- Personal Finance
CEO Wealth Facts: The Rich get Richer You Get... well Bend Over
Justification for CEO Compensation Not Required
According to Forbes Magazine the CEO’s of America’s 500 largest companies got a pay raise of 38% in 2007 collecting 7.5 Billion Dollars. Gee that’s only $15 million per CEO. Did somebody forget to tell these people that the economy is tanking? How do these people pay themselves such exorbitant sums when their businesses and the economy are sliding into oblivion? Well not every business tanked, but overall the trend was clearly downward, yet these executives just keep rewarding themselves regardless of performance.
Steve Jobs paid himself only $1, but exercised stock options for $647 million! Keep buying those iPhones! Seriously who is worth $647 million? Anyone? This is America a land of the poor and super rich. It’s just plain sick. Speaking of Sick... jobs had a liver transplant in the spring of 2009 so he had better spend it up soon. I wonder what kind of person he is... I don't know. But maybe it's time for a little philanthropy? And I’m sure there are those of you who think that it’s just great. The mentality that someday that will be you… and you’ll deserve it. Okay.
This is going to be the shortest article I’ve written so far. I’m reading in depth the amount of money these people are taking from their companies and it just makes me want to puke.
In my view it’s just plain wrong for people to take this kind of money out of any company while the workers toil and get next to nothing. It's one thing to make more when times are good and profits are flowing... but this is not the case. Even then Executive pay is excessive. This is one more reason why the existing system of capitalism is failing the American Public. It’s truly disgusting for a single person to swim in such excess while the average person is having trouble paying for basic survival needs like food and shelter.
Here is a list of Highest Paid CEO's from 2008 via the Huffington Report:
1. Aubrey McClendon, Chesapeake Energy Corp., $112.5 million
2. Sanjay Jha, Motorola Inc., $104.4 million
3. Robert Iger, Walt Disney Co., $51.1 million
4. Lloyd Blankfein, Goldman Sachs Group Inc., $42.9 million
5. Kenneth Chenault, American Express Co., $42.9 million
6. Vikram Pandit, Citigroup Inc., $38.2 million
7. Steven Farris, Apache Corp., $37.2 million
8. Louis Camilleri, Philip Morris International Inc., $36.9 million
9. Kevin Johnson, Juniper Networks Inc., $36.1 million
10. Jamie Dimon, JPMorgan Chase & Co., $35.7 million
American Express took $3.5 Billion from the Government Bailout fund and still paid Chenault… well he paid himself $42.9 million. That’s right pay yourself anything you want because the American Taxpayer is powerless to stop you. The Government just keeps stealing from the American Taxpayer and rewarding the wealthy.
Citigroup took $45 Billion from the Bailout Fund. No joke. How in the hell can a company that is bankrupt and only afloat because of the American Tax Payer pay their CEO $38.2 million?
“Over the past four quarters, the company has recorded close to $21 billion in losses.” Source: http://money.cnn.com/2008/11/23/news/companies/citigroup/index.htm
JP Morgan Chase took $68 Billion from the Bailout fund. Which they have now repaid… but if you dig into how they turned enough profit to repay the “loan” you’ll find that they were owned money by other Giant Corporations that were flooded with Government cash… so it was only a paperwork shuffle.
And here is yet another compensation list…
Every list is different… but one constant remains the same. People are losing their jobs and CEO’s are taking more money from their companies even when those companies tank!
America is on the path to Bankruptcy thanks to GREED and Corruption … and at the center of it all is the Federal Reserve and the Fractional Reserve Banking System. The country is not going to ever recover from this current recession because the debt load is too high and built into the system. There is no way out for the Average American. All you have to do is educate yourself. Are you smart enough to do that? I don’t know… I don’t believe the average person is. Why? The average person doesn’t understand the Money Supply and how money is created from nothing. There is only 3% of actual real hard currency in existence in the money supply. The other 97% of “Money” is nothing more than numbers on computer screens.
This is why you can’t go to the bank and withdraw large sums of money. They don’t have the money? It doesn’t exist!
Declining Purchasing Power of the American Citizen
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