Quote of the Day: Clueless edition | Innovation in College Media

Quote of the Day: Clueless edition

Posted by Bryan on 2/05/09 • Categorized as blogging

Related to journalism because someone at the New York Times was actually able to get this guy on record talking like this.

â€œThat is pretty draconian â€” $500,000 is not a lot of money, particularly if there is no bonus,â€ said James F. Reda, founder and managing director of James F. Reda & Associates, a compensation consulting firm. â€œAnd you know these companies that are in trouble are not going to pay much of an annual dividend.â€ (emphasis added)

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albert 1 year ago 1 point
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He's not wrong though. For an executive at a major firm, $500,000 is quite low. The reason some people get paid so much is to attract the most capable people. Now granted that might not have worked so great recently in the financial industry, but the principal still stands. I don't like that they used it as a "gotcha" quote to paint this guy as out of touch.

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Bryan 1 year ago 1 point
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Cry me a river. The financial services industries have shed thousands of jobs (BoA is expected to let go of 42,000 total). I'm *positive* there are some highly talented, highly skilled, qualified people in those laid off who would be more than willing to work for $500,000/year.

High pay does not necessarily equal most capable in any industry. Sometimes it's not what you know, but who you know. :-)

And I don't think it's a "gotcha" quote either. He is clueless if he used the term "draconian" to talk about $500,000/year pay to a reporter.

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