The one percent

[Wildcat]

Here is an article about one of the 1%, the Upper class, the priveleged that laugh in the face of laws and shareholders, and have sycophants on the right offering them further tax breaks....

 

CEO sheds title, collects $100 million

 

The tax-and-budget debate in Washington and the Occupy Wall Street protests have put new light on an old issue: the growing gap between the rich and everyone else.

 

I’ve been writing for years about a select slice of the top 1%, those CEOs and top executives whose lavish pay and perks annoy watchdogs, shareholder advocates and big investors like pension funds. But despite their complaints, we never seem to run out of examples of executive privilege.

 

Take the simple act of getting around. Now that camping has been banned at New York’s Zuccotti Park, Occupy Wall Streeters have to ride in to the protests using the transportation of the 99%-ers -- subways, buses, cars and the ol' shoe leather express. One percenters prefer limos and the corporate jet.

 

Eugene Isenberg / Nabor Industries, http://management.iprofe...n-irse-de-la-empresa-One of my favorite examples of corporate jet overuse is Eugene Isenberg, chairman of Nabors (NBR 0.00%), an energy services company. He stands out for a couple of reasons.

 

A $100 million salute

 

First, Isenberg makes a lot of money; he could easily afford a first-class ticket on a commercial flight, and buy the seat next to him for extra comfort. He could at least reimburse the company when he uses the corporate jet for personal travel, and spare shareholders the expense. That's because the company reported $71.9 million in compensation for him in 2008, $23.2 million in 2009, and $13.5 million in 2010.

 

And here's the juiciest part: When he gave up the CEO slot recently, he got a nice parting gift -- a cool $100 million payment. And it’s not even goodbye; he’s staying on as chairman. He just has one less job,

 

The company has long argued that he deserves this cash because he rescued the company from bankruptcy in 1987. That may be true, but the company’s stock is down 40% in the last five years. The latest payment led a columnist in Houston, where Nabors is based, to label Isenberg his city’s "most overpaid executive."

 

Flying high

 

Second, despite his vast wealth, Isenberg has apparently taken frequent personal flights on the corporate jet to his homes, all paid for by shareholders, according to a study by The Wall Street Journal. What's even worse, the company has not disclosed these trips to shareholders.

 

In a study using flight records published in June, the Journal reported that Nabors' jets made frequent stops in Palm Beach, Fla., and Martha's Vineyard, Mass., where Isenberg has homes. The Journal estimated the flights cost about $704,000 -- large enough to be disclosed publicly. But Nabors never disclosed an amount for the cost of aircraft perks for Isenberg in 2009 or 2010.

 

In June, a Nabors spokesman told the Journal that the company "complies with all IRS guidelines and SEC disclosure requirements with respect to the use of company aircraft by its executive officers." And under his contract, Isenberg is allowed to set up home offices, at the company expense. So that may be a rationale for the flights here: technically, he might have been making business trips between corporate offices, two of which happen to be in or near his homes.

 

Nabors declined an opportunity to tell me more about these flights. But we may soon be learning more about them. The company recently said the Securities and Exchange Commission is investigating executive perks, including personal flights on company jets.

 

Meanwhile, for collecting all these big checks and still, apparently, finding a way to get shareholders to pay for his flights to and from home, I'm making Isenberg my first "One-Percenter of the Week." I plan to have a new one every week.

 

By Michael Brush, MSN Money

 

http://money.msn.com/investing/latest.aspx?post=0844157f-5e1d-4785-a57a-3fce887ef3e1

 

In the US you hear stories of people sacked from their jobs in burger flipping bars for drinking a can of drink a customer didn't want... but this guy... give him $100 million change his job description whilst he embezzles millions in perks from his stakeholders.

 

Is he worth this? Could you not do his job with a magic 8 ball to make decisions for you and not do a better job?

 

If he is upper class.... then aren't claims to be middle class a bit above people's station unless you are getting $multi million golden handshakes for changing your responsibilities at work?

 

The truth is there is no middle class, it is a construct to create artifical divisions whilst the fat cats keep the cream for themselves. Similarly public and private sector, employed and self employed.

 

It is divide and rule.

[taxman]

Rich in not paying their way shock.....who'd have thought it under Smarmy Dave and Gideon.

 

 

Just before Westminster council closes a library or a swimming pool maybe they should ask tell these barstewards to pay their effing council tax!

[Tony]

Here is an article about one of the 1%, the Upper class, the priveleged that laugh in the face of laws and shareholders, and have sycophants on the right offering them further tax breaks....

 

You mean people like you?

 

Have you tried living on a dollar a day recently?

[Wildcat]

You mean people like you?

 

You have a very high opinion of me if you think I am in the 1%.

 

I am sorry to disappoint

 

Have you tried living on a dollar a day recently?

 

No.

 

Why?

 

You are trying to put this in a global context?

 

You might find this interesting:

 

http://www.boston.com/news/world/articles/2007/10/07/average_earnings_worldwide/

 

the global average wage is around $7000.

 

So I guess it should be no secret most of us if not all in the UK will have an income above the global average.... but we all have much more in common with those on a dollar a day than the likes of the person in the article.

[Tony]

What are you doing about the dollar a day people from your 1% ivory tower?

 

Remember that ancient wisdom about the plank in your eye?

[Wildcat]

What are you doing about the dollar a day people from your 1% ivory tower?

 

I give to oxfam and war on want. I used to do voluntary work for oxfam too in the past. And you may recall I am fairly active supporting international trade unionism (my signature should be a reminder).

 

Remember that ancient wisdom about the plank in your eye?

 

Yes, I do thanks.

[mj.scuba]

Awsome. Private jet everywhere.

[upinwath]

You mean people like you?

 

Have you tried living on a dollar a day recently?

 

Just out of interest; have you ever seen anyone who lives on that and how do they live?

What does that Dollar buy and can you feed a family on it?

 

Not a dig, just asking you if your basing your knowledge on a number or experience.

I've lived with people like that and wondered if you had.

[Guest sibon]

Rich in not paying their way shock.....who'd have thought it under Smarmy Dave and Gideon.

 

 

Just before Westminster council closes a library or a swimming pool maybe they should ask tell these barstewards to pay their effing council tax!

 

They should only empty six bins per week from the complex. It would take the tax dodgers a month or so to notice.

 

That should concentrate a few minds.

[Vague_Boy]

and have sycophants on the right offering them further tax breaks....

Once again you're making the mistake of assuming that we have a choice between left and right.

 

At least the super-rich will vote for Gordon Brown

 

85% of public say "narrow the gap Gordon"

 

Tax savings: only the rich need apply [The Guardian, 22 April 2007]

 

 

On the make, on the take and out of touch [4 March 2006]

 

This week Age Concern revealed a third of pensioners live in poverty because of high fuel bills and council taxes. It is difficult to avoid the conclusion that we are run by 'socialists' who know more about hedge funds than pensioner hardship.

 

Indeed, the Blair who so often favours the rich -Bernie Ecclestone, the Hindujas, Lakshmi Mittal - is still handing peerages to cronies such as Lord Drayson.

 

And vested interests?

 

Mr Blair bends over backwards to help the American GM industry, the drinks trade with 24-hour pub opening and U.S. gambling bosses with more casinos.

 

Labour's founding fathers must be spinning in their graves. Even if we leave aside the way Blairism (with the help of Alastair Campbell) has corrupted standards in public life, all this spits in the face of every decent principle the party once espoused.

LINK

 

The booty contest - 21st Century Socialism

"The combined wealth of the top [uK] 1,000 has soared by £59 billion in one year to just under £360 billion. This near 20% rise over 2006 is one of the highest annual increases in wealth we have recorded since our first list was published in 1989.

 

"The past decade of Labour government under Tony Blair has proved a golden age for the rich, rarely seen in modern British history. When the Blair administration came to power in 1997, the wealth of Britain’s richest 1,000 stood at £98.99 billion. The £261 billion rise in the wealth of today’s top 1,000 represents a 263% jump over the past 10 years... Britain’s super-rich have seen their wealth grow much faster than in Europe or among the world’s super-wealthy."

LINK

 

It's laughable that you can see any difference between wealthy David Cameron and the even wealthier Tony Blair.

 

 

Rich in not paying their way shock.....who'd have thought it under Smarmy Dave and Gideon.

Have you forgotten Labour's non-dom donor shenanigans?

 

Super-rich savour tax loophole [12 April 2002]

 

Labour donors say non-dom tax is unfair

 

Alistair Darling retreats on non-dom tax plans

 

Labour said they would close the loophole when they were elected in 1997, but never did.

 

Once again some people have either incredibly short memories or have an appallingly superficial grasp of basic current affairs.

 

Or both.