Friday, February 6, 2009

Payday Loans and Netflix CEO: The People's Choice

Of the people, for the people

Payday loans help people from all walks of life through little emergencies with extra cash. In a certain sense, there’s a populist tinge to them. Big banks want to take the average person’s financial choice away, while companies like payday lenders offer a bridge to short-term financial empowerment. It’s just one reason that the product has been as popular as it has, particularly in difficult times.

In the corporate world, a populist-style view is very rare. However, as Rick Newman of U.S. News and World Report shows us, Netflix CEO Reed Hastings may just be one of those rare exceptions. Newman reports that Hastings’ recent New York Times op-ed piece goes after the “big government” approach President Obama is taking with capping CEO salaries. He calls it "a terrible idea," but he does recognize the need for change.

So what does he propose? “Tax me!” he says. Or anyone else who earns over $1 million - AT 50 PERCENT.

Care to explain, Mr. Hastings?

"Some will tell you that would reduce the incentive to earn but I don't see that as likely. Besides, half of a giant compensation package is still pretty huge, and most of our motivation is the sheer challenge of the job anyway," he says. ... click here to read the rest of the article titled "Payday Loans and Netflix CEO: The People's Choice"

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