Our financial system is crumbling this week.

[wart57]

did I mention my department contributed over a billion in profit to the company?

Seriously? What type of business?

Supermarket.

[Popeye_Card]

did I mention my department contributed over a billion in profit to the company?

"Profit", or "revenue"?

If your company made 1 billion in profit, I don't think there's any need to cut raises this year...

[sparks]

My company just announced that we will not get any merit raises this year. At least I still have a job.

Ours is investigating an across the board 5% wage reduction, after just laying off just shy of 1000. One of our competitors has gone to a 4 day work week without pay, so I guess 5% is better than 20%. Our whole industry is in the tank.

My wife's employer announce that there would be no merit raises but they would continue to match the 401Ks....she said alot of people were complaining about it.

[wart57]

did I mention my department contributed over a billion in profit to the company?

"Profit", or "revenue"?

If your company made 1 billion in profit, I don't think there's any need to cut raises this year...

Profit. My division of the company, there are quite a few other divisions, some didn't do as well, but we still don't get our merit raises.

[Hungary Jack]

did I mention my department contributed over a billion in profit to the company?

"Profit", or "revenue"?

If your company made 1 billion in profit, I don't think there's any need to cut raises this year...

Profit. My division of the company, there are quite a few other divisions, some didn't do as well, but we still don't get our merit raises.

$1 B in profit in the grocery industry probably translates to $20B in sales if one assumes net margins are around 5% (3% may be more accurate, which translates to $33B in sales). That is one big division.

[maddash]

did I mention my department contributed over a billion in profit to the company?

"Profit", or "revenue"?

If your company made 1 billion in profit, I don't think there's any need to cut raises this year...

Profit. My division of the company, there are quite a few other divisions, some didn't do as well, but we still don't get our merit raises.

$1 B in profit in the grocery industry probably translates to $20B in sales if one assumes net margins are around 5% (3% may be more accurate, which translates to $33B in sales). That is one big division.

Yeah, that is a big division. Then again, US annual revenue for the grocery industry is apparently $400-500 billion.

[wart57]

did I mention my department contributed over a billion in profit to the company?

"Profit", or "revenue"?

If your company made 1 billion in profit, I don't think there's any need to cut raises this year...

Profit. My division of the company, there are quite a few other divisions, some didn't do as well, but we still don't get our merit raises.

$1 B in profit in the grocery industry probably translates to $20B in sales if one assumes net margins are around 5% (3% may be more accurate, which translates to $33B in sales). That is one big division.

try 40% margin....

[Jocephus]

GOP's not happy with pay limits for CEO's using bailout money

Wall Street bankers, with their $18 billion in bonuses, private jets and gaudy conferences, are causing headaches for the GOP.

President Obama has proposed capping compensation for executives at banks that take taxpayer bailout money at $500,000. Republicans hate the idea -- a position that puts them uncomfortably on the side of people currently about as popular as armed burglars and subprime mortgage brokers.

Senate Minority Leader Jon Kyl (R-AZ) blamed the "tone deaf" bankers for creating the political environment that allowed Obama to call for a cap.

"Because of their excesses, very bad things begin to happen, like the United States government telling a company what it can pay its employees. That's not a good thing in America," Kyl told the Huffington Post.

http://www.huffingtonpost.com/2009/02/0 ... 64544.html

[Arthur Dent]

Our "merit" raises are pretty obviously in reality inflation raises. And since we seem to be headed for deflation...

[ghostrunner]

GOP's not happy with pay limits for CEO's using bailout money

Wall Street bankers, with their $18 billion in bonuses, private jets and gaudy conferences, are causing headaches for the GOP.

President Obama has proposed capping compensation for executives at banks that take taxpayer bailout money at $500,000. Republicans hate the idea -- a position that puts them uncomfortably on the side of people currently about as popular as armed burglars and subprime mortgage brokers.

Senate Minority Leader Jon Kyl (R-AZ) blamed the "tone deaf" bankers for creating the political environment that allowed Obama to call for a cap.

"Because of their excesses, very bad things begin to happen, like the United States government telling a company what it can pay its employees. That's not a good thing in America," Kyl told the Huffington Post.

http://www.huffingtonpost.com/2009/02/0 ... 64544.html

Well christ, Jon, they don't have to take the money do they?