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Mozilla lays off 70

(techcrunch.com)
929 points ameshkov | 3 comments | 15 Jan 20 19:48 UTC | HN request time: 0s | source
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overcast ◴[16 Jan 20 01:55 UTC] No.22060963[source]▶
Only in fairy tale land does CEO/Executive compensation reflect performance.
replies(3): >>22061196 #>>22069377 #>>22069380 #
manfredo ◴[16 Jan 20 02:34 UTC] No.22061196[source]▶
Many CEOs derive a significant portion - often even the majority - of their compensation from performance-based bonuses. Compensation not only reflects performance, it is directly tied to it.
replies(6): >>22061470 #>>22061680 #>>22061840 #>>22062306 #>>22062972 #>>22064311 #
overcast ◴[16 Jan 20 13:31 UTC] No.22064311[source]▶
Millions/Billions were paid out in bailout money, to the very same people responsible for collapsing the housing market in 2009. Compensation for that level is complete bullshit.

https://www.nytimes.com/2009/07/31/business/31pay.html

https://www.cbsnews.com/news/16b-of-bank-bailout-went-to-exe...

https://www.sanders.senate.gov/newsroom/must-read/banks-paid...

replies(1): >>22068549 #
golergka ◴[16 Jan 20 20:31 UTC] No.22068549[source]▶
Didn't that bailout earn American taxpayers money in the end?
replies(1): >>22068655 #
1. overcast ◴[16 Jan 20 20:40 UTC] No.22068655[source]▶
Sure, the ones that actually paid back with interest. But that doesn't help the 'performance bonus' discussion. These people destroyed the housing market, then got bailed out by the people they destroyed, THEN got paid millions/billions in bonuses for doing it.
replies(1): >>22073310 #
2. golergka ◴[17 Jan 20 09:47 UTC] No.22073310[source]▶
Housing market got destroyed by people not paying back their loans. Assigning this to be a moral responsibility of banks and regulators is simplistic and naive.

I had to search for this excellent clip from Margin Call, which explains this better than I could: https://www.youtube.com/watch?v=2f2kGHcdJYU

replies(1): >>22074540 #
3. overcast ◴[17 Jan 20 13:46 UTC] No.22074540[source]▶
It was much deeper than that. While you're partially correct, that people not paying back their loans is what ultimate set off the collapse, the reason for it was the straight greed, and manipulation of the repackaged junk sub-prime mortgages by the banks. Collateralized Debt Obligations, and even worse CDO-Squared, bundled up complete crap, and sold them off with triple-A ratings. When the mortgagor failed to pay, those CDOs were finally downgraded and became worthless, losing banks hundreds of billions. Predatory practices on homeowners, and bank greed.