There’s an outrageous article in Crain’s today about executive perks. Apparently senior management at some banks get to fly on the corporate jet. Others have their country club tabs picked up by the company. A few—VERNON JORDAN, LAZARD LTD, SHAME HIM IN THE STREETS—even get their apartments paid for, at up to $24,000 a month. Crazy, isn’t it? No, it’s not crazy. What’s crazy is that everyone—author, shareholder activists, Tim Robbins and Susan Sarandon-- still fails to get it. If I agree to run one of these things, I want to plied with gifts at every turn. This job is really hard and I’m very sensitive and the suggestion that I’m not worth tons of freebies plays on the deep insecurity I attempt to mask with a self-righteous attitude and shameless bravado. That makes me unhappy and you know what happens when I’m not happy—I destroy billions in shareholder capital (I might do that anyway, but without the gifts the threat is more imminent).
Plus, the notion that shouldering my basic costs of living is a “gift” is absolutely absurd. That’s a basic requirement of your job in keeping me comfortable enough to work. I never, EVER, would’ve taken this gig if I thought I would be asked to pay for wherever I happen to rest my head. It's extremely demeaning. Know what I would consider a “gift” and something I’d even think about standing before shareholders and fighting for? Free access to the Olsen twins, which I hear Goldman has no problem subsidizing for LB, though, as this video shows, he made be getting duped.
Open your eyes and watch this clip. Open them or I'll staple your eyelids to your forehead.
Top Execs Settle Into Easy Living [Crain's New York]
Posted by Anonymous , Mar 31, 2008 11:48AM
So true. A living wage must be indexed to one's lifestyle.
Posted by guest , Mar 31, 2008 12:05PM
That video is beyond creepy.
Posted by golden girl , Mar 31, 2008 12:06PM
check out michelle caruso cabrera's otufit right now. saucy minx!!
Posted by guest , Mar 31, 2008 12:09PM
Don't you understand? These people are all very valuable. Their respective firms couldn't get them to work for them unless they loaded on the perks.
Posted by guest , Mar 31, 2008 12:10PM
So many great quotables from this clip. Although my favorite doesn't sound that bad and thus can be used in any context- "That means it's working."
I've made a huge mistake.
Posted by guest , Mar 31, 2008 12:21PM
Hey! The Harvard Business Review doesn't call us "leaders" for nothing. We are special people. We hire the smartest people we can find and tell them to make money. Just look how we did in subprime before the unfortunate "bust".
And if I want to fly a different CNBC hottie (You know who you are) in the corp jet and leave the assistants on the cold tarmac I can do it because that shows "leadership". You'll note HBR never differentiates between good and bad "leaders" like Las Vegas never differentiates good and bad "luck". People might get nervous.
Hurry up. Become a "leader". Its better to join us than to fight us, no?