It's good to be king...

Well Banco Popular and it's Board of Directors have finally taken my advice, and cut off the head of the leader responsible for it's incredible decline. Unfortunately, they cut off the wrong head. While they fired David Chafey Jr from his position as President and Chief Operating Officer, they've left Dick Carrion as Chairman of the Board and Chief Executive Officer of the Corporation and the Bank.

First, I wouldn't cry too much for Mr Chafey, according to Forbes business people ranking, Mr. Chafey earned $1,008,556.00 during 2009, and has somewhere in the vicinity of 680,000 BPOP un-exercised stock options. Even if they are only worth about $2.90 these days, that's still nearly $2 million, and who knows what kind of golden parachute he had. So I'm quite sure that Mr. Chafey will easily remain part of the top 0.1%, the elite of the elites on the island.

So yes, it's good to be king, or should I say Chairman of the Board. For as poorly as Banco Popular has done, Mr. Carrion is still riding high. If your stomach is up to the challenge, why not take a look at a summary of the bank's key leaders, and their compensation, on Reuters.

Conclusion

While the island dips deeper and deeper into depression, both financial and emotional, this group of 0.1%ers is dong just fine. Especially interesting is the composition of the board of directors of BPOP, and their recent insider trading (in this case they were purchases, however for only being a board member their buying up some pretty large block blocks of stock).

Unfortunately, here's the worst part. As much as we like to complain about the banking community for unfair pay scales, bonuses, and stock options, they are not alone. If your stomach isn't already in knots, then check out Triple S Management Group's leader board.

No, the 0.1%'ers aren't feeling the effects of our economic disaster. However, more shocking still is that this elite community is much larger than you can possibly imagine. Who are these elitests? They are the leaders and directors of every major corporation, private and public, for-profit and non-profit. They quietly lead lives of opulence and excess, and if it was up to them, they'd prefer to remain unknown and out of sight. I hope that as a country, as a nation, we open our eyes to see this injustice. Then once exposed, we can work creatively and peacefully to redistribute our nation's wealth so that we can all survive these challenging times.

1 comments:

F. Diaz

1 de junio de 2010, 11:20
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dijo...

To add to the post...

"coeficiente GINI de Puerto Rico actualmente fluctua alrededor de .54 demostrando una dispersion mucho mayor entre salarios que la gran mayoria de los paises y situa a la isla por encima de todos los estados de los EEUU y 10 puntos porcentuales mas que el promedio GINI de los EEUU3 como nacion. A nivel regional, Puerto Rico es el octavo pais mas desigual de las Americas y el decimoquinto a nivel mundial"