PNC Financial Services Group CEO James Rohr announced shareholders should not expect a dividend increase soon ("PNC Warns Not to Expect Increase in Dividend," March 4).
That same day was another article that stated that Mr. Rohr and other top PNC executives were having their pay restored after TARP bailout pay restrictions were lifted ("PNC to Revert to Former Pay Structure for Execs".
Some shareholders use dividends to supplement retirement income. Shareholders are getting nothing, while Mr. Rohr and the other executives collect obscene compensation packages amounting to multimillions of dollars. No wonder there is a national outcry against bankers receiving extravagant salaries and bonuses.
Corporate CEOs are supposed to be paid well to benefit the shareholders, not the other way around.
I am opposed to government intervening in business; however, parochial actions by the irresponsible, cavalier PNC board of directors invites government regulation.
Gov. Ed Rendell's proposed change in the state sales tax ("Rendell Stumps for Tax Plan," Feb. 26), may lead readers to the erroneous conclusion that the sales tax will decrease.
However, the exact purpose of the "reduction" in the tax rate but an "increase" in the items and services taxed is to increase the tax burden on the residents of Pennsylvania.
How much more can we take? How much additional tax revenue is Mr. Rendell looking to raise with this scheme?
And it won't be long after the list of covered products and services is expanded that the rate will then be pushed back up to the original rates (6 percent and 7 percent) to further increase the tax burden.
Rather than burdening residents with increased taxes, the governor should look to cut unnecessary state services.
As a former business executive, I guarantee that a line item review of the budget would provide millions of dollars of wasted funds that could be saved before sales tax or other tax increases would be necessary.
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