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Massachusetts Liberal

Observations on politics, the media and life in Massachusetts and beyond from the left side of the road.

Sunday, October 03, 2010

Those bonuses could buy a lot of tea

Apparently mum's the word in many a corporate pubic relations offices around Massachusetts in light of the Globe's review of executive compensation packages at the state's leading public companies.

And who can blame them with news like this:
So it turns out the boss didn’t share in the pain after all. In a year when thousands of workers lost their jobs or took pay cuts, many of Massachusetts’ top executives continued to be paid as though the recession never happened.
Do I need to mention these are the Bay State brethren of the Wall Street-types who complain they are being treated like pinatas?

Run through Scott Wallack's story and paragraph after paragraph ends with "...declined to comment." Then again, it's hard to defend the indefensible, such as Affiliated Managers Group, where Sean Healey was paid more than $18 million in 2009, up 73 percent, including a $5 million performance bonus and perks, such as use of the corporate jet.

The performance? The company returned to profitability "largely through cuts, including reducing pay for employees at the parent and its independently managed subsidiaries."

Except for the boss.

Healey seems a perfect poster child too. The husband of 2006 Republican gubernatorial candidate Kerry Healey, he serves as a reminder that, at best, the business community has stood fore square against financial reform legislation.

At worst, billionaires like David Koch are bankrolling the Tea Party movement in a quest to protect their, um assets, first and foremost.

So to my conservative friends and readers, think a little bit about that. What about Tea Party's bankers and corporate supporters? Are they really fighting for "no taxation without representation." Or are as F. Scott Fitzgerald once declared, are they "different than you and me."

And don't be shy like those corporate communications departments. Speak up.

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Anonymous Joel Patterson said...

Say, OL, no conservatives answered your questions yet?

October 04, 2010 9:04 PM  
Blogger Outraged Liberal said...

You noticed? :-)

October 05, 2010 5:10 AM  
Anonymous Anonymous said...

And you would replace the system with what, a permanent pay czar?

October 05, 2010 8:55 AM  
Anonymous Anonymous said...

If people don't like where they work, they can quit. If you can form another company to do what Healy's company does, and you'll take 7 mill for a salary, the free market will beat a path to your door. If you can make a better movie than Brad Pitt, play better than Tom Brady, then do it. If it's my tax money paying you then I want you to work your butt off.

October 05, 2010 11:58 AM  

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