So how is it that the day after we learn that Fifth Third Bank CEO Kevin Kabat made $10 million in 2007 that fifty 5/3 employees are fired in West Michigan?
In the words of the GR Press, the 50 workers lost their jobs "in an attempt to focus the Bank's resources". So you go home and tell your family "I was fired today - but it's OK because 5/3 needed to focus its resources on coming up with $10 million to pay Kevin Kabat."
Meanwhile I was at the post office and saw a teller I used to see at my 5/3 branch. I asked her why she left and she said 5/3 sucks as an employer and she's happier at Walgreen's.
And oh by the way, I just fired 5/3 as my company's bank and went to Chase. It wasn't because of Kabat's pay, it was because my account officer hadn't bothered to call me for 12 months, and they were basically incompetent in providing business banking services.
Way to go Kevin!
Friday, February 29, 2008
Thursday, February 28, 2008
Prisions or Prisoners
Well, the story's out that Michigan is one of four states that spends more on prisons than on higher education.
To say this is pathetic is obvious. The real question is what are we going to do about it?
The state can go two ways: declare that this is a cost problem requiring privitizations or equally dubious tactics, or recognize that sentencing guidelines and procedures have gotten warped beyond recognition and that we have too many citizens in The System.
Keep in mind that Kent County had to build a dedicated mental health wing when they built a new jail. Or consider Jenn's odious recommendation last year that the state could save a lot of money by releasing elderly, sick prisoners back into the community to cut down on health care costs - as if they had some place else to go once they were tossed out.
And never mind the fact that an overwhelming majority of the people in Michigan's jails are minorities, with the resulting destruction of family structures and communities.
So what's it going to be: more of the same - or some progressive leadership that says the ways of the past have failed, and it's time to try something new.
To say this is pathetic is obvious. The real question is what are we going to do about it?
The state can go two ways: declare that this is a cost problem requiring privitizations or equally dubious tactics, or recognize that sentencing guidelines and procedures have gotten warped beyond recognition and that we have too many citizens in The System.
Keep in mind that Kent County had to build a dedicated mental health wing when they built a new jail. Or consider Jenn's odious recommendation last year that the state could save a lot of money by releasing elderly, sick prisoners back into the community to cut down on health care costs - as if they had some place else to go once they were tossed out.
And never mind the fact that an overwhelming majority of the people in Michigan's jails are minorities, with the resulting destruction of family structures and communities.
So what's it going to be: more of the same - or some progressive leadership that says the ways of the past have failed, and it's time to try something new.
And Where Are The Shareholder's Yachts?
Old Kent Bank was a Grand Rapids institution that was sold out by its management to an Ohio Based bank with the worst name in corporate America: Fifth Third Bank. Old Kent's CEO made a bundle (as they always do) and 5/3 has proceeded to lose a lot of Old Kent's West Michigan franchise.
Last year, 5/3's stock absolutely tanked, falling from $42 to $22 reflecting poor operating performance. Meanwhile, it was just announced that the captain of the ship received compensation of $10 million which included $28,682 in country club dues!
There is something profoundly broken in corporate governance when such pathetic performance earns a CEO $10 million. He should be fired, not rewarded.
Last year, 5/3's stock absolutely tanked, falling from $42 to $22 reflecting poor operating performance. Meanwhile, it was just announced that the captain of the ship received compensation of $10 million which included $28,682 in country club dues!
There is something profoundly broken in corporate governance when such pathetic performance earns a CEO $10 million. He should be fired, not rewarded.
Wednesday, February 27, 2008
Pro-Life Democrats
In a rather obscure state senate election in upstate New York, a Democrat won a seat that has been the property of the GOP for almost 100 years.
The relevance of this to West Michigan is fairly obvious. If a Democrat expects to win anything outside of the City Commission, he is pro-life. Yes, this includes the County Drain Commissioner.
Unlike the Michigan GOP, which expunges all pro-choicers, Democrats are open to candidates whose views reflect those of their would-be constituents. This may annoy the heck out of the Progressive Women's Alliance (our version of New York City liberals) but it's the political reality in West Michigan.
Returning to New York, the win leaves the GOP with only a one seat majority in a chamber they have controlled for decades. For my money, I'd rather have a gun-toting, pro-life progressive in the majority than someone ideologically pure going back to his day job on November 9th.
The real story, however, may be the political heterodoxy of both these candidates. Darrel Aubertine, sixth-generation Democrat (and dairy farmer) and yesterday's winner, holds a staunchly pro-life position on abortion. William Barclay, conversely, is a lifelong Republican with a whiff of the aristocratic about him, who nonetheless supports choice. Though electing Democratic candidates is the name of the game for liberals this election year, the Aubertine pill was hard to swallow for hardcore, upscale Democrats in New York City. A friend in local politics told me that the sense of trench warfare, especially among older voters for whom abortion rights are sacrosanct, made Aubertine seem "suspect."
The relevance of this to West Michigan is fairly obvious. If a Democrat expects to win anything outside of the City Commission, he is pro-life. Yes, this includes the County Drain Commissioner.
Unlike the Michigan GOP, which expunges all pro-choicers, Democrats are open to candidates whose views reflect those of their would-be constituents. This may annoy the heck out of the Progressive Women's Alliance (our version of New York City liberals) but it's the political reality in West Michigan.
Returning to New York, the win leaves the GOP with only a one seat majority in a chamber they have controlled for decades. For my money, I'd rather have a gun-toting, pro-life progressive in the majority than someone ideologically pure going back to his day job on November 9th.
Tuesday, February 26, 2008
Jenn Goes to DC
Someone needs to tell the Gov that Democrats should not say nice things about the opposition. As quoted today about John McCain:
"He is appealing in Michigan," said Gov. Jennifer Granholm, who supports Clinton. "He does appeal to independent thinkers, at least he did in the past, and we have a lot of those in Michigan...."
"He is appealing in Michigan," said Gov. Jennifer Granholm, who supports Clinton. "He does appeal to independent thinkers, at least he did in the past, and we have a lot of those in Michigan...."
Michigan Delegates
Heard the Guv on the radio this morning saying how it would be an insult to the Great State of Michigan not to seat our convention delegates (Florida too). She said you can't win the general without us.
Meanwhile, I went to a meeting explaining how the actual delegates will be elected, and it's not pretty. The 3rd CG (Kent County) gets to elect 3 delegates and one alternate for Clinton, two delegates for Uncommitted. Four to two, and the Clinton campaign gets to vet their candidates ahead of time and reject anyone they don't approve of.
Still trying to find someone at the Uncommitted HQ to review those candidates.
The insult isn't whether the delegates should be seated, it's how Michigan Democrats got shafted in the "primary".
Meanwhile, I went to a meeting explaining how the actual delegates will be elected, and it's not pretty. The 3rd CG (Kent County) gets to elect 3 delegates and one alternate for Clinton, two delegates for Uncommitted. Four to two, and the Clinton campaign gets to vet their candidates ahead of time and reject anyone they don't approve of.
Still trying to find someone at the Uncommitted HQ to review those candidates.
The insult isn't whether the delegates should be seated, it's how Michigan Democrats got shafted in the "primary".
Monday, February 25, 2008
Cabela's in Walker: Bad Idea
Returning to my Cabela's rant, I noticed that Frank Walsh and Cathy VanderMeulen (Walker's City Planner and Manager) are appearing at a forum hosted by the International Council of Shopping Centers West Michigan Alliance. The title of the Forum:
Cabela's: The Anatomy of a Deal
I don't know about you, but when I see government employees bragging about how clever they were to reclassify an apple orchard as an urban redevelopment site by annexing it to the City of Wyoming so Wyoming could issue $60 million of public bonds to lure a sporting goods store cum amusement park, I start to feel queasy.
My gut feel is that the Cabela's phenomenon has peaked and could head south as fast as Crispy Kreme. At that point, private money heads for the sidelines and only desperate government officials (playing with someone else's money) are dumb enough to keep the game going.
Cabela's: The Anatomy of a Deal
I don't know about you, but when I see government employees bragging about how clever they were to reclassify an apple orchard as an urban redevelopment site by annexing it to the City of Wyoming so Wyoming could issue $60 million of public bonds to lure a sporting goods store cum amusement park, I start to feel queasy.
My gut feel is that the Cabela's phenomenon has peaked and could head south as fast as Crispy Kreme. At that point, private money heads for the sidelines and only desperate government officials (playing with someone else's money) are dumb enough to keep the game going.
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