I understand employee incentives. These are the perks that companies give their top sellers and best performing employees and that's fine. However, and you knew there was a "however".
Wells Fargo, the bank that you and I bailed out to the tune of $25 billion has decided to award it's top mortgage producers with a holiday in Las Vegas at the most expensive hotel on the strip, the Wynn Las Vegas. Now if you will remember, it was bad mortgages and sub prime loans that got Wells Fargo into the mess it is in. So how much reward do those top mortgage executives really deserve?
12 nights at the Wynn or the Encore, it's new glitzy sister hotel costs the average Joe about $400.00 per night. Considering these guys are staying 12 nights to the tune of $4800 per guest and all the other perks that would include, you would think they carried the company into record profits instead of the poor house.
I think the feeling I have is not so much outrage, and there is plenty of that to go around, but incredulity. I have to wonder how the executives in that company got where they are. The illusion of meritocracy has long vanished from my thinking. I know full well, the CEO and other fat cats at Wells Fargo got where they are by a rigged system that awards big payoffs to only the already ultra-rich and their buddies. As a stockholder, I think that should come to an end.
As a stockholder, so should you! Write President Obama and tell him the days of posh luxury for the executives of failed companies is over. I long for the day when the CEOs of major companies only made a few hundred times the salary of the average employee instead of several thousand times that rate. ENOUGH IS ENOUGH!
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