Now Playing: Why do we allow CEO to make so damn much money anyway?
Topic: BIG MONEY PLAYERS
It happens everywhere, in every industry, in every government, in every
body. The greed & corruption ROT sets in.
The parasites worm their way in.
Eventually, we are
all doomed to -->
corruption, degeneration, and death.
Z3 readers I am talking about the corruption in Big Business CEO salaries.
Where CEO are pulling in hundreds of thousands of dollars while the rest of the company or even its customers head to the bankruptcy courts.
USA TODAY found in its annual analysis of CEO paychecks that median 2005 pay among CEO's running most of the nation's 100 largest companies soared 25% to $17.9 million, dwarfing the 3.1% average gain by typical American workers, . READ MORE in the --> USA TODAY Link
Take for example this character, which I copied from an email I got from the Daily Reconing Site
.... Mr. Ivan Seidenberg,
CEO of Verizon Communications.
In 2005, he was the top man at Verizon and got a raise of 48% - to $19.4 million. Wow...you would guess that Verizon had a very good year, right?
And, you would be wrong. Verizon's owners saw nothing but misery. Their stock went down 26%. Their bonds were downgraded. Earnings declined 5.5%. The other managers had to be clipped back; 50,000 managers had their pensions "frozen," according to the New York Times report.
How did Mr. Seidenberg do so well amidst so much financial suffering? He hired an independent consultant to help determine what his pay should be.
This consultant noted that the company had exceeded its "challenging" benchmarks and rolled over.
But it turns out the consultant was not so independent after all. Instead, he had been doing business with Verizon for years and had received about half a billion dollars from the company since 1997.
(HAHA WOW I see a connection here!)
Neither Verizon nor the consultant is talking, according to the Times.
(haha what can they say?)
And then there is the headlines in the USA Today newspaper that the Daily Reconing Wewbsite points out ....No CEO's pay soared more than the CEO of Capital One Financial.
Thanks to a generous package of options and perks, Mr. Fairbanks took home
almost $250 million last year - a sum greater than the profits of 550
Fortune 1000 companies, including Goodyear Tire, Reebok and Pier 1
Or how about these guys...
Broadcom's Scott McGregor, hired by the semiconductor maker in January 2005, received $7.7 million in pay and bonus, plus stock options with a potential value of $101.9 million.
3M's James McNerney, who replaced Boeing CEO Harry Stonecipher in June, received $25.3 million in Boeing stock to compensate him for losing potential payouts at 3M. His last six months at 3M proved lucrative, too. He got almost $41 million ? $8.4 million in compensation and $32.4 million exercising 3M stock options
John Mack, who replaced ousted Morgan Stanley chief Philip Purcell in June, pulled in more than $68 million, including $37.8 million in restricted stock and $30 million exercising stock options
Get the feeling we are being taken to the cleaners?
Think its fine to make that kind of money while Joe Anybody can barley eat.
I keep thinking back to the old battle cry of
...."EAT THE RICH"
Although it might give me heartburn or make me violently sick