Was $700 an hour too much?

[sffudapparel]

Again I will ask the question. What exact service do you provide to dictate that kind of wage. I am not discussing return on investment or even stock options. What does one do to justify the money they are taking?

Its funny that Americans just accept high wages like this, but complain about prices of consumer goods and services at the market.

FYI - not making $8 an hour flipping burgers
FYI - I make more than Behemoth too

PS College educated

lohman,

Sorry man, I wasn't using the term "you" as in you directly. Don't think I was attacking you or anything Using it as a broad term.

As said, he obviously has experience and expertise in restructuring companies.
He should be paid whatever both parties agree on.

I don't know what you do for a job, but If I came up to you and offered you 100 an hour to do the same job for me because you're good at it, I don't think you'd go "well, I can't really justify making that much money. So I'll have to decline"

Also ...

What does one do to justify the money they are taking?

He isn't taking anything. He is working for and earning his salary. He doesn't make this salary by being on welfare

[teufelhunden]

There likely will be; my firm has a client who does similar things with distressed companies. I believe the principals of that firm assume management roles in the company in trouble (one of the guys was actually CEO of Enron for a while to try and turn it around, iirc).

And it's not going to be a wage, that's what his firm is going to bill WaMu/Chase for his services. He won't be taking home $700 hour, obviously, as portions of that go to costs associated with running his firm (it says he's the MD of whatever that restructuring firm is). Knowing the rates the partners at my firm bill for tax/audit services (which are shockingly close to that guy's rate), it is not unreasonably for experienced and professional services.

[Lohman446]

lohman,

Sorry man, I wasn't using the term "you" as in you directly. Don't think I was attacking you or anything Using it as a broad term.

As said, he obviously has experience and expertise in restructuring companies.
He should be paid whatever both parties agree on.

I don't know what you do for a job, but If I came up to you and offered you 100 an hour to do the same job for me because you're good at it, I don't think you'd go "well, I can't really justify making that much money. So I'll have to decline"

Also ...


He isn't taking anything. He is working for and earning his salary. He doesn't make this salary by being on welfare

Actually....

We sat down a few weeks ago and considered a labor rate change. A labor rate change would have also caused a salary change. The conversation did not go to the points that we could not do it and keep the business flowing - the fact of the matter is one of our largest competitors just left the area. We decided that we could do it, could maintain the same customer base and work loads doing so, and all take a little more.

We never raised the rate.

This company has always been about providing a service and products to the community at a fair rate while allowing those involved to take a fair wage and living out of it. Since we are the experts in the area it is also our duty to determine what a fair rate is. I think we are actually a touch low right now considering the advancements in technology (and Im still "whining" about the expensive new equipment I bought earlier this year). However, it was in the end, decided that no change was needed.

I have passed jobs offering some increase in pay, but keep in mind I have benefits here long term that they could not meet.


Enron execs are taking record salaries. Its justified by the logic of the take what oyu can get salary argument - they can make it and are showing record profits to jutify it. However, we are paying record gas prices to support it. Consumer prices are, under some level of "hiding" tied to wages, of executives and employees. At some point... everyone has to evaluate what is fair and justify it with something better than the simple fact that they can get it.