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Thread: Without huge salaries, financial leaders won't try hard?

  1. #91
    Elite Member nana55's Avatar
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    Quote Originally Posted by southernbelle View Post
    Thank you, sputnik. Yes, I am self sufficient, now. Not when I was a student, although my dad did make me take out student loans during the last summer I was there (I graduated in August) and work part-time to learn the value of money.

    I come from a unique situation in that while my dad was extremely wealthy, my mom was not. (My parents were divorced). Because of the crappy child-support laws in Texas at the time and the fact that she was a stay-at-home mom during their marriage, she got next to nothing in the divorce and got very little child support.

    So, I would go from being a "rich kid" when I was with him to being one of three kids to a single mother with an average income when I was with her.

    So I do feel like I kind of experienced two totally different lifestyles. I'm not a "spoiled brat" who was "spoon-fed" her whole life. I don't overestimate my accomplishments either. I earned a college degree. The fact that I didn't work full time while doing it doesn't make it any less valid than anyone else's.
    Uuuhhh, why would your mother have little child support? That is based on your fathers salary. So if he was rich and he was married to your mom at one time, she would get a nice hefty child support check, so I call bullshit.
    If I can't be a good example, then let me be a horrible warning.

  2. #92
    Friend of Gossip Rocks! buttmunch's Avatar
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    No frogs then??
    *smacks head* Damn, I always forget about the frogs because they came right after the flying pigs, which always freaked me out. Bugger.
    'Those who sacrifice liberty for security deserve neither.' Ben Franklin

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  3. #93
    Elite Member southernbelle's Avatar
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    Quote Originally Posted by nana55 View Post
    Uuuhhh, why would your mother have little child support? That is based on your fathers salary. So if he was rich and he was married to your mom at one time, she would get a nice hefty child support check, so I call bullshit.
    We lived in Texas. I'm not sure what the laws were at the time but I can guarantee you that it isn't "bullshit". My dad was an attorney at the time who was very smart about keeping my mom from getting any of his assets or money. He threatened to take her to the cleaners if she challenged it, and she couldn't afford to go up against him in court fighting for a better deal.

    I don't know how exactly he did it, but she got next to nothing. She got our very modest one story, 4 bedroom house and about $200 a month in child support for each one of us (3 total). That was it. At the time, Texas was one of the worst states for women to get divorced in. I'm not sure if that is still the case. Women get screwed over all the time in divorce cases, especially if they married before this "prenup" craze and have high-power attorney exes with friends in the right places. It's really not that uncommon. I don't know what my dad's child support payments were based on, but they were nowhere NEAR representative of his salary.

  4. #94
    Elite Member Beeyotch's Avatar
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    Wow. Your dad sounds like an a-hole.

  5. #95
    Elite Member southernbelle's Avatar
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    He was one of those people who was extremely charming, outgoing, and well liked in the public eye but a complete asshole to his family behind closed doors. He improved as he got older. He's a great boss to his employees, very generous with the charities, and probably a fun person to be friends with, but he wasn't a good husband to my mom and he wasn't a particularly great father to us (despite being a "soccer dad" who is extremely involved in the lives of his kids from his second wife). Part of that is probably because when we were kids, he was busting his ass to get to where he is now in his career. He was never around, and when he was, he was extremely stressed out and took that out on us. I actually think that a lot of politicians/public figures are like this.

  6. #96
    Elite Member Novice's Avatar
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    Quote Originally Posted by southernbelle View Post
    We lived in Texas. I'm not sure what the laws were at the time but I can guarantee you that it isn't "bullshit". My dad was an attorney at the time who was very smart about keeping my mom from getting any of his assets or money. He threatened to take her to the cleaners if she challenged it, and she couldn't afford to go up against him in court fighting for a better deal.

    I don't know how exactly he did it, but she got next to nothing. She got our very modest one story, 4 bedroom house and about $200 a month in child support for each one of us (3 total). That was it. At the time, Texas was one of the worst states for women to get divorced in. I'm not sure if that is still the case. Women get screwed over all the time in divorce cases, especially if they married before this "prenup" craze and have high-power attorney exes with friends in the right places. It's really not that uncommon. I don't know what my dad's child support payments were based on, but they were nowhere NEAR representative of his salary.
    But he didn't just screw your mom over, he screwed his (first set of) kids too.... And it appears that he doesn't stop - e.g. by dictating a choice of college for your sister that she was particularly unhappy with...

    Quote Originally Posted by southernbelle View Post
    He was never around, and when he was, he was extremely stressed out and took that out on us. I actually think that a lot of politicians/public figures are like this.
    I think that you're correct as this tallies with the memories that my mother has of her father.
    Free Charmed.

  7. #97
    Elite Member lurkur's Avatar
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    I don't want to rain on anyone's pity parade, but a 4-bedroom house and $600 guaranteed monthly child support would be like winning the lottery for many families.

    That doesn't mean the divorce settlement was fair, but I think of how many people I know who got NO house and NO child support, EVER, even with the laws and court decisions on their side. That type of settlement would have been a godsend.

    When you have hot-shot, high-priced lawyers against ordinary "nobodies," the justice suffers. There should be programs to level the playing field and make sure people know and have access to their rights. Government oversight and programs could help so many women and families, but we wouldn't want to look out for (poor) people's welfare, when we could be helping the rich, now would we?

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    Elite Member nana55's Avatar
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    Would this be the same "wonderful" dad who is a "wonderful" CEO?
    If I can't be a good example, then let me be a horrible warning.

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    Please, they are comparing a video store clerk to a Wall Streeter?? Big deal, so she likes to look up movies on the internet. So do I and I do it for free. Those Wall Streeters bust their a$$es 80-100 hours a week under enormous pressure. They have to perform or else they are out. A CEO works his/her way into that position for 20+years assuming more and more responsibility. It's not easy work and they deserve a cut of what they make for the company.

    I don't put the mortgage crisis in their hands. If the video clerks of the world paid their freaking bills those CDOs would have been profitable.

  10. #100
    Elite Member southernbelle's Avatar
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    Quote Originally Posted by nana55 View Post
    Would this be the same "wonderful" dad who is a "wonderful" CEO?
    Our relationship has always been somewhat tense. When I was growing up, he basically chose his career and his mistress over us. It wasn't until he was settled in his position at the top that he decided to become a family man (with his second family). Our relationship really improved/changed after I graduated high school.

    Regardless of the relationships in his personal life, he is an excellent CEO who has really done a great job with his company and is very generous with his employees. He worked his way to the top and he works hard. The fact that he wasn't very involved in my childhood doesn't change the quality of his work.

  11. #101
    Super Moderator twitchy2.0's Avatar
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    Quote Originally Posted by soogar View Post
    Please, they are comparing a video store clerk to a Wall Streeter?? Big deal, so she likes to look up movies on the internet. So do I and I do it for free. Those Wall Streeters bust their a$$es 80-100 hours a week under enormous pressure. They have to perform or else they are out. A CEO works his/her way into that position for 20+years assuming more and more responsibility. It's not easy work and they deserve a cut of what they make for the company.

    I don't put the mortgage crisis in their hands. If the video clerks of the world paid their freaking bills those CDOs would have been profitable.
    Nice troll job.
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  12. #102
    Elite Member Grimmlok's Avatar
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    Quote Originally Posted by soogar View Post
    Please, they are comparing a video store clerk to a Wall Streeter?? Big deal, so she likes to look up movies on the internet. So do I and I do it for free. Those Wall Streeters bust their a$$es 80-100 hours a week under enormous pressure. They have to perform or else they are out. A CEO works his/her way into that position for 20+years assuming more and more responsibility. It's not easy work and they deserve a cut of what they make for the company.
    .... uh, and what if they drive that company off a cliff? How do you explain massive golden parachutes that basically reward failure? Why compensate actions that leave a company in worse shape than before they took the helm? How do you justify ridiculous payouts of tens of millions just to get rid of them?

    idiotic.

    I don't put the mortgage crisis in their hands. If the video clerks of the world paid their freaking bills those CDOs would have been profitable.
    *chuckles* Lord, how simplistic.
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  13. #103
    Elite Member lurkur's Avatar
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    Quote Originally Posted by twitchy2.0 View Post
    Nice troll job.
    Read my mind.

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    Friend of Gossip Rocks! buttmunch's Avatar
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    I was going to respond but realized I was dealing with a troll so thought I'd move along.
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    Quote Originally Posted by Grimmlok View Post
    .... uh, and what if they drive that company off a cliff? How do you explain massive golden parachutes that basically reward failure? Why compensate actions that leave a company in worse shape than before they took the helm? How do you justify ridiculous payouts of tens of millions just to get rid of them?

    idiotic.



    *chuckles* Lord, how simplistic.
    "Golden parachutes" are negotiated as part of the CEO's contract by both parties.

    CEOs are not miracle workers. If the company is in really bad shape, it has to make an attractive offer to get the right person. It is not easy to run a company and turn it around. As I have said before, people who achieve that level of leadership have loads of experience and options available to them. The CEO does not own the company so what incentive is there to take the reigns and the grief of running a company if there is no financial compensation? It can take years for structural changes to bring about benefit.

    Case in point- Carly Fiorina who was ousted over the HP-Compaq merger- she received a golden parachute- disdained for the merger- now in hindsight was a good idea:
    Compaq and HP: Ultimately, the Urge to Merge Was Right

    There is nothing simplistic about business.

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