Compensation of Investment Bankers, Fund Managers Ignored

Recent rants concerning the pay packages for top executives are warranted and long overdue [“Conference Board Panel Calls for Cuts in Executives’ Pay,” Sept. 18]. However, during the second half of the 1990s, when the number of mutual funds--and the money flowing into them--grew exponentially, a new cadre of young, relatively inexperienced MBAs became fund managers and investment bankers.

With Wall Street hype in high gear from every news outlet in the land, the rise in the stock market seemed to have no end in sight. And these young fund managers and investment bankers, many in their late 20s or early 30s, could make millions of dollars simply by supporting this house of cards.

With the nation suffering devastating losses in the stock market, I must suggest we were grossly overcharged for the management of our mutual fund accounts. And , while millions of Americans reconsider their retirement plans in the wake of those losses, one must assume that these overpaid zealots of the system could retire quite comfortably at age 30, thanks to the millions they were paid at the expense of investors.

So go ahead and take issue with the compensation excesses of top executives. But there is another greedy group in the Wall Street system that has yet been exposed for its own excesses.

David Ohman

Irvine

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Inquiries Can Ease Angst Over Online Diplomas

I was pleased to see the article on diploma mills and warnings offered to individuals considering such degrees [“Diploma Mills Use Reach of Internet,” Sept. 8]. There are reputable distance learning programs. To protect consumers who are unsure about the legitimacy of such schools, they should inquire about whether the institution has Distance Education and Training Council accreditation. For more than 75 years, the DETC has been the standard-setting agency for correspondence study and distance education institutions.

The independent accrediting commission of the DETC (formerly the National Home Study Council) is listed by the Department of Education as a “nationally recognized accrediting agency.” The commission also is a recognized member of the Council for Higher Education. The Web site is www.detc.org.

P.K. Shukla

Associate professor

of management and marketing

Chapman University

Orange

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‘Wedding’ a Valuable

Lesson for Hollywood

The success of “My Big Fat Greek Wedding” confirms that Hollywood decision makers remain clueless about the values of most Americans that the film celebrates: devotion to family, believing in yourself and aspiring to a better life through hard work and honesty [“Jilters Regret Missing ‘Wedding,’ ” Sept. 14].

Two generations ago, Frank Capra showed us that films like this can be artistic and financial winners. Congratulations to Tom Hanks and Rita Wilson for carrying on that tradition.

Michael Stockstill

Irvine

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What is such a surprise to the movie industry? How can a funny, clean-minded movie make money?

If they would make more movies that do not have the “f” word, raw sex, not to mention such bloody violence, do you suppose people would flock to these movies as they did in the past? Do you suppose our children would be less violent, sexual and mean?

The movie industry is sick and needs some heavy medication. And I don’t mean drugs.

Karen Connor

San Dimas

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U.S. Auto Makers

Pay for Lack of Quality

The biggest problem with the domestic car industry is not pensions or efficiencies [“Serious Woes for U.S. Auto Makers,” James Flanigan, Sept. 15]. It is that they do not make cars that buyers believe are worthy of the price tag.

The perception that the quality of domestic products is inferior to foreign affects buyers’ decisions naturally. Unless domestic manufacturers erase--by fact--that premise, they will have to cut prices to sell their cars.

Jack Sherman

Palmdale

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You failed to mention a big factor that has put General Motors Corp., Ford Motor Co. and their workers in this position. Both of these companies seem to focus more on hype and marketing than they do on building a reputation for quality.

Frank Maranto

Thousand Oaks

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In our desire to find the best deal, so we believe, we have forsaken the brotherhood as Americans to take care of each other and have allowed foreign markets to take over everything from electronics to steel. We buy a foreign car and display a U.S. flag on the bumper to show our patriotism after 9/11? If the U.S. auto industry goes the way of the steel industry, we have no one to blame but ourselves. We don’t care what happens to our fellow Americans as long as our little piece of existence is smooth and we feel good.

Paul Bartus

Livonia, Mich.

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Rigas Family Together

in All Kinds of Weather

So the devoutly religious Rigas family wants the insurance of the corporation that they have been looting for years to pay for their legal defense in their criminal prosecution [“Rigases Seek to Tap Adelphia Insurance,” Sept. 17].

Obviously, the family that prays together can also prey together.

Marvin Gluck

Topanga

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