Pay for America's highest-paid CEO tops $131 million

And, pay attention Occupy Wall Street, he doesn't even work for a bank or financial firm.

If you happen to be a billionaire or corporate Fat Cat, you may have noticed a mob assembled near your headquarters or home recently. You may not know what they’re protesting exactly; you might even joke that perhaps this has something to do with why they are unemployed. But when it comes to their complaint that the rich have been getting richer while things keep getting worse for the poor, downtrodden and unemployed, you gotta admit, they have a point.

While the stagnant economy continues to hurt those at the bottom of the American workforce, there’s plenty of money for the .0001 percent at the top. (The compensation totals, compiled by Forbes’ stats guru Scott DeCarlo, include salary, bonuses, perks and the value of exercised stock options through Sept. 6. Sources are CompuStat ExecuComp and SEC filings).

Compensation for the chief executives of America’s biggest corporations is way up in 2011, 28 percent higher than last year on average, according to GovernanceMetrics International. If you were already in the top quartile of high-paid plutocrats, your comp nearly doubled. Cash bonuses are triple what they were before the recession.

Source

28 percent..yup you read that right!

Is there no end to the blatant disregard for the average middle class family? I can't believe that they can justify giving this much to a single individual. Why aren't they putting this money to good use building schools and creating community out reach programs for the less fortunate?

There needs to be a concious shift about making big money in our world. The more you make the more you should be giving back.

Thoughts?

reply to post by tothetenthpower


I wonder how much he pays in taxes??
Actually...I wonder if he even pays taxes at all??

nobody makes that much money with out doing something illegal through out there career. I would like to see these people stripped of all there power, assets donated to charity, and watch them start all over from scratch with a 9 dollar an hour job and a 600 dollar apartment. That would be justice.....

reply to post by tothetenthpower


Well America has what is called a progressive tax system, so the more someone makes the more they do pay in taxes. Sadly there are a crap ton of loopholes in the system and lots of highly paid accountants who figure out the best ways to legally (within the current system rules) to pay as little as possible. This is one of the instances where I wish America had a FLAT TAX with no loopholes. If he paid a flat 9% tax with no loopholes on $128 million he would owe $11,520,000. How much do you think he pays in our current loophole system where he would be in the 33% range? Supposedly that would be in the $42 million range but you and I both know even at 33% he probably pays less than $11 million.

So explain how protesting Wall Street affects how much taxes this working American citizen pays?

where do you find a 600 dollar a month apartment? around here a 1 bedroom goes for close to 1000 a month... and that is in the lowest rent neighborhoods...and 9 dollar an hour is too much...give em minimum wage. see if he/she starves to death.

There's way too much focus on the exorbitant salaries of these CEOs that are running PRIVATE companies. While I agree the amounts we're talking about are ridiculous it's still a market that's based on demand.

The focus should be more on WHY we support private companies to begin with and WHY there are no good measures in place to avoid any impact on customers.

I don't care what a CEO makes if the employees are cared for and there's no support from the government. If I don't like their product I won't buy it. If the company want's to hire a 35 yr old manager he might be better in terms of productivity but he lacks the experience that is needed to drive the company in terms of PR.

Well if the stupid government would just do away with all these unnecessary taxes and get rid of the regulations that are strangling businesses maybe these poor guys could start to make some real money.

Just sayin'

So, what if someone starts from scratch from nothing, builds an empire over his/her lifetime and it becomes one of the most profitable companies in the world?

Are you saying that, "isn't fair" and they shoudl then hand over X amount of their profits just because others are not as fortunate or as dedicated/hard working? If I was that person, I'd tell you to get stuffed, in not so polite terms.

I'm not saying every multi-million/billionaire is 100% legit. But for those that work hard and make something of themselves, why do they have to "give away" their fortunes just because others don't have what they have?

How is that fair? And why are you people assuming life is fair? Where is that written???

Waaah Waah Waaaaah Shut up!! You don't like, then create you're own multi million dollar corporation. Stop blaming others for your short comings and take responsibility for your own life.

It's funny how people love to bitch about all these rich corporations but do any of you actually stop your support of them? How many of you mourned the death of Steve Jobs? How many of you own or use one of his products? How many of you buy a latte every morning from Starbucks? How many of you shop at Whole Foods or Wal-Mart or Target? How many of you unknowingly buy food or products produced from Monsanto or some other massive corporation? How many of you buy name brand clothing? How may of you drive a car, or use a computer, or hell, how many of you BRUSH YOUR TEETH? How many of you buy music, watch sports or go to a movie?

Any time you do any of these things you are supporting these corporations. You are putting money into those "fat cat" wallets, so STFU you ignorant jealous hypocrite!!

BTW these top execs that are mentioned in the article are all big pharma CEO's so they all work for companies that trade on wall street. that puts them in the cross hairs of the OWS protesters.

Originally posted by CaDreamer
BTW these top execs that are mentioned in the article are all big pharma CEO's so they all work for companies that trade on wall street. that puts them in the cross hairs of the OWS protesters.

Really? That sums up why so many of us are laughing at OWS.

reply to post by FriendlyGopher


Excellent response and a point that i think is often over looked at the moment. We all want a fair world but the purpose of business is to make money. If that money is spread around the employees and in developing future work, then who cares how much a boss is paid? On the other hand, if a boss is paid a fortune after cutting back on employees and wages and generally running a company down (as appears to be the case with the majority of these people) then that is a different matter entirely.

Solution? Bring in legislation (which i admit would be hard to enforce) that states poor performers do not get wage increases. Remove legal loopholes (which would require global co operation) concerning the avoidance of taxes.

Capitalism can and should be a very fair system. Sadly human greed has a habit of warping this

reply to post by jjkenobi


im not taking a stance i am just saying that is how they would fall under the umbrella of the OWS protesters complaints. i neither confirm nor deny their worthiness.

Why aren't they putting this money to good use building schools and creating community out reach programs for the less fortunate?

reply to post by tothetenthpower


Because to many, that is seen as socialism and anti American. Isn't the idea that if you work hard enough you also can be this rich or by having rich people like this provides a trickle down effect.

reply to post by amaster


So according to your logic the extremely successfull aren't responsible for helping the rest of the country flourish? You believe in wealth inequality then?

I don't understand your sentiment here. Of course people need to take responsibility for themselves, but how do you do that when no corporation wants to pay the average worker what they are worth?

How do you go back to school and gain more skills to get that higher paying job if you can't afford the student loan? Or to raise your children on 1 salary while your spouse goes back to school?

This isn't about being jealous that rich people have more. Hell in Canada I'd be considered "rich", but I give a lot of it away to charities and local organizations because I don't need all that wealth, it's unecessary. I'd rather put it to good use helping my neighboors and community than hoard it.

This whole argument is about the rich not paying their fair share. About the unwillingness to work towards progress instead of the status quo or bottom line.

~Keeper

Originally posted by tothetenthpower
reply to post by amaster

 

So according to your logic the extremely successful aren't responsible for helping the rest of the country flourish? You believe in wealth inequality then?

No, they are not responsible. Each is responsible for their own. I believe in Capitalism.

I don't understand your sentiment here. Of course people need to take responsibility for themselves, but how do you do that when no corporation wants to pay the average worker what they are worth?

Who determines that worth? You have no education, you have no skills, you have no worth. Why should a corporation be forced to hire someone and pay them a salary that they do not deserve?

How do you go back to school and gain more skills to get that higher paying job if you can't afford the student loan? Or to raise your children on 1 salary while your spouse goes back to school?

No one said it's easy. That’s why the government offers special grants. That’s way the schools offer financial assistant, and student aid. Hell, I'm currently paying off a $40,000 student loan for an education I didn't complete. There are ways, they're just not easy, but nothing in life worth any thing ever is.

This isn't about being jealous that rich people have more. Hell in Canada I'd be considered "rich", but I give a lot of it away to charities and local organizations because I don't need all that wealth, it's unnecessary. I'd rather put it to good use helping my neighbors and community than hoard it.

Good for you. I applauded your good faith, but that’s your choice. Other may prefer to secure their own futures and the futures of their family first. Likewise, I would venture to say that a majority of these "fat cat" donate heavily to charities.

This whole argument is about the rich not paying their fair share. About the unwillingness to work towards progress instead of the status quo or bottom line.

That’s why the bottom 50% of citizens pay little or no taxes at all. The top 15% pay nearly 70% of all the taxes. How is destroying the free market system, crushing the entire economy by penalizing the very corporations that provide jobs considered progress? That’s not progress. The industrial revolution was progress spawned by a free market capitalist system. With out it, none of us would have the luxuries we have now.

reply to post by tothetenthpower


Who cares? Why is it anyone's business what this executive or any other makes? Think he cares what you make?

Unless you hold the company stock or work for the company, it has absolutely no impact on you what so ever what he makes. The vast majority of this compensation is not cash compensation at all, its stock/equity compensation, meaning that should the company do well, the options/stock are worth a lot of money. If the company does poorly, he makes nothing. Most equity plans have a multi-year vesting period (5 or 7 are the most common). That means that he got the options in 2005. He did not get $131M in cash compensation.

If the CEO drives an increase in stock price he is creating share holder value and wealth. That is his job. It is not an easy job and if it is not done well he will be removed by the board of directors. Personally, I won't invest in a firm that has outrageous executive compensation. Not because I think its wrong, but because I perfer to invest in firms that make greater investments into their business via long-term investments in product and market expansion and infrastructure. I take a look at the annual reports where the top folks compensation is listed and if I think it is excessive, I won't buy the stock. Easy. Based on my freedom to make an informed choice.

I can tell you one group of folks who love these CEOs. Unions. You will find that the multi-billion pension funds of all of the major unions (you know, the working man) most of these firms in their portfolios. They hire the evil bankers like Jamie Dimon to run those portfolios and obviously think paying these gents their salaries is worth the investment.

The entire OWS, hate the rich nonsense is nothing more that a public display of collective bitterness. Shakespeare summed it up nicely:

"Men at some time are masters of their fates: The fault, dear Brutus, is not in our stars, but in ourselves, that we are underlings". - (Quote Act I, Scene II).

Originally posted by tothetenthpower

So according to your logic the extremely successfull aren't responsible for helping the rest of the country flourish? You believe in wealth inequality then?...

So you believe in earn inequality then? That those who EARN then OWE? While those that don't earn -receive?

I don't understand your sentiment here. Of course people need to take responsibility for themselves, but how do you do that when no corporation wants to pay the average worker what they are worth?

Then leave. People don't get paid what they're "worth" (laughable by itself!). They agree to terms of employment.

How do you go back to school and gain more skills to get that higher paying job if you can't afford the student loan? Or to raise your children on 1 salary while your spouse goes back to school?

It's the damn schools that begin the screw job on everyone! Why aren't the crumb-munchers revolting there?

This isn't about being jealous that rich people have more. Hell in Canada I'd be considered "rich", but I give a lot of it away to charities and local organizations because I don't need all that wealth, it's unecessary. I'd rather put it to good use helping my neighboors and community than hoard it.

That's awesome dude. You've probably done some research to learn which charities you'd like to support? Maybe you've got a personal interest in a particular charity? The policy you want to force on us all would prevent that. Then all your 'feel-good" interests would die on the vine, dependent on some gov't bureaucrat to agree with your POV...

This whole argument is about the rich not paying their fair share. About the unwillingness to work towards progress instead of the status quo or bottom line.

Your version of "progress" is yours. Is there any more apparently simple but realistically false term then "Fair Share" and how do you implement your happy version of it while TPTB destroy everyone's chance?

reply to post by TreadUpon

Your version of "progress" is yours. Is there any more apparently simple but realistically false term then "Fair Share" and how do you implement your happy version of it while TPTB destroy everyone's chance?

When 1% own 40%, they are part of the PTB.

Wealth inequality is what got us into this mess. It's not a solution, I don't pretend to have one. I have NO idea what system or policy would work best and that would be FAIR to everybody.

All I know is that it's not fair right now, and it hasn't been for the last 50 years.

~Keeper

reply to post by amaster


You make good points, and I won't argue them as it's a matter of personal belief. I don't have a solution to convince you that my way of thinking is better, I don't think you, or anybody else does either.

As for education, it should be free. Entirely free. It's insane that we would PAY somebody to teach you how to make a living. The whole point of education is to make productive, tax paying members of society. It's REALLY hard to do that when you have 40K plus debt hanging over your head.

I'm lucky, I got government grants and scholarships when I went to university cause I worked by ass off. That's the reason I am in the great position I am in today, hard, back breaking work. But I also got here by helping out the little guy and proping those around me up.

I know so many people who would become great and productive members of society if they were provided the opportunity of a free education. There's a reason that Corporations ship jobs over seas. It's not just because they are cheaper to hire, it's also because they are overall better educated.

~Keeper