Memes @lemmy.ml

1y ago

Jim "Scumbag" Farley

132 comments

Salaries should by law be capped at max 10 times the lowest
- Careful, you might be starting to make too much sense!
- Doesn't Japan have a system like that? The difference in the lowest and highest paid employee can only be so many thousands different?
  
  Yep, my friend works in a Japanese company and his CEO only makes 3x his salary.
- Then they'd just get two jobs at the same company, and get two salaries or some other loophole the lawmakers planned for the whole time.
  
  Preferable to 319 jobs I'd say.
  You people see the fuckery, shrug your shoulders and say "eh - just let them get away with it".
  Fuck that, and fuck them - don't be conned into emptying your pockets to spare them the trouble of robbing you.
  
  Then you close that loophole too as soon as you find it

It probably will bankrupt him. But only because he built his business on the basis of exploiting employees. He won't make money if he doesn't do that. Which of course means he shouldn't be in business.
- He is only CEO. Ford going to zero will only sting, it cannot bankrupt him.
  Your point remains.
  
  Exactly. It's not "his" company, he's just at the peak of the decision-makers, currently. If he remains (short-term) profit-focused, they'll give him a golden parachute of most of the workers' labor to safely land at another company to cut costs and terminate employees and further enrich himself...

It's always one of the two with this companies, it's either "we're making millions" or "we're going under" there's no inbetween.
- Often both at the same time!
  
  "Great job team! We've increased our profits more than ever before! Now we need your help more than ever to increase profits even further. Unfortunately we cannot afford to pay our employees more, because of the great investmemts we need to make to keep increasing our profits!"
  
  The beauty of Hollywood accounting spreading to other industries. Ford Motor Company sells their cars for an on book loss after sales incentives like sub-prime financing through Ford Credit. Ford Credit then makes a profit due to interest payments thus wiping out the loss on the vehicle sale.

Looks like we found one job that should be automated by AI to save Ford 21 million dollars a year.
- lol careful. you thought a CEO was heartless, just wait until we put an AI in charge with the ‘goal’ set as profit.
  
  Actually, if you can program it to take inputs of anonymized employee satisfaction surveys, and objective employee satisfaction data (attrition, absenteeism, etc), it could work.
  Especially if the AI’s target goals are public information. Nobody would work for a company that set the “employee happiness” and “corporate ethics” dials to 0 and the “improve net profit” dial to 100.
  
  Yeah, it might actually promote unionising since it calculated out the sustainability of its corporate existence

If you make $100,000 for 40 years straight that is $4M. This dude made $21M in a single year. Ford’s share buyback program in 2022 totaled $484M. GM’a share buyback program totaled $3.4B in the past twelve months. We live in a fucked up world. Meanwhile, Ford/GM/Stellantis employees cannot afford to even buy the vehicles they make or feed themselves decent food.
- Capitalism lol

CEOs need to take pay cuts. They earn too much and don't provide enough value for their pay.
- The rise in CEO wages is actually unbelievably ridiculous:
  From 1978 to 2018, CEO compensation grew by 1,007.5% (940.3% under the options-realized measure), far outstripping S&P stock market growth (706.7%) and the wage growth of very high earners (339.2%). In contrast, wages for the typical worker grew by just 11.9%.
  
  For context, this research paper was also pre-pandemic.
  On average, CEO salaries jumped about 30% since this research was released. Here is an updated article by the EPI EPI Research
  Also for context - on 1965, average CEO-to-worker salary ratio was 20:1, and in 1985 it was 59:1.
  Not it's almost 400:1.

I thought he looked a lot like Chris Farley!
https://en.m.wikipedia.org/wiki/Jim_Farley_(businessman)#:~:text=He%20graduated%20from%20Georgetown%20University,and%20AHL%20player%20Tripp%20Tracy.
- https://www.zenger.news/2023/01/09/god-we-were-lucky-ford-ceo-shares-family-tidbit-about-chris-farley-and-tommy-boy/
  Tommy Boy is literally based on this loser fucking prick.
  
  Source: Jim Farley
  Here's a little FYI for ya. Tropic Thunder is based on my experiences in Vietnam.
- Looks like while all of Chris's brothers got in to comedy his cousin Jim decided to become a laughing stock of a person instead. You did it all wrong, Jimbo.
  
  Maybe he never watched Tommy Boy.
- Just broke my brain a little bit, that crazy!
- Holy shit, they're cousins!?
- I wonder if there was family drama when Tommy Boy came out:
  "You can't make a movie where the bad guy is an evil capitalist who doesn't care about the auto-workers. That's a direct attack on your cousin!"
- He should live in a van down by the river.

Well yeah? If his workers make 66k how is he going to make 23 mil this year?

Read "Bullshit Jobs" by David Graeber guys. It's really worth it!

Is this Guy related to Chris Farley? I definitely see some resemblance.
- Yeah they're cousins.
  
  Holy schnikies!

Total revolution needed. Workers that do the real thing barely can feed their mouth, while those useless management ceo got huge cut

Laughs in 20k a year.
- Hope the cost of living helps offset that.. what company has been stealing your labor from you?
  
  Big Lots, worst pay to effort ratio of anywhere I've ever worked. Working harder than I ever have for less than I ever have until I find something else.

No one should earn that kind of money period.

Why are these posts specifically aimed at car company CEOs?
Are they begging for money in Congress again ?
Is this an anticar thing ?
Are they in union négociations ?
- The American autoworkers union is currently striking due to stalled contract negotiations.
- To add this for posterity, there is an additional component to the U.S. autoworkers union striking. In 2008 during the global financial crisis (with things like robosigning foreclosures, predatory loans with ballooning interest rates, etc.), some U.S. automakers were asking for government bailouts, which eventually were granted. These bailouts were entirely taxpayer funded. Now the automakers are refusing to meet union contract negotiations. Automakers not paying employees cost-of-living, or frankly, just salary increases is upsetting, but the additional hypocrisy of U.S. tax-paying citizens bailing out these companies with their own money in 2008, and then not having the companies return some of the wealth in 2023 is enraging.
  Edit:
  Forgot to add that when the automakers were begging for government bailouts, the automakers had to take away worker pensions and some benefits to "protect the system". In 2023, the U.S. autoworkers union is fighting to get those benefits back for the workers.
  
  It seems obvious the government is siding with the owners.
- I'd guess it's because of the automotive union strikes that are going on in the US right now?
- Because this is the trending politics community. I meant it says so right th...oh ... "memes"? That's the same thing, right?
  
  Memes are memes
  
  Glad I'm not the only one....

How could you be so heartless? How is he supposed to afford his second super yacht?

Ford has 186,000 employees. His entire salary, divided amongst every employee, would be $112.90.
He's certainly overpaid - like pretty much all CEOs - but this is a bad example.
- Its called juxtaposition my guy, Ford also spent almost half billion on stock buybacks last year which could have been used to give every Ford Employee a $2500 bonus to share their profits, but instead they used it to buy back stocks...
  
  And buying back the stock has the effect of making the stock price go up. And guess who gets the most stock? The CEO and C suite. They give themselves huge raises by doing this and it's perfectly legal :(
  
  Well see that's a good example. Ford is a profitable business, and should be paying their employees. All I'm pointing out is that the CEO's salary - in the specific example of this business - does not represent a significant proportion of what is being taken from the average employee. That's most likely going to the shareholders.
  The CEO's are partially to blame, but more blame lies with the shareholders, and also the legal system that mandates the CEO's act in the interest of the hypothetical worst, most profit-hungry shareholder.
- Sure, but Ford made a profit of 10 billion last year according to google. That means that they can give every single one of those 186k people a 6000$ raise and still be left with almost 9 billion in profit.
  
  Yes, that's a good example. All I'm saying is the CEO's salary is not the root problem here. It's more of a symptom.
- Did the post day to divide his salary to everyone or did it laugh at the thought of a living wage bankrupting his company?
  
  No the post compared his salary to the employees earning $66,000 or above. I'm not sure what the median income is at Ford, but I'd guess it's less than that - so really the post is only in support of less than half of the company's workforce.

The wrong Farley died in 1997.

Companies should just do a rotational CEO from their pool of workers and give the position a nice 20% salary bump for the term of the position.
- Yeah that would work great!
  
  Does a bit of constant chaos seems worse than the existential failure of the system every 13 years like we enjoy today?

What’s a perfect day for you? Waiting in line for your government cheese?

I get people see one-on-one comparison in salary and it can appear stark. But I do workforce management and planning for a career. The last place I worked at spent $2.1B in employee costs annually—around 17.5K active employees which is actually not that big—,while chief officers were on close to $1M. If they were canabalised, people would get a few extra bucks in their paycheck, fuck all.
The CEO got paid that well because they could handle a $2.1B employee cost company, so obviously other companies want them since few people can do that with success, so obviously they were paid their worth.
Edit: Granted, this is in Australia where there's a lot less capitalistic energy.
- Though he does get paid a lot more than his foreign counterparts of roughly same size.
- Bruh

As an MBA, I will simply state that you all do not understand capitalism. A CEO is kind of like a sports star. They make what they make because they are making all the hard shots and keeping the team afloat. They are like the captain and coach of the team in one. It takes many years to curate the skills required to be a good CEO and there are only so many people good enough in each industry to take on the challenge. 21M is modest compared to Ford’s profits. If they provided less, he would simply move to a competitor in the same way that sports stars shop around. The idea that everyone in the company should have their salaries compared in terms of orders of magnitude of the CEO is insane. It’s like attempting to say that the janitor at a doctor’s office should have to make tens of thousands above the going rate of what a janitor’s output is worth on the open market simply because the star of the business is able to bring in a lot of money. In general, the idea that the CEO doesn’t work as hard as the line workers is incorrect. They CEO meets all day with direct reports and investors and steers the ship.
- Is this sarcasm?
  
  No. You live in a capitalist economy. This is how that system works. Market movers make money. CEO’s are the company’s superstars.
- If this isn't sarcasm, have fun steering a ship with no crew.
  
  The market will dictate your worth. Have fun asking for too much money and not getting it.
- Why do you think having a MBA matters? It's a weird circlejerk for losers.
  
  A Master of Business Administration (MBA; also Master in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounting, applied statistics, human resources, business communication, business ethics, business law, strategic management, business strategy, finance, managerial economics, management, entrepreneurship, marketing, supply-chain management, and operations management in a manner most relevant to management analysis and strategy. It originated in the United States in the early 20th century when the country industrialized and companies sought scientific management.
  You seek to write-off in one stroke what has been built-upon over many centuries and siphoned into scientific disciplines. You suffer from Dunning-Kruger.
- If this is the takeaway from your MBA, you fell for the propaganda

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