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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHigh-flying CEO quits after daughter writes list of 22 milestones he missed
The head of a $2 trillion investment fund has revealed he quit his job after his 10-year-old daughter wrote him a note listing 22 special moments in her life he had missed.
California-based Mohamed El-Erian shocked the financial world when he announced his resignation as chief executive of PIMCO in January 2014.
Mr El-Erian, who made $100 million 2011 alone, said in a recent essay for Worth that his wife and daughter were at the heart of his decision to quit.
The 56-year-old said the "wake-up call" happened when he was arguing with his daughter about brushing her teeth and she left to fetch a piece of paper from her room.
Read more at http://www.9news.com.au/world/2014/09/25/06/42/high-flying-ceo-quits-after-daughter-sends-him-22-things-he-missed
snooper2
(30,151 posts)Taking off all the time for golf, etc.,etc.,etc.,
Well, at least I read that here LOL
Orrex
(63,219 posts)Ed Suspicious
(8,879 posts)milestones does the average three part time job minimum wager miss?
RufusTFirefly
(8,812 posts)"Uniquely American, isn't it? I mean, that is fantastic that you're doing that."
Ed Suspicious
(8,879 posts)you need to do that?".
RedCappedBandit
(5,514 posts)Unless, of course, you have a link...
Guy Whitey Corngood
(26,501 posts)Aerows
(39,961 posts)if some folks think owning majority shares in a mine on EVE Online makes them a CEO.
"I cornered the market on cloth in the WoW auction house, I'm a skilled trader!!1!!"
War Horse
(931 posts)They just don't get that most of their employees work even harder, and don't have the luxury of just 'quitting'. And that they can't get outsourced in a heartbeat.
Raine1967
(11,589 posts)I appreciate this article and what this man has done very much, but you are correct. The employees do not have that luxury.
stevenleser
(32,886 posts)Aerows
(39,961 posts)You are always on here defending CEOs and big money makers. However, judging from the amount of time you spend making snarky posts defending big money makers and making derisive comments toward issues that affect low wage workers, I think we can all conclude that you, yourself, are not among their numbers.
I'd ask you why, but I'm pretty sure you don't know why you do it, either.
Have a nice day.
snooper2
(30,151 posts)I've had my electric cut off in the middle of winter in Missery so you shouldn't speak to what you don't know about...
I think a tax of 50% on anything over a million a year is fair...but you never asked that.
I think minimum wage should be set at $10 an hour, but you never asked that.
I think that ......................
HOLY SHIT WHAT WAS THAT!
Aerows
(39,961 posts)I am disappoint.
TheBlackAdder
(28,211 posts).
To be a CEO, like that, just is more of a power and ego trip.
CEOs can work from home whenever they want, and many of the partners do so. What's not mentioned are their 5-10 weeks of paid vacation, their limo service, their travel perks, etc. When someone works after amassing over 1/2 Billion dollars, they are not doing it to keep busy--it's greed, ego, and power.
groundloop
(11,521 posts)The guy made over $100 million last year alone. I mean, good for him that he finally figured out that his family is important, but as others have pointed out the vast majority of us don't have the luxury of being able to walk away from our jobs. I've had jobs where I've had to work 80 to 100 hours per week for several months at a stretch, and had to spend significant time on the road. I sure the hell missed my wife and kids, but I didn't have the luxury of being able to walk away from it when I wanted.
TheBlackAdder
(28,211 posts)You're right.
We can't walk away from it.
But, while working, I always find time to help the kids, work flex hours, do work at home, etc.. Whatever it takes.
Even so, I have time to volunteer and get the kids involved in social givebacks.
===
Ronald Reagan quoted John Winthrop's "A Model of Christian Charity" in his famous 'Shining city on a hill' speech.
Reagan said that was his favorite literary work, and he misquoted Winthrop. Winthrop NEVER said 'shining', that was Reagan incorrectly adding that in, and everyone's been getting that quote wrong ever since.
What Winthrop was worried about, as a Protestant Minister who delivered the Puritan sermon to the ship of Pilgrims sailing to the New World in 1630, besides keeping the faith--WAS INCOME INEQUALITY. Winthrop knew income inequality would be the greatest cause for the new colony to fail, that he opened up the first half of the sermon with it. The wealthy were go give back all excesses at least once a year to help those less affluent. My, how Reagan missed that well-hammered point.
That was the original founding document for this country... 146 years before the Declaration of Independence.
libs are so funny aren't they just jealous tho omg LOL LOL
Enrique
(27,461 posts)to spend more time with his family?
geek tragedy
(68,868 posts)such people are flesh-and-blood human beings. He has all the money he'll ever need.
taught_me_patience
(5,477 posts)by Bill Gross. It's a real shame because El-Erian is a great investor and leader.
ErikJ
(6,335 posts)CanonRay
(14,111 posts)lumberjack_jeff
(33,224 posts)They say this as if it is surprising. My reaction? "Of course I left... if there's such a thing as 'enough', $100 million in one year ought to be it."
So now he'll manage his own investment fund.
I don't get the idea that the more you make (over $200,000 or so) a year, the less likely you would be to walk away. The reverse should be true, since higher income people should have a bigger financial cushion.
geek tragedy
(68,868 posts)That's part of why they get rich in the first place.
Adam051188
(711 posts)joeglow3
(6,228 posts)I have found they are more concerned with their legacy and how others in their bracket will view them down the road.
Mr.Bill
(24,312 posts)the money just becomes a way of keeping score.
Lonusca
(202 posts)At a certain point the definition of success changes from money to stature.
TeamPooka
(24,242 posts)because greed is good right?
hollysmom
(5,946 posts)I was older woman, but I had friends (always network!! it is important) who offered me jobs working for them, and that would not have been so hard, but I was so burned out and had enough money for a reasonable retirement. So I just stopped looking. But I did not tell anyone because my severance would have stopped if I got another job, and I had full salary for 6 months, health care, and build vesting into my pension. No reason to turn down that money. But had to live on savings for several years until 62.
RedCappedBandit
(5,514 posts)He should be very thankful.
strawberries
(498 posts)good for him. I will go out on a limb and say he wont be having money issues because of this
Orrex
(63,219 posts)Of course, they don't enjoy the luxury of a lifetime of impervious financial security, so perhaps their stories aren't sufficiently compelling for 9news.
Yeah, I feel terrible for El-Erian.
Tuesday Afternoon
(56,912 posts)progressoid
(49,992 posts)I wanted to spend more time with my kids. But some of us Dads don't have those luxuries.
yeoman6987
(14,449 posts)Orrex
(63,219 posts)Rex
(65,616 posts)TheBlackAdder
(28,211 posts)Must be nice.
If he and his wife had a change of heart, they'd both retire with their half-billion and volunteer to better the world.
Instead, they both choose the greed and power of work to "keep busy".
Brickbat
(19,339 posts)Doesn't quite have the "awwwwww" factor of the OP, I guess.
Adam051188
(711 posts)As can dinner meetings at five star restaurants and.....whatever.
This is some kind of joke right?
taught_me_patience
(5,477 posts)This is a pretty nice story about a guy at the top of his career stepping down to spend more time with his family. How do you know he has a mistress?
Guy Whitey Corngood
(26,501 posts)Feral Child
(2,086 posts)believe nice stories. This one sounds like a sequel to "It's a wonderful Life". Or just an update of "A Christmas Carol".
I may be a cynic, but I'm rarely disappointed.
Adam051188
(711 posts)...they are justifiably worth that much more than others.
Personality characteristic typical of narcissism and psychopathy.
TexasMommaWithAHat
(3,212 posts)Not nearly as wealthy, but a few million nevertheless.
People like this are good, because they tend to preach to their friends about valuing more than money and chasing the almighty dollar. Until they can do this, most won't give a crap about their employees.
Orrex
(63,219 posts)He's basically choosing between early retirement with more money than most people would spend in 20 lifetimes versus retiring later with more money than most people would spend in 40 lifetimes. Frankly, I'm not impressed.
Give him a real choice, one that actually requires him to choose between competing priorities rather than choosing between preposterously overwhelming luxury and preposterously overwhelming luxury.
progressoid
(49,992 posts)$100 million 2011 alone?
TheBlackAdder
(28,211 posts)If they cared about others, they'd both retire with their hundreds of millions, live off the investments, and better the world.
They continue to choose greed, power, and status.
randome
(34,845 posts)[hr][font color="blue"][center]Aspire to inspire.[/center][/font][hr]
LibertyLover
(4,788 posts)that her father will get to see some of her milestones. I wish I had been able to see some of my daughter's milestones too instead of my husband, who decided he didn't want to work anymore and that he'd stay home with the baby and be supported in the style that he wanted to become accustomed to, telling me about them over the phone when I called to say I'd be late again because of work. At least now with a smart phone, he can take videos of her for me to see.
randome
(34,845 posts)[hr][font color="blue"][center]"The whole world is a circus if you know how to look at it."
Tony Randall, 7 Faces of Dr. Lao (1964)[/center][/font][hr]
TeamPooka
(24,242 posts)RandiFan1290
(6,239 posts)helping to take care of your daughter.
Ed Suspicious
(8,879 posts)C Moon
(12,219 posts)liberal_at_heart
(12,081 posts)understand about the 1%. They are never satisfied. They can never have enough money. It's like an addiction.
nomorenomore08
(13,324 posts)abelenkpe
(9,933 posts)Thing is every parent should be able to have a schedule flexible enough to make sure they can be a part of their children's lives. Unfortunately the vast majority of workers are denied this opportunity to choose to be there for their kids. I'd be more impressed with this story if the same high flying CEO dedicated his time to making sure all workers can do the same. With the internet there is no reason people can't have more flexible schedules, work from home, job share, etc.
tinrobot
(10,913 posts)Because of highly paid CEOs like this guy, wages at the bottom are stagnant. Many lower wage workers have to work multiple jobs to stay afloat. They don't get to see their kids' milestones, either. But, unlike this guy, they don't have the luxury of quitting.
Maybe this ex-CEO can toss a few million to low-wage workers so they can have time off to spend important moments with their kids.
Other than that, good for him, I guess... but he's no hero.
GitRDun
(1,846 posts)However, if we are to really solve these problems, part of the resolution is understanding what this man has in common with the single mother trying to raise children on low wages...no time for family.
I had a high paying job like that, though not near the $$$.
The truth is rich or poor, corporate America sucks everything it can out of you. If you're at a lower wage job, the time suck required to survive is driven by corporate greed to keep costs down. Even high wage folks lose to corporate greed, however. The time suck most in management, particularly mid-level management experiences is a never ending set of corporate time demands designed to make more money for the company. Both classes lose but for different reasons.
I found that the more money and responsibility I had, the less happy I was. And it was impossible to control. Mr El-Erian is not "the other", he is a part of us.
The culture of worshipping money and profit sucks the life out of us all. Until we can come together on that, the status quo will prevail.
RufusTFirefly
(8,812 posts)"It's the system, stupid."
Some people obviously make a lot more money doing it, but in either case our system is designed to keep you from spending time with your family. Love has no place on the P & L statement.
Although they aren't socialist paradises by any means, many of the high-productivity European countries, such as Germany, place a much greater value on leisure and family time. I'm not naive, but there's a level of humanity built into their system that is sorely lacking in ours.
GitRDun
(1,846 posts)The lack of humanity pervades our version of capitalism.
It causes us to forget about family, the environment, working conditions, our obligation to pay taxes to a government that educates our workers, protects our property, etc.