The Robbing of America Continues: CEO Pay, Wal-Mart and Corp Tax Cuts

[marmar]

from the Working Life blog:



The Robbing of America Continues: CEO Pay, Wal-Mart and Corp Tax Cuts

by Jonathan Tasini
Monday 09 of May, 2011


Do not get distracted by the claims by people who want your vote. Nothing has changed. The robbery of the wealth of the country continues. And the rhetoric aiding and abetting the robbery is going to get ramped up around corporate tax cuts.

Let's start with the hardship sweeping the country...It's been a very bad period for wages--except for corporate CEOs:

In the boardroom, it's as if the Great Recession never happened.

CEOs at the nation's largest companies were paid better last year than they were in 2007, when the economy was booming, the stock market set a record high and unemployment was roughly half what it is today.

The typical pay package for the head of a company in the Standard & Poor's 500 was $9 million in 2010, according to an analysis by The Associated Press using data provided by Equilar, an executive compensation research firm. That was 24 percent higher than a year earlier, reversing two years of declines.

Executives were showered with more pay of all types — salaries, bonuses, stock, options and perks. The biggest gains came in cash bonuses: Two-thirds of executives got a bigger one than they had in 2009, some more than three times as big.

And from The Wall Street Journal today:

CEOs of media companies claimed four of the top 10 spots: Mr. Dauman at Viacom, plus the chiefs of CBS Corp., Walt Disney Co. and Time Warner Inc.

Another media CEO, News Corp.'s Rupert Murdoch, ranked 52nd, with total compensation valued at $16.5 million. A spokesman for News Corp., which owns The Wall Street Journal, declined to comment.

Mr. Dauman, Viacom's CEO since 2006, achieved his $84.3 million largely due to one-time equity awards valued at $54.3 million as part of a five-year employment contract signed in April 2010. In extending his contract, directors cited his operational and financial leadership.

...........(more)

The complete piece is at: http://www.workinglife.org/blogs/view_post.php?content_id=15172

[midnight]

1. Nothing has changed except people are dying in the streets, and our elected officials tell us that

we need to do this because we have to share the pain... So the rich don't have to.

[leftstreet]

2. K&R

[Autumn]

3. Looks like a lot of

un shared sacrifice.