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My Mother, My Father, My Money

Money and its loaded issues.
by Simon Y. Feuerman, Psy.D., L.C.S.W.
Simon Feuerman is a psychotherapist and teaches at Kean University in New Jersey. See full bio

Comments on "Why We (Continue to) Pay Lavishly"

Why We (Continue to) Pay Lavishly

By Simon Y. Feuerman, Psy.D., L.C.S.W. on January 26, 2009 in My Mother, My Father, My Money

The big news of late is that a few marquis CEOS of the country's major banks and corporations have forgone all or part of their bonuses and pay packages. Robert Rubin of Citigroup and Kenneth Lewis of Bank of America have admirably declined to take bonus compensation this past year. The CEO of the construction equipment giant, Caterpillar and others have also followed suit. Read More

CEO Pay

Submitted by Patricia Lenkov on January 29, 2009 - 6:15am.

Being a former Psychology major, I generally agree with the underlying psychological reasons for various behaviors. However, in the case of this article on CEO pay a very large reason for the excessive pay structures we have seen has been ignored...in many cases CEO's must be paid greatly because the company in question has not done a good job of succession planning. In these cases there tends to be limited "bench strength" within the company to take over the top spot. The company must therefore go outside of itself for its new CEO. When this happens compensation is immediately driven up. In order for a company to attract a star CEO (or who they perceive is a star CEO) they must compensate this person for making the jump and must compensate them for all of the potential and perceived risks that this new CEO is believed to be taking. Companies need to go back to look at how the develop talent and plan for succession before this problem will truly be solved.

article

Submitted by Robi Ludwig on January 31, 2009 - 7:27am.

This is an amazing article. Smart, Smart, Smart. Brilliant insights. Dr. Fuerman is an amazing writer who makes complex analytical concepts easy to understand. Bravo!!!!!!!!!!!!!!!!! Hope to see many more articles from him to come!!!

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