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WALMART CEO Earns More in an Hour Than Workers Get All Year?

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posted on Jul, 3 2010 @ 12:59 PM
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macedoniaonline.eu...


By Ed Smith's math, the CEO of Walmart earns more in an hour than his employees will earn in a year.

Smith, an alderman in Chicago, presented posters at a city council meeting showing that Walmart CEO Michael Duke's $35 million salary, when converted to an hourly wage, worked out to $16,826.92. By comparison, at a Walmart store planned for the Windy City's Pullman neighborhood, new employees to be paid $8.75 an hour would gross $13,650 a year which puts Walmart employees below the poverty line?

Smith's numbers could be a bit off. Equilar, an executive compensation research firm, calculates that Duke earned just south of $20 million in 2009 and $28 million in 2008, not counting millions of dollars in potential performance awards. But the alderman argued that there's still a "sad" contrast between Duke's compensation and the wages of his employees.


"How can you go to bed at night and sleep knowing you make this kind of money and the people working for you can hardly buy a package of beans and rice?" he asked in an interview with US Media.





Anyone suprised? I'm not, this is not a suprise to me. This is Corporate Capitalism for ya, do you like it? Do you love huge injustices? Notice how the CEO does very little compared to what the workers do, yet they earn less a year than the CEO earns in one hour.




posted on Jul, 3 2010 @ 01:16 PM
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He's also not in complete control either.

The consumer is, and every time you walk into walmart and purchase something you are saying "I agree with what you are doing in this business, how you are treating your employees, and how you came to get these materials/items/food."

Walmart in the extreme short term is helpful, but is disastrous in the long term.

Sure you save a buck or two today, but you lose high paying jobs in the future, and your local business are depleted.


Google Video Link



posted on Jul, 3 2010 @ 01:16 PM
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Wal Mart employs 2.1 million people.

Wonder how many people Ed Smith employs?

Wonder how many people would complain if Wal Mart closed their doors, and those 2.1 million people found themselves unemployed?



posted on Jul, 3 2010 @ 01:18 PM
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Well.
No wonder the Walmart mascot is a gigantic smiley face.
35 million a year, and Id be smiling too.



posted on Jul, 3 2010 @ 01:19 PM
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So the CEO should get payed the same as the guy putting macaroni on the shelves?



posted on Jul, 3 2010 @ 01:22 PM
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Wal-mart is notoriously thrifty. They are more thrifty then any other corporation. I watched a show on how their .quarters in the south have never been redecorated. They rarely use private jets, the higher ups still fly regular airlines.

My state actually tried to press legislation that any company that makes a certain amount of money but pays their employees so little that they have to require welfare benefits, must reimburse the state. That is walmarts tactic, pay employees so little that they don't have to provide insurance, the workers have to receive welfare benefits, making the state pay for it.

There was only one company that fit this criteria: Wal-mart.


They force small businesses to make extraordinary cuts to their profits, when walmart says tehy have to drop their prices. But they can't survive anywhere else because walmart is the only business in town.

That is the reason so many end up using labor in Indionesia and China, because walmart forces their prices down so much they have to make cuts everywhere they can in order to make a profit.

The reason you can return anything to walmart(i have known people to return products that they didn't even buy there) is that they make the manufacturer eat it.

Walmart is the piranah of the business world.

I don't shop there unless I absolutely have too.


Poeple whine and complain about how horrible Wal-mart is. But nothing stops them from shopping there, and adding tot he problem.


There was an interview on the news once, people were asked if they were willing to pay a little more at wal-mart if it meant the employees could be given health insurance. Most people said no, becuase they have to have their life too, and can't do without. I am sure they could.don't buy those fancy rims for your SUV.

[edit on 3-7-2010 by nixie_nox]



posted on Jul, 3 2010 @ 01:22 PM
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Well, thats the difference between a CEO and a normal worker.
If those workers would've gotten their asses out of the seat, would've done something productive in school and college instead of partying 24/7, they'd be in better payed jobs too. But because those flushed their life down the toilet, the only thing they have is a badly payd job at Walmart. It don't feel sorry for those people, it's mostly their own fault.
In Today's society you can easily make a #load of money, if you just get you lazy ass up and do something. Look at all the people who made millions or even billions of dollars with simple websites. A simple idea made them rich.
It's really not that hard to make good money.



posted on Jul, 3 2010 @ 01:23 PM
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nm

[edit on 3-7-2010 by trolleleet]



posted on Jul, 3 2010 @ 01:30 PM
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It is inevitable that the amount of money going out will exceed the amount of money coming in.

Every corporation and bank has showed us that much.

This is likely a turning point for Walmart; if it spells doom then they will bleed every bit of it before the end. If they see the future and can accommodate, like American Products putting Americans to work and investing in America, then they will come through this with a slight bit of bruising.

I don't think they really see the future because the Future is staring at all of us and it is quite dismal.

I noticed the reduction of merchandise already. I notice that there are less Chinese products. Reductions everywhere, except at the Top!

If it falls for us it will fall for them, it just hurts worse when you need so much more to survive off of.



posted on Jul, 3 2010 @ 02:35 PM
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oh stop whining you socialist fool.

why don't you do something about it?



posted on Jul, 3 2010 @ 03:25 PM
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reply to post by sliceNodice
 


the lack of any sympathy and absolutist generalizations in this thread is disgusting.

"there can be no greater indictment of our world than the fact that 3/4 of the population suffer to support the oppulence of 1/3"

The fact that the above is rationalized and justified by people, even here at ATS is heartbreaking. I have nothing more to add except it fills me with sadness that callous attitudes are considered virtuous, that artificial forms of competition are reified and those that suffer from gross inequality are look on with indifference.

I pity our species.

Good-bye



posted on Jul, 3 2010 @ 03:29 PM
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Yes, I personally think that his salary is outrageous, but then again, so are the salaries of movie stars, sports players, etc. Most stores don't pay big wages, not just Wal-mart.



posted on Jul, 3 2010 @ 04:07 PM
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reply to post by Ferris.Bueller.II
 


I wonder how much local business would return to towns and cities where they were forced out by Wal-Mart.

Local businesses means stronger local economies. Perhaps it is time to take our lives and our livelihoods back from corporate capitalism.



posted on Jul, 3 2010 @ 04:13 PM
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I've had a post about the equality of job wages before and was met with 'I don't care'

Well until the majority of us wake the frak up these injustices will continue.

No, I've worked for "CEO'S" and they are lazy, #ful bastards.

Until the common people wake the frak up this injustice will continue.

Those that do the real work should be paid accordingly.

Those that sit with their smug feet upon their desk should be treated accordingly.

But, until the common man awakes and realizes he/she is being taken advantage of - this is not going to happen.

The majority of people have blinders on.



posted on Jul, 3 2010 @ 04:21 PM
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Originally posted by Ferris.Bueller.II
Wal Mart employs 2.1 million people.

Wonder how many people Ed Smith employs?

Wonder how many people would complain if Wal Mart closed their doors, and those 2.1 million people found themselves unemployed?


I wonder where they worked before Wal Mart was around?



Like it or not, Wal Mart has fueled America's prosperity for quite some time. Without Wal Mart, many people would not be able to afford many of the things that they have. Is that a good thing? Well...that is the debate i guess.

But in the end, it is about people making a choice. That carrot is dangled in front of their nose, and our cultural of consumerism compels them forward.



posted on Jul, 3 2010 @ 04:54 PM
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Originally posted by Misoir
macedoniaonline.eu...




Smith, an alderman in Chicago, presented posters at a city council meeting showing that Walmart CEO Michael Duke's $35 million salary, when converted to an hourly wage, worked out to $16,826.92. By comparison, at a Walmart store planned for the Windy City's Pullman neighborhood, new employees to be paid $8.75 an hour would gross $13,650 a year which puts Walmart employees below the poverty line?





Putting employees below the poverty line....this is disturbing to me. However this is the nature of the beast, upper management always makes more than its workers, CEOs included. Obviously this job should be for the teen, who can still live at home and use this as an income while at school, learning. The problem goes a little deeper, though, as unemployment levels rise, and really as more and more people not going to college, they end up at jobs like this. Its not a job to have while raising a family, it can be done, im sure but dont expect to have high living standards.



posted on Jul, 3 2010 @ 05:17 PM
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Sad to say , i'm one of those poverty line workers. I drive a hour each way to get to work , and move about 20k pounds a night in freight.
Wal-Mart sucks, i freakin hate the job, but for the region, its hard to beat the cash. I dont get rich thats for dang sure, but $11 is not bad for a dead end job. I keep looking for something better, but honestly there is not much out there now days. Things are getting harder every day.
There are a few up sides to working there, which is why i am still there..
granted the cash is not great, and the job sucks, but when things go to crap who do you think is going to be the last business to fold?
I have seen a huge increase in shoppers in the past year, mainly because Wal-Mart has the lowest price in town. People are watching cash and not going nuts, so where do they go to save money?

Although i kind of work against the company, i dont shop there, only work there, i shop other places. To many freakn people in that store for me. Which is why i work over nights, if i had to switch to days i would quit.
They treat their workers like crap, and are all about the numbers, got make that bottom line. Although for the past couple of months that has not been happening...
Normally our store is up from last year, we do about 4mil a month in sales, but the past 2 months, we have been below what we did last year, oh it is starting.. want to see where the economy is, watch how people spend their money, or dont as the case is.
It sucks as a job, but its a job, covers the bills, and sure like some said above, i could have gone to college and got a degree and started a career, and spent half my life paying back student loans and lived the cliche life, but for me, life is much more that what you own/do. Sure we own our house, but i'd rather have time and extra cash to enjoy life, its a trade off really , you can have the 'good life' with everything you could want, or you can get by and truly enjoy life... more time for family, camping, fun.
There are days i wish i would have made a choice to go after the all mighty buck, but most days, its not worth the chase. I'd rather enjoy life than live to work.



posted on Jul, 3 2010 @ 09:55 PM
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Originally posted by Someone336
reply to post by Ferris.Bueller.II
 


I wonder how much local business would return to towns and cities where they were forced out by Wal-Mart.

Local businesses means stronger local economies. Perhaps it is time to take our lives and our livelihoods back from corporate capitalism.


That sounds like a good pursuit to follow, unlike this fool in Chicago. You should try to get people to shop at local stores rather than chain stores. Of course this means more than just Wal Mart. It also includes Best Buy, Albertsons supermarkets, Krogers supermarkets, and any other national chains.



posted on Jul, 4 2010 @ 03:10 AM
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Originally posted by Misoir

By Ed Smith's math, the CEO of Walmart earns more in an hour than his employees will earn in a year.


Wal-mart CEO:
1yr: $35,000,000.00
1mo: $2,916,665.00
1wk: $673,075.00
1day: $134,615.00
1hr: $16,825.00
1min: $280.00
1sec: $5.00

Thier managers make around $25,000 a year. If he only made 1,000,000 a year, it would take only 2 months to pass thier yearly wages. ("Wal-mart starting wage" Google search.)


not counting millions of dollars in potential performance awards.

What bonuses did he receive that aren't included in his salary?
And how many of the 260 working days in the year was he actually at work?


alderman argued that there's still a "sad" contrast between Duke's compensation and the wages of his employees.

I don't believe "sad" is exactly the right word to use in this case.


I can see a lot of people getting really pissed off at this guy being that he's the CEO of Wal-mart, (Not much love for them lately.)but I have to ask, how many other companies have been doing the exact same thing but have maintained a level below the social radar?



posted on Jul, 4 2010 @ 08:01 AM
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It's called capitalism. Everything the US stands and fought for.

I got an i-phone, I got an i-pad, yes that's right, and look how many people are being just paid a few dollars a month so you can have your "must have" gadget.

Every CEO in the world earns more than the man or woman at the bottom of the ladder.

He earns that sort of money from ripping off farmers, and importing many many cheap consumer products from China (which tend to break after a few months). All the clothes will be made in Bangladesh or elsewhere at a cost of next to nothing, and you will pay above what it actually cost to produce.
Meanwhile he earns a fortune, and thousands across the globe earn just $$ because of his empire.

We have the same problem with "super-markets" in the UK, as a result the high street stores are closing and all we are left with is a wal-mart style supermarket offering products made in the far-east, and the people who make the stuff are on the poverty line.

If you don't like it, boycott Wal-Mart. Simple as that.

Yep, capitalism sure is fun eh?



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