CBS CEO Moonves Gets 29% Raise, Just Reward For Job Well Done

Henry Blodget | April 12, 2008 8:45 AM

moonveshead.jpgCBS CEO Leslie Moonves (CBS) gave himself a 29% raise in 2007, to $37 million, says the WSJ. Better news: Since CBS has already agreed to pay some of Les's taxes, he'll get to keep more of it for himself. ("Oh, Yes, Mr. Moonves, Sure We'll Pay Your Taxes!")

We just can't understand why so many people complain about American CEO pay. After all, consider the amazing job Les has been doing:

The compensation package, ranking among the biggest in the media industry, was awarded in a year in which CBS's stock fell about 13% and its net income tumbled 25%. While the company generated significant cash last year, its core TV and radio businesses stumbled.

Shares in CBS, which has a market value of about $15 billion, have steadily declined from a high of $35.75 last July, falling about 20% so far this year. The stock was just off its 52-week low at $21.40 in 4 p.m. composite trading on the New York Stock Exchange Friday.

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16 Comments

Married to CBS said:
My wife works at CBS, she has for 10+ years. She was given a 2.3% raise and told it was the highest raise for her group. Moonves is an a$$hole. Anyone who oversaw the destruction of the evening news by putting Katie #ucking Couric in the anchor spot should have to pay money to the rest of the employees, not make $37MM. How the Board of Directors can look themselves in the mirror with a straight face is beyond me. Moonves' and the rest of the incompetent exec staff compensation is an example of how capitalism in the U.S. has become a perverted miscarraige of filthy greed that will destroy our economy. Maybe Les can hang out with Angelo somewhere in the Carribean.
I'm not a religious person, but I pray that the individual investor starts to boycott the stock market and teach all of these #ucks a lesson: you don't make any money without us.
Gordon said:
Posted 12/11/2005 8:10 PM

Bogle: Capitalism has suffered 'pathological mutation'
By Russ Juskalian, Special for USA TODAY
When John Bogle, a 50-year veteran in financial services, says capitalism is in trouble, there is only one proper reaction: You listen.

First, Bogle's qualifications: He founded the first index fund in 1975 (Vanguard 500 Index Fund). In 1999, Fortune named him one of the four investment "Giants of the 20th Century," and in 2004, Time magazine called him one of the world's 100 most influential and powerful people. A lifelong businessman (and Republican, he likes to add), Bogle is nothing if not the champion of idealistic capitalism.

In The Battle for the Soul of Capitalism, Bogle argues that our current system has undergone " 'a pathological mutation' from traditional owners' capitalism to a new form, managers' capitalism."

With power moving away from owners of securities, this new system has been led afoul by "grossly excessive executive compensation and stock options, part of an enormous transfer of wealth from public investors to the hands of business leaders, corporate insiders and financial intermediaries."

Remarkably well read and logical, Bogle is meticulous in supporting his thesis that our brand of capitalism is failing because of a shift of power away from owners. He quotes Edward Gibbon, Mark Twain, John Maynard Keynes, Warren Buffett, Oscar Wilde and others, with rigorous acuity — often assuming the reader is as well read.

The Battle for the Soul of Capitalism remains cogent, if at times in a rarified way. However, barring a familiar knowledge of corporate, mutual fund or investment terms and theories, reading this book is a feat in itself. Charts and math abound.

Bogle organizes the book into three main parts: Corporate America, Investment America and Mutual Fund America. Each part is broken into three divisions: what went wrong, how it went wrong and how to fix it.

All three areas of capitalism are failing because of similar causes, Bogle says. Executives are paid too much, speculation is triumphing over value and long-term growth as the primary influence in a stock's price, and managers make decisions in their own interests, not their clients' or shareholders' interests.

"In 1980, the compensation of the average chief executive officer was forty-two times that of the average worker; by 2004, the ratio had soared to 280 times that of the average worker (down from an astonishing 531 times at the peak in 2000)."

And in the matter of corporate scandal and fraud, it's not a case of a few "bad apples," Bogle writes, but of "a corporate barrel that itself is in need of considerable repair."

According to a USA TODAY/CNN/Gallup Poll (July 2002), which he references, only 25% of Americans trust corporate executives — barely more than used-car dealers. While managers and executives are partly to blame, shareholders must fess up to their responsibilities as owners. "The failure of Investment America to exercise its ownership rights over Corporate America has been the major factor in the pathological mutation" that capitalism is undergoing, he says.

Investors have turned away from the fundamentals of value, sustainability and growth, says Bogle, and hold securities for far shorter periods. Instead of buying for value and dividend payments over the long term, investors buy and sell on speculation alone — creating a damaging hollowness to the financial market itself, he warns. Investment America has become a "rent-a-stock" culture, as opposed to an "own-a-stock" culture.

This same plague has infected the mutual fund industry, which also suffers from an inefficient management problem Bogle calls "Corporate Incest" in homage to the title of "an early law review article about the industry's structure."

Nearly every mutual fund organization (besides Bogle's Vanguard) is run by an external management company, "with its own set of shareholders," that make all decisions regarding the mutual funds themselves: what fees to charge, who will manage the fund and what funds to create.

The trouble is that small fees, a few dollars per hundred dollars invested, add up over time the same way that compound interest can make a small investment huge.

So how does Bogle suppose we fix an industry — moreover, an economic paradigm — in which shareholders put up 100% of the cash, assume 100% of the risk and get only 25% of the returns? "The place to begin is with a federal government commission that works to resolve the problems of our intermediation society, and fosters the development of an investment society that gives owners a fair shake."

Bogle's ultimate prognosis is lifted from the title of shareholder activist Robert A.G. Monks' monograph: "Capitalism Without Owners Will Fail."

http://www.usatoday.com/money/books/reviews/2005-12-11-bogle-book_x.htm#
ashkan karbasfrooshan (URL) said:
CBS should merge with YHOO, buy CNET or go private.

http://watchmojo.com/web/blog/index.php/2008/04/14/why-cbs-should-buy-cnet-merge-with-yahoo-or-go-private/

Married to CBS said:
Gordon,
Why is no one listening? Is this another subprime debacle in the making?
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christine (URL) said:
640-802 / 642-445 / 70-649 / 642-373 / 646-363 / 642-892CBS CEO Moonves Gets 29% Raise, Just Reward For Job Well Done Mutual understanding. I don't want to cause any trouble.
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