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“Red Eye” Ombudsman Andy Levy on the big bonuses and allowances given to CEOs.
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Kid gets an allowance but is it fair for -- CEO to have one -- A new analysis by USA today finds many CEOs -- -- executives are getting.
Big allowance is on top of multi million dollar compensation packages critics say there's no reason for it -- away and it really be the ombudsman.
For red eye on the Fox News Channel I just -- -- on but I know you journey and -- -- you know look if he get if you get an allowance she hit a nap during the afternoon I mean how does this work.
Weird to think it's bad enough these guys are getting something that kids can get but with kids you can at least you can take away the allowance you can punish them at.
-- can't do that with these guys it's not like you can say you know -- you didn't make your bed.
I think you're putting your money could that they're automatically getting it and I mean I'm a libertarian and I feel like if that's what these guys negotiated.
OK so be it.
But at a certain point it's just it's ridiculous if you're making.
141722.
Million dollars a year why do you need thirty -- -- or even eighty grand as an allowance I don't I don't.
Getting even what this tells you it tells you that the boards of America's public corporations are so sound asleep that you -- wake them up with dynamite take a look at this this is.
United -- CEO.
Got 84000 dollar allowance I would love to know what this money is really used for candidate like a slush fund I mean is this for call girls or is this for you know your your -- But that's the other thing they keep saying you know a lot a lot of these companies will say well.
-- that we're using its its its it's covering the cost of of corporate cars or cellphone how -- you know it's like okay.
Given the person a corporate car.
Give them a cell phone I mean you know I understand if you're only making fourteen million dollars a year you you can't afford use your own car ideologue I I -- that.
But why not just the make maker carmaker cell -- -- yet nobody is gonna begrudge CEO getting a business cell -- but when you're just handing someone if you know eighty grand like you said.
Who do you how do you know where that money is going.
It's interesting I OK let's talk about the Johnson and Johnson CEO because we had a story -- I believe this total pay compensation is something like fourteen million dollars.
Now I don't care that's -- -- I'm about pay for performance you do a good -- you take home the bacon and I'm happy to see this.
But the problem with William -- and -- that they had to recall a bunch of drugs they've had big time problems so.
Okay then why did they compensation why didn't pull that back there should be consequences.
These are public companies are held by pension funds they're held their 401K is J&J is it.
Widely held stock will -- And here's the thing what -- they were I think it was thirty recalls in 2000 on of Johnson -- -- Johnson products the stock is down from where was how would someone getting you know.
Compensated for of not doing a good job.
I don't get this and this goes back to you know we saw this with -- AIG.
The company that got bailed out and then paid off huge bonuses to -- to its exacts.
And the thing is -- I know like in that case and possibly in the case of Johnson & Johnson.
And the way that it this out contracts are structured they have to pay out these bonuses they're not necessarily tied to performance.
But we've lost and we've completely off the concept of -- How about an -- who says hey you know what we did a bad job here were elected AIG.
We ran this company into the ground we needed taxpayer money to balance out maybe we shouldn't take the -- this -- Actually -- Vikram Pandit Citicorp.
Did take a bug right here until this week when they got in trouble with the Federal Reserve for not being in good shape and then -- got a huge pay increase I mean huge.
So I mean that goes that flies that's applying your ointment yeah at this here's Pandit.
A picture of him -- he was a felon was earning about a year and then something really horrible happens in -- and injuring fourteen point nine I mean craziness one opinion.
You know what I -- I'm.
I'm -- -- and I'm a free market guy but the more that companies act like this the more they're gonna end up being regulated because he gets harder and harder.
For people who want to defend the free market.
To look at this garbage and and and -- and and defended.
And it makes it easier for politicians but the whose natural inclination is to regulate companies to death in the first place.
To say see this is why we have to do this.
All right let's say together loud and proud were pro capital -- them.
We just want people to be paid for good performance that's up one that's -- -- I I'm I'm sort of feel like not started with killing for awhile.
A lot of these cap companies these people were phony capitalist these companies -- to bail outs from the taxpayers.
And then walk around -- you know strutting it a good that there capitalism and in their belief in the premarket -- -- good.
Lying there straight up like they're not capitalist they want government help that's not capitalist.
And then -- -- and it's great to have you here.
Really it really appreciate your coming in you can watch and -- any time on red eye on the Fox News Channel.
It's also by Greg got killed and course and -- -- punches him out and heap hosts and south it's at 3 AM eastern time took you can't sleep get up watch -- show it's really fun.
