CEO pay
How much top executives receive for compensation has hit the headlines recently, with average CEO's making 262 times the earnings of the average worker. The average compensation of a CEO at the top 1000 US firms was just under $11 Million in 2005. Liberals have posted their outrage at such high pay for bosses, while the workers struggle. Here is the money shot from this idiotic post.
We have seen the Republican economic policies in action. They create widespread inequality, massive amounts of debt and prey on fear and political calculation at the expense of 80% of this country.
This poster included in his diary that the gap between CEOs and workers was the second highest on record, yet he convienently left out this:
The ratio surged in the 1990s and hit 300 at the end of the recovery in 2000
Maybe for clarity sake, he could have popped this chart into the diary to show the growth in CEO pay over time. But for some reason he left both of these facts out. One possible reason: Bill Clinton was in office when CEO salaries were at all time highs. The enormous explosion in the pay differential occured under a Democratic administration. So if Republicans have caused high CEO pay, then Democrats really have the midas touch when it comes to making the nation's wealthiest even richer than the average joe.
More likely is that neither party has much control over how much corporate leaders are paid, anymore than they control how much some steroid injecting ballplayer or some botox injecting actress makes. But if you listen to these left wingers, it is Republican policies. This ignores how much some Democratic CEO's have made over the years. When Clinton was in office, Michael Ovitz, a big donor to Democrats made a huge chunk of change for 14 months of work, pulling in about $140 million when he was booted by the King of highly paid Democratic CEO's, Michael Eisner. Back in the Decade of Greed, Eisner made unbelievable amounts of money, pulling in half a billion in compensation in 1998, while Eisner's company was outsourcing film production to cheaper countries and using sweat shops for Disney clothing.
Detroit Congressman John Conyers is pushing a bill that would provide tax relief to corporations that limit CEO compensation to 100 times of their lowest paid workers. So Eisner, being the good Democrat that he is, would've needed to raised the pay of the dude in the Mickey outfit to $5 million a year to comply with Conyers' Patriotic Corporations for America Act. Does self described liberal Democrat Sumner Redstone pay his staff a fair wage incomparision to his huge salary? I wonder how much Gov. Jon Corzine paid Goldman Sachs' secretaries when he was CEO while he amassed a $300 million dollar fortune.
But it is all Bush's fault.
We have seen the Republican economic policies in action. They create widespread inequality, massive amounts of debt and prey on fear and political calculation at the expense of 80% of this country.
This poster included in his diary that the gap between CEOs and workers was the second highest on record, yet he convienently left out this:
The ratio surged in the 1990s and hit 300 at the end of the recovery in 2000
Maybe for clarity sake, he could have popped this chart into the diary to show the growth in CEO pay over time. But for some reason he left both of these facts out. One possible reason: Bill Clinton was in office when CEO salaries were at all time highs. The enormous explosion in the pay differential occured under a Democratic administration. So if Republicans have caused high CEO pay, then Democrats really have the midas touch when it comes to making the nation's wealthiest even richer than the average joe.
More likely is that neither party has much control over how much corporate leaders are paid, anymore than they control how much some steroid injecting ballplayer or some botox injecting actress makes. But if you listen to these left wingers, it is Republican policies. This ignores how much some Democratic CEO's have made over the years. When Clinton was in office, Michael Ovitz, a big donor to Democrats made a huge chunk of change for 14 months of work, pulling in about $140 million when he was booted by the King of highly paid Democratic CEO's, Michael Eisner. Back in the Decade of Greed, Eisner made unbelievable amounts of money, pulling in half a billion in compensation in 1998, while Eisner's company was outsourcing film production to cheaper countries and using sweat shops for Disney clothing.
Detroit Congressman John Conyers is pushing a bill that would provide tax relief to corporations that limit CEO compensation to 100 times of their lowest paid workers. So Eisner, being the good Democrat that he is, would've needed to raised the pay of the dude in the Mickey outfit to $5 million a year to comply with Conyers' Patriotic Corporations for America Act. Does self described liberal Democrat Sumner Redstone pay his staff a fair wage incomparision to his huge salary? I wonder how much Gov. Jon Corzine paid Goldman Sachs' secretaries when he was CEO while he amassed a $300 million dollar fortune.
But it is all Bush's fault.
posted by Doug at 6:30 AM
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