Times Interviews Really Rich People About Making Paltry $500K

President Obama's proposal to cap executive pay—at firms which receive federal bailout money—prompted the NY Times to "look up a couple of people who have made more than that, and ask, when was the last time they had made that little? (It’s still a lot of money by almost any measure.)" Real estate empire founder Barbara Corcoran, who eventually sold her eponymous company for $70 million, said she was able to buy her parents new cars and she was able "to go to extreme measures to have a child" (she tried IVF seven times until she got pregnant). And Mary Rodas, who was a teen VP of marketing at a toy company, said a $500K salary "would take me back to ’91 or ’92" and that a salary cap would have made her strike out as an entrepreneur. Rodas didn't say whether she was clearing over $500K these days, as associate director of admissions at New York College of Health Professions coupled with her investments: “Everything is so different with then and now. That’s something I don’t disclose anymore.”

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By Jen Chung in News on February 6, 2009 2:21 PM

Comments [rss]

Sommelier

What a smokescreen! NO ONE is saying that, if you are successful, your salary is anyone else's business: we are talking about people who ran their businesses into bankruptcy and are asking for us to bail them out. We are, in effect, super shareholders, so we definitely should have a say in matters of compensation.

Look me in the eye and tell me that $500,000 a year is not a lot of money. Where do these losers come off? The failed to do the jobs they were (over)paid to do: make a profit for their company.

JacqueMehoff

I don't know if she's a tax cheat

but from her picture she will claw your eyes out.

NYCynic

“Everything is so different with then and now. That’s something I don’t disclose anymore.”

What does that mean? Is she a tax cheat?

Future Taliban

Is that a picture of a miniature violin or a really, really HUGE hand?

glennQNYC

Just wait for Obama to start bailing out your healthcare obligations... You will have to abstain from alcohol, high-calorie foods, and staying up past 11:00!

Jen Chung

Just wanted to add that if you do read the Times article, you'll see that there are people who think $500K is a TERRIFIC payday.

Sommelier

"Just wanted to add that if you do read the Times article, you'll see that there are people who think $500K is a TERRIFIC payday."

I have friends who lost their jobs who would gladly take 1/10th of that amount... in a second!

JMH

Huge props for the picture of the world's tiniest violin. I'm totally stealing that from you.

jtp2106

Sounds like a great way to make all of the talented people left at those companies flee to other ones that can match their current salaries.

Politburo

Yeah, cause all the banks are hiring, right?

zodak

except the people at bailout companies aren't talented: that is why they are getting a bailout.

gothamguy

Exactly, if the people there already are so great, the company wouldn't be near bankruptcy to begin with. And, even with the salary cap, they can still get bonuses in the form of stock. So, if they can get the company off of gov't life support and back into the black, they stand to make more money.

So basically, if you do a better job you will make more money. What a crazy concept!

Rocknrope

I would gather that an associate director of admissions does not make anywhere near 500K.

Felix Hoenikker

(she tried IVF seven times until she got pregnant)

That whackjob Suleman can probably spare one or two from her litter.

NannyState

Babs isn't taking in boarders and her co-op has a policy against a vast array of recombinant DNA signatures.

kcin122

if you receive bailout money to save your stupid company the government should regulate on your ass. If you dont like it get a different job like the rest of us have to do.