Parsad Posted June 13, 2014 Share Posted June 13, 2014 What makes someone perceive their sense of worth being far superior to another? Or that their compensation and benefits justify being completely out of line with common sense and simple decency? I found whether you are the a large corporate juggernaut like Jack Welch, a Buffett wannabee like Biglari, or even a executive of a small microcap company, your sense of normal becomes incredibly warped! Just joined the board of a company we've invested in, and I'm having to tear apart compensation packages and draw up new agreements for everyone. Amazing what people think "adequate" or "reasonable" are even at a very small company...a lease less than $1,000 per month is unfathomable...a Hyundai...are you kidding me?! Even more surprising is the reaction from other executives and directors, who aren't nearly as nauseated because the collegial atmosphere of a board numbs objectivity. But it's amazing what people will excuse. You see it here all the time with Biglari Holdings. Successive attempts to thwart "no" votes to a compensation plan, meant that that you find another way to attain the desired compensation plan. Buffett and Munger acolytes barely show scorn to such behavior, as long as their own pockets are as deliciously lined in gold, and the paraphrasing of Buffett sounds accurate! Contemptuous behavior, but becoming the norm even in such enlightened circles. Very disappointing! Means that trying to rationalize with boards and executives over this is only going to get tougher. Cheers! Link to comment Share on other sites More sharing options...
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