Saturday, 28 February 2009

There is at least one good CEO

I just did a post on how CEOs are paid way too much. We have one guy who decides too pay his employees.
When President Barack Obama gave his address to Congress on Tuesday night, he offered up an alternative vision of government, business and the economy that stood in bold relief to the rampant capitalism that had prevailed under George Bush.
And to prove this wasn't just fanciful talk he cited Leonard Abess (pictured with his wife Jayne at Obama's address), the hotshot businessman who took $60 million from his share of the sale of his shares in Miami-based City National Bank and handed it out to the bank's workers, tellers and bookkeepers....
....he said: "I didn't feel right getting the money myself." This sentiment was duly recognised by the president: "In my life, I have also learned that hope is found in unlikely places; that inspiration often comes not from those with the most power or celebrity, but from the dreams and aspirations of ordinary Americans who are anything but ordinary.
"I think about Leonard Abess, the bank president from Miami who reportedly cashed out of his company, took a $60 million bonus, and gave it out to all 399 people who worked for him, plus another 72 who used to work for him," Obama said. "He didn't tell anyone, but when the local newspaper found out, he simply said, I knew some of these people since I was 7 years old. I didn't feel right getting the money myself."
The First Post
February 27, 2009

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