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Feb. 26th, 2007

02:04 pm - Costco changes electronics return policy

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Note, this change is not a retroactive policy modification. It applies to new purchases only. Also note that it is only certain specific types of electronics.

Article here:
http://www.consumerist.com/consumer/costco/costco-leak-electronic-returns-limited-to-90days-starting-today-239610.php



We should not be too surprised. Honestly, it is a more than generous new policy. The old policy was insanely generous.

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From:surpheon
Date:February 26th, 2007 11:35 pm (UTC)
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I agree that it is a good policy, but I am unabashedly biased in favor of Costco. The CEO's salary is $558k and he has publicly stated that he thinks 10-12 times the typical floor worker salary is about what a CEO should make (of course, as co-founder he has big $ in stock). Their benefits are also great, and it shows in very low turnover. They are currently the cliche' example that corporations don't have to be evil (er, possibly the only one depending on how you view the Goog's pandering to China). And I definately prefer shopping there over Sams Club - far lower incident of surliness and being loathed at by the staff...
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From:mavjop
Date:February 27th, 2007 12:42 am (UTC)
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I am so blissfully unaware that I am not sure if him saying 10-12x floor worker is appropriate for CEO salary means he's greedy (for insanely high CEO salaries) or means he is anti-crazy-salary (against insanely high CEO salaries).

I ... think what you're saying is that 10-12x is a low multiplier. That is scary. I hope our CEO (and don't get me wrong; I think he is great) is not making 10-12x what I'm making :P).
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From:surpheon
Date:February 27th, 2007 01:48 am (UTC)
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He is strongly against insane CEO salaries.

I can accept a 10-12 multiplier over the salary of a starting manager (possibly without any degree beyond high school) versus the leader and single point of blame company co-founder. I actually expect it. A good CEO's position is very demanding on time and talent, and it has a huge impact on the company, so I think the pay should be set accordingly to attract and motivate the best talent possible. It's the 200 multiplier for guys hired by their golf buddies that is outrageous to me.

But I also find the pay given to federal level Senators and Representatives outrageously low - it should be at least $1,000,000 / yr. That level of government shouldn't just be a hobby for the independently wealthy or power fetishists.
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[User Picture]
From:mavjop
Date:February 27th, 2007 02:09 am (UTC)
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200x multiplier? *gulp*

Ok, 10-12x seems very sane in that light. :)

You do have a good point about reasonably high salaries to get worthwhile CEO talent being sensible.

You make an excellent point for increasing government representative salaries. I tend to feel that it sucks to be spewing lots of money at representatives who usually don't really need it and are creaming off money in other ways ... but ... good point that increasing the pay would make it more enticing for people who aren't power hungry or independently wealthy. Very interesting point indeed.
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