Remember: our rules allow pointed disagreement, but require respectful discussion.
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>When private industry employees make a multi-million dollar error, they
>get fired.
>. . .
>Jay Clark
>Cooper
Really? They get fired? Can you list some examples of firings?
My experience has been that employees at the level where they can make a
multi-million dollar error are NOT fired when they make such errors. They
are usually called executives, rather than "employees" and seem to stick
together very well.
For example, when I was working at Norwest Banks about 10 years ago, a
senior executive chose to invest heavily in bonds, thinking the stock
market was about to go way down. That was just before the start of the
best decade ever in the stock market. They lost so much money from this
decision that it used up all the profits from the banking part of the
company, and about $75-100 million more.
Was this guy fired? No, he was allowed to retire (a week before
the stockholders meeting), paid his salary for 4 years, and given his
"minimum bonus" for each of those years. This was at the same time the
company was laying off bank tellers (thereby reducing customer service). I
figured at the time that the amount they were paying to this ex-executive
would have been enough to keep hundreds of tellers employed. I'm sure
anyone who reads the business news can cite similar examples, but it's
really hard to think of one where someone at this level has actually been
fired!
Tim Bonham, Ward 12
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