Government cracks down on CPP bonuses

... dollar bonuses has become all to common in North American, says an NDP MP. "Look at U.S. Steel in Hamilton, Air Canada, AIG," said Wayne Marston, Hamilton East-Stoney Creek NDP MP. "It shows it is okay to lose the workers' money." So Mr. Marston ...
Comment?

Related Topix: North America, World News, Economics News, Bankruptcy, Stoney Creek, ON, Canada, Ontario, Pension

As I understand it,(check it out!) there is considerable competition for high-level good/excellent CEOs and other business leaders. Various incentives exist to lure such people away from their existing employers, with bonuses being one type of these contractual incentives.
..... Read the employment contracts to see to what extent the bonus value(s) do(es) or do(es) not depend on the performance of (whoever)(whatever). Bonuses are NOT "the workers' money"; probably, more likely, they are the shareholders' money.

QUITTNER wrote:

As I understand it,(check it out!) there is considerable competition for high-level good/excellent CEOs and other business leaders. Various incentives exist to lure such people away from their existing employers, with bonuses being one type of these contractual incentives.
..... Read the employment contracts to see to what extent the bonus value(s) do(es) or do(es) not depend on the performance of (whoever)(whatever). Bonuses are NOT "the workers' money"; probably, more likely, they are the shareholders' money.

Obvious it doesn't "depend on performance" to get the bonuses. Just look at Goldman Sachs, Merryl Lynch, AIG or whatever it is now, and how the shareholders did in the last little while.

It was these monolithic organizations that caused the global collapse with their casino strategies and dealing fraud on the market and they should not have recieved one cent for being the "best" but should be mopping up urine on jailhouse bathroom floors for life and folding laundry.

?????

What are shareholders but workers worldwide?

And if these "orgs" had "seperate money" to pay the bonuses, why did taxpayer money have to be blocked by the US congress from being paid as "bonuses" and why did these organizations then scuttle around like cockroaches calling the money "retainers" or any other lawyer concocted fraud to try to circumvent the "bonus" wording?

The only organizations that were bonafide above board were people like Bill Gross of Pimco bonds who resisted the temptation to jump into the frenzied fraud of the world markets and deliver modest gains on people's money worldwide, while these other highrolling cockroaches were out there in a frenzy dumping people's life savings into ponzi/fraud/derivative options just to make sure they got their big fat "performance" bonus at the end of the year some of which eclipsed their ANNUAL SALARIES...

http://captaincapitalism.blogspot.com/2008/09...

siloviki wrote:

<quoted text>
... It was these monolithic organizations that caused the global collapse with their casino strategies ...

..... As I understand it, the global financial collapse was triggered by many people not being being able to pay their (mortgage mostly) contracted debts on the date they were due as agreed.
..... Why didn't these people pay? probably because they had lost their jobs.
..... Why did so many lose their jobs? Because of FREE TRADE and GLOBALIZATION, causing firms to relocate to Asia and other countries where there were no labour unions and/or where wage rates were lower, so that these firms then could export their stuff to Ontario and other places at (much?) lower prices.
..... Because Asia-made goods are cheaper, therefore people buy Asia-made stuff, and they do NOT buy Ontario-made stuff, causing Ontario firms to have to reduce the number of workers, so that even more people in Ontario lose their jobs (soon?).

The unlikely face of a meltdown

Jennifer Wells Jul. 12, 2009

Economics reporter Ed Andrews warned readers about the perils of subprime mortgages – then he went out and got one himself.

http://www.thestar.com/news/insight/article/6...

QUITTNER wrote:

<quoted text>
..... As I understand it, the global financial collapse was triggered by many people not being being able to pay their (mortgage mostly) contracted debts on the date they were due as agreed.
..... Why didn't these people pay? probably because they had lost their jobs.
..... Why did so many lose their jobs? Because of FREE TRADE and GLOBALIZATION, causing firms to relocate to Asia and other countries where there were no labour unions and/or where wage rates were lower, so that these firms then could export their stuff to Ontario and other places at (much?) lower prices.
..... Because Asia-made goods are cheaper, therefore people buy Asia-made stuff, and they do NOT buy Ontario-made stuff, causing Ontario firms to have to reduce the number of workers, so that even more people in Ontario lose their jobs (soon?).

Thats it in part, people not being able to pay back an ARM. However the banks and bankers are the ultimate authority on WHO qualifies for a loan.

A 10$/hr worker can afford a payment of theoretically 600/month but once the mortgage "resets" they are in trouble. Some of these mortgage lenders were FALSIFYING the documents, propping up the "assets" of the banks trying to feed on the frenzy, and then these "assets" (DEBT CREATED OUT OF THIN AIR) were bundled up as fraud derivatives and sold on the market. It looked all great on the fraudulent balance sheets of "assets" ( the derivative market is worth 10 TIMES the ENTIRE GLOBAL ECONOMY) but these are what people have called the "financial weapons of mass destruction". Basically fraud.

Its the reason why, there have been 12-13 TRILLION of "off balance sheet transactions" by the "fed" reserve. Forget the 800 billion dollar "stimulus package" the real money is behind the scenes. Money that had to be so huge that it was able to cover these scumbag bankers true "toxic assets". The lowly untermenschen that got loans they should not have were only a small trigger in the collapse, the bankers magnified it multi fold with their selling of the "assets" (FRAUD) on the world stock markets.

And now we hear that darlings like Goldman Sach's have "paid back the TARP money" already. But they haven't paid back the corporate communism which 12.9 billion was basically gifted to them in the AIG payoff, which will not be paid back. Its easy to "PAY BACK" money when someone GIVES IT to you.

Gov'ts (INCLUDING THIS ONE, with $60,000,000,000.00 in "bailouts" for commercial paper) should be treating us like that. But this is real corporate communism, socialism for gov't workers and of course their corporate croney friend, or if you so wish, the marriage of gov't with corporations, FASCISM.

And I do agree with you on globilization and "free" trade.

The only "free" part is the free ride that corporations get by employing overseas labour, importing the goods back at markup (more often than not INFERIOR products, which of course have to be bought then MORE OFTEN, padding the scab corporate profit) as gov't sits back and admiringly lets it happen.

So who are they actually serving anyway?

11:09 am, July 17th, 2009
The financial system is more or less like "a house of cards" that can work for many years provided nearly everybody "plays" by the rules, and "nobody rocks the boat" so much that it "sinks", and therefore then (all?)(most of?) the "cards" fall down.
..... Politicians don't usually interfere unless there are far too many complaints about something that cannot be ignored, or whose causes and effects cannot get studied (a frequently-used means of time delay - do nothing for as long as possible, and let the other political party then deal with the report's conclusions that (are?)(may be?) difficult to implement).