Monday, March 23, 2009

Jasmyne Crannick is on the money

In her short essay (really, I guess that it's a post to her blog?) Don't Hate the Player, Hate the Game, Jasmyne Crannick has it right: the entire system of government and finance is to blame for the outrageous behavior that is million-dollar bonuses for executives who have raised business incompetence to new historical heights. It's not that the administration nor AIG executives are to blame per se, but the system in which they play that is corrupt.

"Retention" bonuses of $1 million+? Are there that many jobs out there that pay this kind of jack? Would these people, who've proven to be ineffective and, in fact, contributed to the collapse of a corporate giant, immediately turn elsewhere for a million-dollar payday and find it? If so, I went into the wrong line of work! Even if this is real, how can we, the private investor, keep our money out of the hands of financial organizations that claim to "manage" one's money while doling out millions of it to these dorks?

I'm turning to a old favorite.

USAA. I am a USAA member, and I will be using them for the forseeable future for everything financial. Why? Because while everyone else was wringing their hands and asking for government money while allowing te executives to fatten their wallets despite poor performance, USAA distributed 13.5% bonuses to all of their employees regardless of rank, and returned over $500 million in funds to members like me through rebates on insurance policies and dividends on savings plans. Oh, and they are consistently near the top of the customer service ratings list for the Fortune 500. Come to think of it, I think that these two things are related -- they seem to actually value people and customers and follow through with their actions.


Blogger Sport Mode said...

Hey, you're a member too! Sweet.

I've always appreciated their products and great customer service. I've never waited more than a minute or two on the phone for any department there, and they've been very good to work with. My only issue is that here in Utah they don't have as good a presence, so the auto rates are sometimes quite a bit higher.

4:43 PM  

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