CIBC boss takes pay cut - to $6.2M | Sympatico.ca Finance (external - login to view)
Hardly enough to keep body and soul together!
Mind you, this company must be in dire straits....considering how they harassed a family member of mine about her sick leave.....when she was recovering from losing half a lung to cancer.
Scum.....absolute scum of the world.
The article says that CIBC reversed its 2.06 billion $ loss in 2008 to 1.17 billion $ profit in 2009 (the loss was a paper loss anyway, they made provisions for anticipated sub prime losses, otherwise they made profit even in 2008 ).
CIBC substantially improved its economic performance in 2009, along with other Canadian banks. When a company is doing well, the share holders donít begrudge good compensation packages for the top executives.
The problem comes when the company is making a loss and still CEO and other top dogs get huge compensation packages (as happened in USA). I would be opposed to that. But top executives of Canadian banks getting top dollar as compensation, I have no problem with that, as a share holder.
I have worked for every Canadian bank in existence.....they are run by scum, without exception. I agree with Darkbeaver to this point....we would be a LOT better off if we lined up all the board members of Banks against the wall.....and shot every third one. Repeat annually.
Another expected reply from the resident gunslinger.
If you worked for the banks yourself maybe you should be against the wall too....
I worked for the banks indirectly, as a gunslinger protecting and delivering their cash. What became obvious very quickly is that they didn't give a damn if we lived or died.
Remember the ice storm back in '98? The armoured car company I worked for put three trucks out on the road one night....one crew had the good sense to refuse to go on and returned to the branch office.....both the others wound up in the woods.
The Banks??? Screaming bloody blue murder the next day.........poor babies hadn't been serviced.....to hell with risk......didn't care trucks were off the road......