As Big Bank Stocks Plunge, CEOs Continue To Reap Huge Salaries

[cal04]

http://thinkprogress.org/economy/2012/01/02/396228/as-big-bank-stocks-plunge-ceos-continue-to-reap-huge-salaries/

Wall Street Pit’s Ron Haruni points out that as the banking industry’s stocks plunged this year — with major megabanks like Bank of America facing uncertain fates — their executives have walked away with sky-high salaries.

Haruni cites the work of Rochdale Securities analyst Dick Bove and shows how banks have seen their value and stocks plunge by double-digits while executive compensation remains high:
http://wallstreetpit.com/88230-big-bank-ceos-walk-away-with-big-bucks-in-2011

According to data from Rochdale Securities analyst Dick Bove, the heads of major banking groups including JPMorgan Chase (JPM), Goldman Sachs (GS) and Bank of America (BAC) are out-earning their employees and shareholders even as shares of bank stocks as a group lost about 26% this year.

Bove found that while the 23 financial institutions he follows saw their stock prices and market cap drop by more than 30% and 11%, respectively, bank CEO compensation averaged $7.74 million. That means the banking heads brought in 50 to 100 times the average worker. Take BofA’s CEO Brian Moynihan who will earn $2.26 million this year while his bank’s market value dropped 60% – the worst in Rochdale’s study.

[monmouth]

1. Read what "non-profits" CEOs are making. Disgusting.

http://www.palmbeachpost.com/money/hundreds-of-employees-at-nonprofits-make-six-figure-2071842.html