The
Big Money
everal years ago while fully engaged in the pursuit of
professional happiness, I would purchase communication integration software
solutions from a great little company that had a lot of potential. Their
ingenuity and quality of product was far beyond the competition.
So imagine my supreme disappointment when I discovered their
group had been purchased by another huge communications company for the purpose
of providing internal ‘value added services.’ In other words, their great
stand-alone solutions where no longer available to integration companies like
mine.
About a year later, the ruthless black hole of bankruptcy
inhaled that business giant. So I was surprised to receive a letter from the
United States Bankruptcy Court on behalf of the little software company I
thought had been absorbed and subsequently dissolved. Apparently the sale had
not been inclusive and the bankruptcy court sent us a notice because we were
once on the company’s customer list.
I looked over the numbers of who owed whom and how much
and was incensed at one particular line entry that resolidified my disdain for
how certain attorneys operate. Of course they’ll be the first ones to justify
their absurd charges, which only makes me despise their behavior even more.
In generalization, the document discloses the nature of
the bankruptcy, the applicants who have requested moneys from the bankruptcy
proceedings, the amounts, who’s been paid what, etc. It would figure, out of
all the applicants vying for a portion of recovered funds from an auction of
the small company’s assets, the ‘attorney’ and ‘special council’ were the only
two applicants listed that had already received payment for their ‘fee’ to the
tune of over a half million dollars. Another entry for ‘special council’ shows
a payment of about $40,000. Sounds like somebody wanted a new car. No other
applicant had received payment as of the notice.
Just to add insult to injury, the attorney has billed for
another quarter million and the listed accountant has billed for over four
hundred thousand. Between them, their total fees and billings are half the
total funds available to ALL creditors. Is that just absolutely absurd?
While building one of my companies, I drafted my own
Articles of Incorporation and filed them with the Corporations Division at the State
offices. It wasn’t that hard. When I started another company with investors,
they wanted me to use an attorney to draft the papers. The attorney took our
information, drafted the document and sent us a bill for $600. Given the
simplicity of the document, I’m guessing that equates to about $1,200 an hour.
Thanks.
Oh yes, greed is good. Real good. The CEO of a local
medium-plus sized company that I’m all too familiar with pays himself and a
couple other cohorts at the top a publicly disclosed annual salary each
equivalent to the average salary of around 100 of their employees. Now
honestly, does that seem right?
So what do you suppose would happen if these people weren’t
allowed to set their own salaries? Suppose every working person in existence
was rated by the same grand standard and received compensation directly
commensurate with the real and actual value of their services? I can tell you
one thing, a lot more executives and lawyers would be driving rusty Hondas and
a lot more homemakers would be raking in six figures.
- Ranse
Parker
Circle
of Doors
