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Overcompensated Leaders and Their Tools
According to the Institute for Policy Studies, American CEOs make 263 times the average compensation for American workers. The average pay for CEOs is eight times what it was in 1970 while American workers are taking home less in real weekly wages than they were in the 1970s.
Most Americans seem to be okay with that. A good number want to extend the tax cuts for these rich folks for reasons that escape me. And we all know the inequities will only continue to grow: The system for paying CEOs is broken beyond repair since the people in control of the system, who are the CEOs and their boardroom buddies, are the ones who benefit from it.
Randall Stephenson, the CEO of AT&T, made more than $20 million in 2009 while laying off around 12,000 people. Many Americans, including a good number of workers who are making less now than they or their parents did in 1970, seem to care more about protecting Mr. Stephenson’s right to earn and keep as much money as he can than about the 12,000 people who lost their jobs because of his management team’s incompetence. Verizon CEO Ivan Seidenberg only earned around $17 million in 2009 but he laid off more than 21,000 folks. William Weldon at Johnson & Johnson had total compensation in 2009 of $25,569,844 and his company laid off nearly 9,000 people.
These obscene compensation packages are only going to get more obscene but at some point, the workers who have been getting shafted…
2Sep2010 | Steve George | 0 comments | Continued
