When banks do well – their CEOs collect big paychecks. When banks do poorly – their CEOs collect even BIGGER paychecks. That’s the story coming out of Wall Street where pay for the top CEOs increased more than 20% in 2011 according to a new report by Bloomberg News. That follows a 26% pay increase in 2010 as well.
Last year – revenues, profits, and stock prices plummeted at 33 of the 50 biggest financial institutions – yet their CEOs still got a huge pay raise. Just when you though Wall Street couldn’t lose any more accountability for its actions – we now know executives get fat checks regardless of how the company does.
Comments
There's no class warfare. It's funny how there is a race to the top for exec pay and a race to the bottom for other workers.
Execs provid more profit to the company
Not so-see Thom's post.
Execs provid more profit to the company
Revenues and stock prices plumetting doesn't equal profit. Execs usually extract more profit from the company. The CEO of one of the Motorola enterprises was the ceo for 3 years when it was bought out by Google. His severence was about 64 million dollars. Not bad for 3 years of sitting at a desk.
http://expedated.com/motorola-mobilitys-co-ceo-sanjay-jha-leaves-with-64-3-million-golden-parachute-564.html
Partial List of
Executive Perks
http://www.salary.com/advice/layouthtmls/advl_display_Cat14_Ser69_Par155.html
Just like what the janitor gets!
Looks like a $50,000 investment in student loans will pay off quickly. Maybe one should aspire to become a corporate executive rather than a OWS protester.
Thom Hartmann has no serious economic analysis to back up what a CEO should be worth. The truth is a good CEO could make a company billions and a bad CEO could run the company into the ground.
I watched Nobel Prize winning economist Joseph Stiglitz on Democracy Now last night. One point he made when asked about whether CEOs were worth their pay now was that the true creators of inventions that changed life never really profited much from it. The Bill Gates, Buffetts, Trumps, Kochs never invented anything. The people behind the internet(not Gore), computer chips etc nobody has heard of.