Edward Jones Partnership Question
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I'm not going to get into this dogfight, but what I will say, is that I much prefer working for a company (and Jones is far from the only company like this) where the senior leadership's income all depends on the ongoing health and prosperity of the company. And this does not include the CEO's that work essentially for stock options and running the stock price up for 18 months to receive a $100mm windfall or golden parachute.
Private partnerships such as Jones tend to have a more "infinite" time frame for success. They want to build a company that will be profitable consistently and indefinitely. Personally, I wish more companies were privately held by management. The LLP concept is nice in that there is no real incentive to drive up short-term profits outrageously, since there is no "stock price" to sell out at. Earning huge partnership profits for one or two years, by making short-term decisions, does nothing for the long-term income potential of its owners.I agree with you wholeheartedly. My only point was that the leaders of any organization, whether it be a partnership or a corporation, should be paid what they’re worth. Government declarations of capping the pay of company heads is, IMO, simply unconstitutional and borderline Communist. That doesn’t mean I think these douchebags that ruined their companies deserve to be paid as much as they do…clearly not. They suck at their jobs! They should be investigated for any wrong doing (and driving up stock prices to capitalize on stock options should be considered fraud), and they should simply be fired and brought up on charges (if necessary). I think that corporate heads and other high line business figures should be held accountable for their scruples because they DO have an economic impact beyond their immediate reach. It is also for this reason that I feel that large company heads shouldn’t be capped in pay. Besides, like I mentioned earlier, it’s up to the hiring company how much they’re willing to pay. Lately, they’ve just been way too generous with poor quality personnel, who have made poor decicions, and created poorly run companies. Now they’re all getting bailed out.
[quote=EdJehovah]
Eddie Jones is a work from home scam. [/quote] There sure are a ton of offices for this "work from home scam". With such a filthy, juvenile attitude, I wonder what bone you have to pick with Jones. They do you wrong or something? Can't seem to let it go? Mommy not hug you enough? And I'd like to point out you used the term "suck" in a very profane manner three separate times. It's making everybody wonder what goes on in that strange head of yours. Seriously....grow up A$$HOLEI don’t have a problem with CEO salaries per se. I have a problem with shitty CEO’s being paid millions of dollars to essentially fail. I don’t think for a second any market force is driving CEO pay. Who decides CEO pay? (Don’t think for a second the owners, ie shareholders, get a say in this decision) What criteria is used to pick a CEO?
A successful company, making money for it's shareholders, paying a CEO $5 million is fine with me. What I don't get is the notion that a horrible, shitty CEO is entitled to a certain exhorbitant amount of pay simply because he is a CEO.[quote=theironhorse]I don’t have a problem with CEO salaries per se. I have a problem with shitty CEO’s being paid millions of dollars to essentially fail. I don’t think for a second any market force is driving CEO pay. Who decides CEO pay? (Don’t think for a second the owners, ie shareholders, get a say in this decision) What criteria is used to pick a CEO?
A successful company, making money for it's shareholders, paying a CEO $5 million is fine with me. What I don't get is the notion that a horrible, shitty CEO is entitled to a certain exhorbitant amount of pay simply because he is a CEO. [/quote] Compensation for heads of large companies, whether it's a CEO or a Managing Partner, is generally determined by committee. This committee obviously has to determine what the person is worth, financially, to the company. Although I can't say with any confidence, I'm sure the whole process is very highly negotiated. In the end, a sale is made. Bob agrees to do x for y millions of dollars... At the same token, Acme Financial agrees to pay Bob y millions of dollars to do x. It's a mutual agreement, and therefore it falls under the realm of supply and demand. If Bob was a dime a dozen...he wouldn't have been able to command y millions of dollars...who knows...maybe Bob wanted more. In any case, if the Acme Financial shareholder or Board of Directors or Senior Partners or whatever decide that Bob sucks...they should fire him. Unfortunately, because of all of the internal politics involved, Bob was able to get away with a lot more than he probably should have. Now Acme is about to be run into the ground and begging for TARP money.Here we go again…
Anyone can run a multimillion dollar company? We must all be smarter than every other CEO and the companies have just not found us yet. Wonder why they don't check this forum? Here we are. Weddle just walked into an "existing office" and cruised what others built? Really? Our last MP created a mess with Revenue Sharing, etc. Weddle was one of the few (if not only) that kept us from ..... The ARS garbage can. Did not chase the huge returns in leverage. Did not trade our capital. Did not need TARP. Did not get our name in the press...wait we were in Fortune. He deserves a raise. I do not wish ill on any company or its employees. They have families. Retard after retard predicts our iminent demise while others all around us fail. Bet that pisses off you haters. PS. If you beleive in Capitalism, compensation is determined by the market. Ultimately workers will get paid based on what they produce. Anything else is inflation.Fud-my post was more rhetorical. I know how they SAY pay is determined. But end of the day it is a “you scratch my back I’ll scratch your back” bunch of inbreds, with nobody held accountable for skyrocketing pay for all, including the most incompetent.
My thought is that Bob IS a dime a dozen. He just happens to break through to the “inner circle” and thus reaps the rewards. I have no doubt there are some very skilled people running some of the largest global companies, but I think we all know some very successful people who simply have little to no true skills when you dig deeper. I personally think most CEO’s are comparable to your average everyday professional athlete, competent maybe, alot better than Joe 6 pack, but there are very few Tiger Woods, Michael Jordans, etc.
And none of my comments are directed at Weddle at all. People who left Jones dislike him mainly because their culture tries to connect with the average man in small town America, and to a certain degree hide the excesses he has attained. I have no problem with his pay, he runs a profitable organization.
........coming from someone who posts on the internet like your "average everyday professional" athlete. I bet people take you serious....Not.Fud-my post was more rhetorical. I know how they SAY pay is determined. But end of the day it is a “you scratch my back I’ll scratch your back” bunch of inbreds, with nobody held accountable for skyrocketing pay for all, including the most incompetent.
My thought is that Bob IS a dime a dozen. He just happens to break through to the “inner circle” and thus reaps the rewards. I have no doubt there are some very skilled people running some of the largest global companies, but I think we all know some very successful people who simply have little to no true skills when you dig deeper. I personally think most CEO’s are comparable to your average everyday professional athlete, competent maybe, alot better than Joe 6 pack, but there are very few Tiger Woods, Michael Jordans, etc.
I’m sorry - I’m going to have to agree with the trojan man - there are people who run their companies extremely well at the mid- and small - company size. An MBA from Harvard or Yale does not make you run the company better than a guy with an accounting degree from Michigan State. It is a you scratch my back, I’ll scratch yours.
One thing I will point out though - this is unlikely the case at Jones. Jones is definitely NOT an elitist organization. I’m pretty sure you can’t put elite and Edward Jones in the same sentence, but I just did. Hopefully, lightining will not strike.