Credit Suisse said it made a "mistake" by paying Chief Executive Brady Dougan 19.2 million francs ($21 million) in cash and stock in 2009, plus 70 million francs($76.75 million) worth of stock under a bonus plan for 2004. That meant his total pay was 1,182 times that of the bank's lowest paid employee, according to Travail.Suisse.

Finally, while Switzerland may have no problem with capping executive pay at 12 times the minimum wage, we wonder how the Swiss, or Americans for that matter, would feel about a ratio of nearly 20 times that, or 213 to 1 which is how much more, at last check, the average Fortune 50 CEO made more than their average worker.

 

Fortune 50 CEO Income Compared to Average Worker at Company [infographic]
 

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Sun, 11/24/2013 - 12:36 | 4185588 bugs_
bugs_'s picture

if you like your executive pay, you can keep your executive pay

Sun, 11/24/2013 - 12:44 | 4185604 CH1
CH1's picture

There is a difference between discouraging or disliking something and using violence to stop it.

All laws are authorizations of violence.

Sun, 11/24/2013 - 12:48 | 4185616 Occident Mortal
Occident Mortal's picture

Shareholders can pick their own board members and pay them whatever they like.

God damn communists.

Sun, 11/24/2013 - 12:50 | 4185623 CH1
CH1's picture

Shareholders can pick their own board members and pay them whatever they like.

Right, and if the rest of us have any sense, we'll avoid them and their fascist, political partnerships.

(See my note on violence above, if you're unsure of my meaning.)

Sun, 11/24/2013 - 13:04 | 4185655 sosoome
sosoome's picture

Fascist political partnerships, which attempt to herd us all into trading with and working for the big corporations, is the problem, not what any particular exec earns.

Sun, 11/24/2013 - 13:29 | 4185708 Buckaroo Banzai
Buckaroo Banzai's picture

It's shareholders that should be in revolt over corporate executive pay. And not just salaries; executives loot shareholders blind mainly via stock option schemes.

The corporate form of business organization really needs to get changed back to what it was in the early 19th century: corporations chartered for specific purposes, and with time-limited charters that, once they expired, killed the corporation. Corporations are good for building roads or bridges, not ongoing businesses. The "corporate veil", the agency problems (moral hazards), and the unlimited life of the "corporate person" all conspire to make the corporation the master of society, not the natural person.

And the most disturbing part is what is happening now-- corporations are making the transition from national entities to international entities, and the interests of the executives who run corporations are rapidly aligning with those of International Socialists. We are seeing a gradual transition of corporate executives into a Privileged Ruling Elite that is becoming hard to distinguish from, say, the ruling Communist Party elite in China.

If this seems hard to believe, think about the last time you heard a major corporate executive speak out against the ruling elite in any socialist European, or communist Chinese, government? Can you think of a single major corporation that isn't completely in bed with the Obama administration, which is clearly a government based on collectivist economics, and Cultural Marxism?

Sun, 11/24/2013 - 14:07 | 4185767 willwork4food
willwork4food's picture

 Can you think of a single major corporation that isn't completely in bed with the Obama administration,..?

 

Follow the money trail..it works.

http://img145.imageshack.us/img145/7308/gl6deer2ce.jpg

Sun, 11/24/2013 - 14:46 | 4185843 Pure Evil
Pure Evil's picture

I guess we can assume where the Wookie will find a comfortable home when O'liar has finished his term in office.

Obviously the policy holders at UnitedHealth Group are funding more than their health care.

Sun, 11/24/2013 - 16:13 | 4186040 Oldwood
Oldwood's picture

They don't even try to hide it anymore. They almost act like they are proud of it. Rubbing it in and all, like they do.

 

Sun, 11/24/2013 - 18:08 | 4186292 James_Cole
James_Cole's picture

It's shareholders that should be in revolt over corporate executive pay.

Shareholders must get fucked 8 ways to Sunday and there's nothing that they can do about it, I thought every investor was aware of this rule?

Obama administration, which is clearly a government based on collectivist economics, and Cultural Marxism?

But this is nonsense. Obama is clearly a plutocrat, as basically every American president has been.

Sun, 11/24/2013 - 13:09 | 4185667 AldousHuxley
AldousHuxley's picture

sharehold just means they have money. money is a social construct. society gets to determine who gets to keep money who does not. 

 

when is it criminal to what CEOs do to increase profit margin? 

shareholder > executive > middle manager > worker bees > charity cases

 

What do you do when board of directors determining CEO pay are bunch of other CEOs?

Sun, 11/24/2013 - 13:17 | 4185676 CH1
CH1's picture

society gets to determine who gets to keep money who does not.

LOL... and who or what is "society"?  Right, it's the will of the people, magically transmuted into the will of our great leader!

That works out really well, I'll bet we can check history and find wonderful stories about it.

Society is a bullshit term, used for  the purpose of enslavement. When someone says "society," grab your wallet.

 

Sun, 11/24/2013 - 16:15 | 4186046 Oldwood
Oldwood's picture

You can claim to represent "society" once you have been elected by people who you have promised free candy bars. Oh, and healthcare!

Sun, 11/24/2013 - 13:09 | 4185663 TheFourthStooge-ing
TheFourthStooge-ing's picture

It's no surprise that Swiss voters support things like giving shareholders a veto on compensation. That's simply protecting the rights of ownership, and along with those rights go responsibilities. If such a veto were to lead to the departure of critical competent executives and cripple the corporation, shareholders must bear the consequences without expectations of or even fleeting hopes for a bailout.

As far as banning big payouts for new and departing managers, that also is something which should be left to shareholders. Restoring both rights and responsibilities of ownership to shareholders also restores the incentive for shareholders to have more than just passing knowledge of the corporations they own.

Sun, 11/24/2013 - 15:26 | 4185929 Lost My Shorts
Lost My Shorts's picture

Actually, I think the obstacle that stopped Swiss thirst for equality was -- they couldn't easily target true Swiss companies vs. multinationals like Transocean that headquarter in Switzerland just for tax benefits.  They don't want to drive away the tax-haven business by meddling in the affairs of multinational corporations with 99.5% non-Swiss employees.

Sun, 11/24/2013 - 16:18 | 4186058 Oldwood
Oldwood's picture

What is their corporate tax rates compared to individuals? How do they calculate compensation? Does it include dividend and stock payouts? What about people like Buffett that make relatively little as direct income but see massive wealth growth in their holdings and dividends? How would their income be treated in Switzerland (assuming they were citizens of course)?

Sun, 11/24/2013 - 12:55 | 4185622 Cognitive Dissonance
Cognitive Dissonance's picture

The key to keeping the slave state functioning at high productivity rates is to hide the whip behind a perceived legitimacy........but also to make sure that the slave knows where it can be found and to demonstrate the whip's effectiveness on occasion.

Here is the so called Willie Lynch Speech. Anyone see any parallels to today's "capitalism" and "democracy"?

Sun, 11/24/2013 - 16:07 | 4186026 GeorgeHayduke
GeorgeHayduke's picture

You make a good point. The owners have gotten so good at it that they now have hordes of slaves willing to fight to ensure their future slavery against those other slaves over there who are different from us. It's amazing to watch.

Sun, 11/24/2013 - 13:29 | 4185710 thisandthat
thisandthat's picture

And no laws means anything goes... for the most powerful, if need be, through violence.

Sun, 11/24/2013 - 16:03 | 4186010 GeorgeHayduke
GeorgeHayduke's picture

"All laws are authorizations of violence."

True, including all laws that allow incorporation, monopolies, protection of intellectual rights, corporate personhood, market protections, exploitation of labor, etc... Same goes for laws that allow wars to protect markets, propping up of low wage slavers in other countries, removal of indigenous peoples from profit centers and destruction of natural areas for these corporate hogs. We also have laws that protect corporate property from individuals who might destroy this property. 

You are right, there sure are plenty of laws to ensure corporations have the right to do whatever they please with government violence doing the dirty work for them.

Sun, 11/24/2013 - 19:25 | 4186449 trader1
trader1's picture

metaphorically, yes

Sun, 11/24/2013 - 12:37 | 4185594 CunnyFunt
CunnyFunt's picture

If you find the compensations obscene, then feel free not to patronize the companies.

Sun, 11/24/2013 - 12:44 | 4185607 PT
PT's picture

I actually do have a list of companies that I actively try to avoid, even if I pay more, simply because they already have enough money and I'd like to help someone else get rich.

P.S.  Plus, anyone with half a brain knows that the no-name hamburger shop sells yummier burgers than the big brands. 

Sun, 11/24/2013 - 12:48 | 4185612 CH1
CH1's picture

Well said, PT.

IMO, we should all avoid feeding the fascist state-corporate complex.

Sun, 11/24/2013 - 14:54 | 4185862 Pure Evil
Pure Evil's picture

That's going to be harder going forward since all the big boys are doing everything in their power to eliminate small business owners.

Look what happens to communities when Big Box stores such as Home Depot, Walmart, and Costco come to town.

All those small main street stores are forced to close up shop because they can't compete price wise with the big boys.

 

Sun, 11/24/2013 - 16:23 | 4186064 Oldwood
Oldwood's picture

Our choices in how we spend our earnings are the only true "vote" we have. Sadly its not just what we buy but even larger is how we buy. Constantly using borrowed moiney has greatly empowered those who I feel are the greatest threat to freedom and prosperity.

Sun, 11/24/2013 - 12:51 | 4185625 FieldingMellish
FieldingMellish's picture

Except for health insurance where you are forced into the clutches of a large corporation or pay a fine to subsidize someone else.

Sun, 11/24/2013 - 12:52 | 4185628 HulkHogan
HulkHogan's picture

ha... ha, ha,... ha, ha. I hate Communist China, please tell me where to find an American lumber company, computer company, clothing company,  yada, yada, that does make ALL their shit in China.

Sun, 11/24/2013 - 12:38 | 4185595 Cognitive Dissonance
Cognitive Dissonance's picture

As less and less crumbs 'trickle' down from the top we peons will just have to fight our fellow slaves that much harder for the remaining spoiled meat.

#WinningElite

Sun, 11/24/2013 - 13:16 | 4185679 Ignatius
Ignatius's picture

Important lesson from history:  steal early and steal well.

Sun, 11/24/2013 - 13:41 | 4185735 PT
PT's picture

One CEO gets 100 mill:  I guess he might buy a Ferrari or a Bugatti Veyron to celebrate.  He might plunge the rest into a 50 million dollar estate that previously sold for 40 mill.

1000 workers get 100 grand each:  They each buy a car.  GM ups its sales by 1000, needs to put on more staff.  Someone gets promoted.  Someone gets a pay rise.  Someones gets apprenticeships.  (errr, for the sake of this exercise, we'll pretend they're not Mexican)

Forget "Trickle Down".  Welcome to "Flood Up".

Sun, 11/24/2013 - 14:35 | 4185817 Wyatt Junker
Wyatt Junker's picture

And, back at the Bugatti shop, the workers get paid as do the salesmen, insruance agents etc etc in further and further trickle down just as the folks who make GM trucks but in smaller units, the Bugatti in larger, albeit more infrequent, unit blocks.  Same shit, different car.

Actually, an argument could be made just the opposite, that GM due to its high union labor cost(prior to bailouts) and ridiculous VEBA pension was far more 'flood up' than what luxury consumers typically pay out for re their own driving habits.

Same with estates.  Bigger house, bigger bills/staffs/contractor bills, maintenance workers etc. etc. 

Actually, an argument could be made just the opposite, that suburban row houses are much more subsidized, wasteful and fraud, than the mansion markets.

Trickle down always means more freedom and efficiency.  Always.

Envy much?

Sun, 11/24/2013 - 16:06 | 4186021 U4 eee aaa
U4 eee aaa's picture

Those 1000 workers are also going to buy 1000 meals. Sure, the exec could buy a meal that is worth 1000 times their meal but that is just a waste of money

Squander much?

Sun, 11/24/2013 - 17:46 | 4186248 Wyatt Junker
Wyatt Junker's picture

Nah.  Not a waste of money.  Mining for caviar is just as efficient as slaughtering McHappy cows for Happy Meals, its just that the caviar end user(consumer) isn't a food stamp SNAP recipient. 

Again.

Envy much?

Sun, 11/24/2013 - 19:39 | 4186471 YC2
YC2's picture

You completely ignore the differential in propensity to save and consume between the top and bottom.

 

You also seem to neglect the secondary effects of shifting toward conspicuous consumption on capital and on any reasonable utilitarian view of consumption.

 

But I guess that is convenient for you.

Sun, 11/24/2013 - 21:40 | 4186695 Wyatt Junker
Wyatt Junker's picture

I hate bureau-speak, colligiot?  'differential in propensity'??  'conspicuous consumption on capital'???  'reasonable utilitarian'???  HAHAHA

K.I.S.S.  It tends to keep the discussion more nuts and bolts.

What's 'saving'? 

Is not capital formation actual money funneled into a variety of tiers within the economy? 

I can either invest in McDonald's stock or buy a Happy Meal.  In the former, as a shareholder, I am allowing corporate to invest in new McRibs iterations.  In the latter, a crackhead on SNAP gets a free shitburger. 

I'd rather invest the money in innovation.  Its much more productive and efficient than transfer payment cocksuckering.

Mon, 11/25/2013 - 00:43 | 4187023 PT
PT's picture

Oh yes, the innovators never stop innovating, and the consumers never stop consuming.  It's what they do.  See, there are two classes in this world:  Entrepreneurial innovators and lazy workers, and never the twain shall meet.  And everyone will be richer if only the workers stayed poorer, we have scientific proof!  You must give all the money to the entrepreneurial classes and starve the useless worker classes!  It is the only way!  Never has a useless worker ever innovated anything.  Entrepreneurs magically appear from the aether, acquiring capital and transforming it into goods and services, totally separate from the worker classes ...

Sun, 11/24/2013 - 12:46 | 4185613 HulkHogan
HulkHogan's picture

Running a multi-national, billion dollar company should require a large paycheck. 200:1 may be extreme, but the problem is not the pay, but the size of these companies. 20:1 was more normal 50 years ago because the companies were smaller and there was more competition for workers. This is only a dream and will never come true, but I'd love to see tariffs enacted and these companies forced to split up.

Sun, 11/24/2013 - 13:05 | 4185654 Urban Redneck
Urban Redneck's picture

I think the Nazi referendum was 12x the lowest paid employee, the graphic is multiples of the median employee wage (the lowest paid janitor or desk jockey at microsoft isn't pulling down six figures in salary).

Most good front line sales people in a sizable company are going to demand more than 12x the minimum compensation.

Sun, 11/24/2013 - 16:08 | 4186028 U4 eee aaa
U4 eee aaa's picture

I agree. I don't think people had a problem with the limit, just the size of the limit

Sun, 11/24/2013 - 13:44 | 4185741 Peterus
Peterus's picture

You don't need to split them at all.

It would be enough to stop protecting them from competiton, subsidizing (directly or not) and bailing out. Corporations in a fascist State are linked to government. They have to perform cetrain duties (like share info on customers and employees), but they get a playing field where they can only win.

For every anti-trust law there is 10 smarter, better written little laws that make thier lives better. They are paying for these laws.

Sun, 11/24/2013 - 12:51 | 4185627 y3maxx
y3maxx's picture

...""Plus, anyone with half a brain knows that the no-name hamburger shop sells yummier burgers than the big brands""

..Good one PT

Support Mom and Pop operations.

Sun, 11/24/2013 - 14:47 | 4185847 max2205
max2205's picture

High pay for avoiding tax and off shoring jobs and cutting jobs

 

How patriotic. ..what demon wouldn't feel guilty about getting 10 ml per month?

 

Fuck united health care

Sun, 11/24/2013 - 16:28 | 4186078 Oldwood
Oldwood's picture

But if you spill a scalding hot cup of coffee in your lap, your are not going to be able to sue the mom and pop burger shop for nearly as much as micky dees. Lawyers and insurance premiums have a lot to do with who you ultimately buy your burger from. Everything is designed to favor the big TBTF type operators.

Sun, 11/24/2013 - 12:54 | 4185631 PT
PT's picture

Donald Trump, from The Art of the Deal:  "I don't do it for the money.  I already have more than I will ever need..."

Quoted from memory.  Feel free to look it up and tell me the exact wording.

BTW, he's not the only rich guy to express this sentiment.  I've always wondered if we could call their bluff.

"If you pay the hired help too much, they get lazy."  - Some other ZH poster said that the other day.  I called him out on it at the time.  Time to get some lean and mean CEOs?

Outsource the CEOs to China?  Never mind, some times they do it themselves.  Or was it Taiwan?
http://listverse.com/2010/03/23/10-pretty-stupid-business-moves/ 

(Look at #8) 

Sun, 11/24/2013 - 13:26 | 4185703 Svendblaaskaeg
Svendblaaskaeg's picture

"Donald Trump, from The Art of the Deal: "I don't do it for the money. I already have more than I will ever need..."

Echo that - on a much much...much lower level (cant afford and dont envi Trump´s hair) - to find pleasure in the work you do, to ad value to socialty, to make a difference, that's the main thing for me, took me some years to find that out

Sun, 11/24/2013 - 13:47 | 4185744 PT
PT's picture

The pleasureable work that I dream of doing is capital intensive and has no guarantee of a return within a sensible amount of time.  I was hoping that I'd find a way to finance it without dumping risk onto third parties.  Still dreaming.

Sun, 11/24/2013 - 16:38 | 4186094 Oldwood
Oldwood's picture

Speaking from personal experience of thirty years of self employment, it does seem that the more I pay someone the less motivated they are to produce. Its almost like a pay increase validates their self worth to the point that they feel entitled. It defies everything thing I thought would happen, but it has happened to often to count. A life's experience of working as a laborer, to corporate to self employed small business person has been a trip and a lot of my opinions have changed. When I was in college I was a great believer in the social safety net, but i have seen what happens to those "protected" from the consequences of their choices. We are living it today.

Mon, 11/25/2013 - 12:03 | 4187869 PT
PT's picture

At the high paying jobs that I have been on, everyone is so grateful to be there that they are desperate not to fuck it up.  Great team spirit.  Great pride of workmanship.  Maybe because the work is not permanent.  You want to be "precious" then you won't be invited to the next job.

Mon, 11/25/2013 - 12:03 | 4187875 PT
PT's picture

The worst spirit comes when there are different companies paying different rates.  No-one likes being a second-class citizen, so the lower paid workers lose heart.

Sun, 11/24/2013 - 12:58 | 4185638 22winmag
22winmag's picture

I was just talking about Switzerland the other day.

 

All the doom-and-gloom twerps and NSA fear-bots would like you to believe that the U.S. citizenry would roll over and play dead in the event of martial law, foreign invasion, blue helmet, FEMA camp scenario. They would like you to believe that millions of motivated Americans fighting with small arms (meaning rifles) on their home turf would stand little chance against a domestic or foreign occupying force. Nothing could be further from the truth.

 

The most fearsome modern army ever to roam a battlefield, led by a borderline madman, wisely declined to invade Switzerland because there was a patriotic, motivated man with a rifle behind ever blade of grass, or in the case of Switzerland, behind every snowbank. The cost in lives and resources would have been tremedous to invade, let alone hold the territory. Listen, you can take all that Americans are too lazy, smart weapon, heavy weapon, technological bullshit and shove it. A modest number of motivated Americans armed with everyday rifles could and would make life hell, and success impossible, for any aggressor.

Sun, 11/24/2013 - 13:08 | 4185666 Z_End
Z_End's picture

Well said Sir!

Sun, 11/24/2013 - 13:10 | 4185669 CH1
CH1's picture

A modest number of motivated Americans armed with everyday rifles could and would make life hell, and success impossible, for any aggressor.

That's true, but these people have played the "when they cross that line" game so many times that I have no faith in them. They excel at one thing: making excuses.

The Bitcoin kids are off their asses and doing things - in them I have some faith. The good ole Murikans are still sitting around and saying, "when they cross THAT line!"

They will remain seated until the war comes to their front yard, and then it will be too late for them.

Sun, 11/24/2013 - 14:08 | 4185768 W74
W74's picture

Ah yes, but only if such groups resorted to "terrorist" activities, "irregular" warfare and "geurillia" tactics.

Remember, you don't have to blow up a tank, you just have to prevent it from being able to move.  Either treads or turret (though preferably both) being immobile makes the whole ten million dollar rattletrap useless.

Sun, 11/24/2013 - 16:15 | 4186048 U4 eee aaa
U4 eee aaa's picture

Do you honestly think that Hitler, had he been able top take out the UK and not had to fight the full force and fury of the US, would not have walked into Switzerland after the rest of the continent was subservient to him?

and you say the US would not lay down and yet they are uttering nary a peep to the invasion force from the south that is becoming increasingly militant in their claims over US territory

Sun, 11/24/2013 - 21:01 | 4186635 Race Car Driver
Race Car Driver's picture

> the invasion force from the south that is becoming increasingly militant in their claims over US territory

 

Hardly an 'invasion force'. They're more like guests with bennies, being invited here by the US.gov. Complete with instructions (written in Espanish) on how to get on - and stay on - the gravy train. The US.gov is going to be hiring soon for the new Department of La Raza and corresponding cabinet position.

Invasion force ... indeed. Welcome your new neighbors and don't be so damn unfriendly.

 

Sun, 11/24/2013 - 17:36 | 4186228 NoTTD
NoTTD's picture

As was so amply illustrated by the Vietnamese.

Sun, 11/24/2013 - 13:05 | 4185657 ISEEIT
ISEEIT's picture

All I want for Christmas is Swiss citizenship!

Sun, 11/24/2013 - 13:05 | 4185659 PT
PT's picture

Okay, you quoted CEO salaries.  Now, how about the rest of the "total compensation package"?  There is a reason why Steve Jobs was "only" paid $1.

It might also explain why a previous boss used to tell me that I earnt more than he did.  I was very tempted to tell him that yes, indeed I did "earn" more than he did.  (I also was tempted to tell him he should do an apprenticeship and, once he qualified he would make more money than me as I was only a factory hand at the time.  That was back in the day when I was 100% polite and respectful to bosses, so I bit my tongue instead.  Can't say my silence did me any good.) 

Mon, 11/25/2013 - 03:21 | 4187140 jballz
jballz's picture

 

actually steve jobs demanded a salary over options in the worst financial decision in the history of the world.

Think he left like 20 billion on the table. 

I am nearly positive that is why he decided to die and not carry the humiliation. I would do same. 

Mon, 11/25/2013 - 12:06 | 4187880 PT
PT's picture

I didn't hear that one.  Thanks.

Sun, 11/24/2013 - 13:22 | 4185694 I am Jobe
I am Jobe's picture

Work life balance bitchezzz. Get over it. Slave on, Salve on , Slave on and get fired. Amerika at it's best 

Sun, 11/24/2013 - 13:34 | 4185718 q99x2
q99x2's picture

On the bright side: there wouldn't be much of a worldwide revolution if they started to behave themselves. But they can not, no more than a clan of pedophiles; even if they wanted to they would continue their financial terrorism until the day of reckoning. It is their destiny.

Sun, 11/24/2013 - 13:40 | 4185733 Nobody For President
Nobody For President's picture

In 1965, U.S. Chief Executive Officers earned 26 times more than the typical worker. By 2000 they were earning 310 times more than the typical employee...

Economic Policy Institute (From a factoid chart out of an old Schwab newsletter).

How much IS enough? I wonder how the vote would have went if the Swiss measure would have stipulated 100 times the lowest paid employee, instead of 12.

Sun, 11/24/2013 - 16:45 | 4186105 Oldwood
Oldwood's picture

And who will decide? I find it interesting that so many seem eager to try and control the effects of corruption through big gov, but don't seem nearly as interested in eliminating the corruption.

Sun, 11/24/2013 - 14:24 | 4185798 overexposed
overexposed's picture

Praise the Lord, Switzerland is still sane.  This is wonderful news for all of us who hope to escape there some day.

Sun, 11/24/2013 - 16:15 | 4186053 jimmytorpedo
jimmytorpedo's picture

Haha,...good luck getting into Switzerland.

My wife is Swiss and I can't get in.

You need to be Tina Turner or that horse faced Quebecois whatever her name is.

In other words, stupid rich AND famous.

Or super stupid rich and not famous at all, I guess that works too.

Moderately rich and married to a Swiss, um no thanks, but you can bank here if you like.

Sun, 11/24/2013 - 16:48 | 4186117 Ratscam
Ratscam's picture

then you must be a criminal or some other goof.
Even if you,re not married to a Swiss you can get a work permit if an international company wants or a Swiss company needs you there.
To become a Swiss national you have to live there for at least 10 years of which 5 of them in the same city.

Sun, 11/24/2013 - 21:03 | 4186639 jimmytorpedo
jimmytorpedo's picture

I don't want to live anywhere in Europe.

I just want the passport.

I work for myself, not international companies.

By goof, do you mean pedophile?

I don't want to live in Belgium.

 

Sun, 11/24/2013 - 14:32 | 4185812 Mario55
Mario55's picture

It is up to the shareholders to decide whether the CEOs of the companies they own are paid too much, politicians have nothing to do in that matter.

Congratulations Switzerland!  

Sun, 11/24/2013 - 14:52 | 4185855 Ourrulersknowbest
Ourrulersknowbest's picture

The reason this retarded system of paying"valuable" top executives absolutely riduclous multiple of workers salary ,has grown legs overtime is because of that mythical notion "THE AMERIKAN DReam....."
It could be you... Except it won't.....
Absolutely entrepreneurs and people who actually get shit done should prosper above others,but fuck me! Does Jamie dimon get shit done through hard work and smarts or is it through conniving and connections and being the spawn of satan who will let whoever is in power suck his dick...
Ordinary dumb fuck amerikans let these scum rule their lives due to a delusion that they may sit at the top table some day.in a true capitalist democracy this may be possible but that ship sailed a long time ago.
I believe strongly in a meritocracy but we ain't had one for a long time.
So lets all sit back and admire our "betters"

Sun, 11/24/2013 - 15:20 | 4185897 Bangin7GramRocks
Bangin7GramRocks's picture

Shareholders? Ha! You mean the robots that own a stock for 5 hundredths of a second. Or is the hedge funds, Vanguard and Fidelity that you are talking about. Those fucks all play for the same team. They encourage bloated compensation. There have been several instances of large American companies where the shareholders "revolted" and it changed nothing. And the boards are all comprised of other CEO's. It's a giant circle jerk and they finish on your faces while you defend them!

Sun, 11/24/2013 - 15:57 | 4185997 ConfederateH
ConfederateH's picture

Which Tyler wrote this?  The one that moonlights at Business Insider?

Just think for one brief moment, should the most skilled members of society be limited to compensation under 12:1 to the unskilled labor that cleans its rooms or delivers its communications?    Should a surgeon, architecht, engineer be limited to compensation that meets this ratio?  What kind of an idiot tyler makes a post like this?

Sun, 11/24/2013 - 16:14 | 4186047 Haager
Haager's picture

If you value some work that low you could find yourself in the position to do it on your own. On the other hand: What would you charge per hour if you are going to clean toilets for someone else? Maybe it's a no-skills job, but I am almost sure you'd say $5/hr is a no-go.

Sun, 11/24/2013 - 16:49 | 4186118 Oldwood
Oldwood's picture

Its called a free market in theory. But when we live in a society that says $5 is too low, we can pay people not to work while opening the borders to those who would do the work that Americans are told they are too good to do.

Sun, 11/24/2013 - 19:01 | 4186399 Haager
Haager's picture

So you would do the job for $5/hr, knowing that otherwise cheap labourforce will be imported to do it, thwarting the theory of a 'free market'?

Sun, 11/24/2013 - 15:56 | 4185998 Trimmed Hedge
Trimmed Hedge's picture

So how much of it is CEOs getting paid too much on an absolute basis -- versus the peons getting paid too little?

Sun, 11/24/2013 - 16:52 | 4186130 Oldwood
Oldwood's picture

Is there some secret law or union for CEO's that would allow them to demand more than the market would bare? How about baseball players? Should we limit their wages? They seem out of line to me.

Sun, 11/24/2013 - 17:29 | 4186210 NoTTD
NoTTD's picture

Those results are easily explained: There is big difference between empowering shareholders to limit pay and empowering the all knowing government to do so.  Don't forget the group of "young" promoting this are Communists.  Given their druthers, the government would determine what everyone can make - and this sort of "Fairness" is always thie first step to that goal.  

 

Good for the Swiss and fuck you to Big Government and the Communists who love it.  

Sun, 11/24/2013 - 17:47 | 4186253 Bangin7GramRocks
Bangin7GramRocks's picture

You all sound like Joe the Plumber. "I don't run a business but when I do I want to make 75 million a year". Maybe 12 to 1 is a bit low but there may need to be some restrictions on these blood suckers. Currently, CEO's use all the companies profit to buy back stock to raise the stock price to earn even more money. What happens when the economy takes an even larger shit. These companies will all fail because they are so brokedick and loaded with debt. It's a fucked up system and you Horatio Alger motherfuckers play right into the game. Arrogant rich assholes everywhere thank you all!

Mon, 11/25/2013 - 06:12 | 4187224 Disenchanted
Disenchanted's picture

Cheesepopery FTMFW

g'nite francis...

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