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Thursday, December 18, 2008

They'll just have to make do with last year's Jaguar

Caught red-handed taking out huge bonuses during supposed hard times, the suits at OHSU have suddenly agreed to take a 20 percent pay cut. Since they regularly get bonuses of 30 to 40 percent, this is hardly going to break any of them. The head honcho up there, Doctor Scrooge, pulled down a cool $1.1 million last year.

Anyway, thanks to Ted Sickinger at the O for busting these people. And I still hope that when they parade down to Salem in a few weeks and ask for more tax money, the legislators laugh them right out of the Capitol.

Comments (7)

How about all the people that lost their jobs????
OHSU makes me really mad. My 97 year old mom was up there last week for 3 days and the nursing and staff care once she left the ER was just awful! Just trying to get a blanket was a huge big deal. Most everyone is pleasant and then ignores you. They must all get special training for that.
A CNA dropped off some bed bath stuff and told her to "wash yourself". Your really need to be with the patient all the time in order to make sure nothing bad happens to them. It is outrageous!

I Googled "business ethics" the other day and found all of the jokes about the term being an oxymoron.

On a serious note, does anyone know what ethical standards the business schools teach their students these days?

Aren't there rules or guidelines about duties owed to the employer, employees, or the public?

Is public shaming or public pressure the only way to get executives to exercise social conscience, if that's what they are doing?

Given the layoffs of other OHSU staff and some of the highest medical school tuition in the nation, one has to wonder why these managers deserve anything other than a simple salary. And let's not forget the couple million these jerks poured into their failed "Wellness Center".

I wonder how things are going in sunny Fla. ?

Pay cut ?? MMm Hmm.. Let's watch the books and see what subtle or blatant ways they make that 20% flow back to them (with interest) when they think we aren't looking.

A more honest review of the 20% pay cut:

B/c of what should be called “prepaid FY09 salary” (salary that was paid via the extra bonus amounts they received in November- i.e., the bonus amounts that were paid over and above the target bonuses of 25% for the President and 20% for the others- "arguably" already ridiculously high bonus percentages to begin with), even with the "immediate 20% pay cuts and no bonus in FY09," none of them will end up having a reduction in actual take home pay from their base salary by the end of FY09.
NOTE: For this review, base salaries were assumed to be 3% higher in FY09 compared to FY08.
Further NOTE: CFO Brad King was removed from analysis as he is departing in Feb.

Even with the 20% cut for the second half of FY09, all of them will actually still come out AHEAD of their base 09 salaries- so in effect they are still getting a bonus in FY09 (along with no true salary cut).

The following review is based on the fact that they should have only received (at the maximum) their target bonuses for FYO8 (25% Pres, 20% others) and the excess bonus amounts they received above those levels should instead be treated as 2009 "pay."

Summary of end of FY09 pay totals that are ABOVE their base 09 salaries (it was assumed that their 09 salaries were 3% greater than their 08 salaries).

Robertson:$53,820 FY09 "bonus"
(6.70% “bonus” on top of base FY09 pay). Calculations: 08 excess bonus $134,160 (actual $329,160- target $195,000), 09 base pay $803,400, 20% cut of 2nd half of FY09 salary $80,340, $134,160- $80,340= $53,820

Rapp: $11,798 FY09 "bonus"
(2.20% “bonus” on top of base FY09 pay). Calculations: 08 excess bonus $65,358 (actual $169,358- target $104,000), 09 base $535,600, 20% cut of 2nd half of FY09 pay $53,560. $65,358-$53,560= $11,798

Richardson: $36,500 FY09 "bonus"
(7.09% “bonus” on top of base FY09 pay). Calculations: 08 excess bonus $88,000 (actual $188,000- target $100,000), 09 base $515,000, 20% cut of 2nd half of FY09 pay $51,500. $88,000-$51,500= $36,500

Stadum: $2,602 FY09 "bonus"
(0.59% “bonus” on top of base FY09 pay). Calculations: 08 excess bonus $46,892 (Actual $132,892- Target $86,000), 09 base $442,900, 20% cut of 2nd half of FY09 pay $44,290. $46,892-$44,290= $2,602

Hallick: $24,323 FY09 "bonus"
(6.75% “bonus” on top of base FY09 pay) 08 excess bonus $60,373 (actual $130,373- target $70,000), 09 base $360,500, 20% cut of 2nd half of FY09 pay $36,050. $60,373-$36,050= $24,323

Dorsa: $3,376 FY09 "bonus"
(1.07% “bonus” on top of base FY09 pay). Calculations: 08 excess bonus $34,791 (actual $95,791- target $61,000), 09 base $314,150, 20% cut of 2nd half of FY09 pay $31,415. $34,791-$31,415= $3,376

Bentzinger: $6,609 FY09 "bonus"
(2.18% “bonus” on top of base FY09 pay). Calculations: 08 excess bonus $36,994 (actual $95,994- target $59,000), 09 base $303,850, 20% cut of 2nd half of FY09 pay $30,385. $36,994-$30,385= $6,609

Wayson: $1,629 FY09 "bonus" (0.62% “bonus” on top of base FY09 pay). Calculations: 08 excess bonus $27,894 (actual $78,894- target $51,000), 09 base $262,650, 20% cut of 2nd half of FY09 pay $26,265. $27,894-$26,265= $1,629

Below are the pay cuts (for the rest of FY09) necessary so that their end of FY09 entire pay received remains flat (no net pay increase or decrease). Again, this is when the excess FY08 bonuses paid in Nov. 08 are taken into account- i.e., when the reality of net take home pay at the end of FY09 (pay actually received in FY09) is part of the review/equation:

Robertson: 33.40% cut (13.4% more than the 20%)
Rapp: 24.41% cut (4.41% more than the 20%)
Richardson: 34.17% cut (14.17% more than the 20%)
Stadum: 21.17% cut (1.17% more than the 20%)
Hallick: 33.49% cut (13.49% more than the 20%)
Dorsa: 22.15% cut (2.15% more than the 20%)
Bentzinger: 24.35% cut (4.35% more than the 20%)
Wayson: 21.24% cut (1.24% more than the 20%)

One will notice that in particular, three of the above (Robertson, Richardson, and Hallick) need to take bigger salary cuts than the others (as those three received the biggest excess bonuses for FY08).

So, when one reviews their take home pay at the end of fiscal year 2009 (July 2008-June 2009), the 20% pay cut doesn't quite cut it . . .

Thanks, Pilly. That's exactly what I figured would be going on. Business as usual and the "pay cut" thing was merely a PR soundbite to stem the controversy when they got caught robbing the workers. Hopefully the despicable fat cats on Pill Hill will have a shot of their own karma at some point in their pathetic lives.


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