Defense Contractor CEOs' Pay Doubles

[Robbien]

The study, conducted by the Institute for Policy Studies and United for a Fair Economy, found that, on average, CEOs of corporations with extensive defense contracts are getting paid about double what they made before Sept. 11, 2001. CEOs of other large corporations _ without big stakes in the war _ have averaged pay gains of 6 percent during the same period, the study said.

. . .

The study focused on the pay of the CEOs of the 34 publicly traded U.S. corporations that were among the top 100 defense contractors in 2005 and for which defense contracts made up more than 10 percent of revenues. The two groups calculated the CEOs' pay packages based on salary, bonuses, stock awards, long-term incentives and the value of stock options exercised in any given year. The information is publicly available from Securities and Exchange Commission filings.

. . .

Between 2001 and 2005, the profits for the 34 companies have climbed 189 percent. Profits for U.S. corporations as a whole rose 76 percent.

. . .


Another highly paid CEO is Jay Gellert, CEO of Health Net Inc., which provides managed health care to dependents of military personnel as well as Pentagon retirees. In the years immediately before Sept. 11, 2001, Gellert didn't break $1 million in compensation.

Gellert made $11.6 million last year after a big jump in military contracts that the company said in its SEC filings resulted from "a rise in demand for private sector services as a direct result of continued and heightened military activity."

http://www.baynews9.com/content/9/2006/8/30/178674.html...

[MercutioATC]

1. Hey, they had good contracts.

These raises didn't happen for no reason. The boards of directors of those companies (and, by extention, the shareholders) approved that level of compensation.

[ShockediSay]

4. and good contacts - their lobbyists

helped get us into Iraq

[eccles12]

11. When the nation is at "war" there should be a law against this.

It's war because Bush said so. How unpatriotic of them. Is anyone calling them unpatriotic, opportunists, ore war profiteers? I bet not one Freeper is.

[shain from kane]

2. Yes, but they had to forgoe all those pay increases in the lean years.

Those years where salary was deferred, so it could be affordable to serve in the government, and still receive a paycheck in later years.

[InkAddict]

3. Iranian Co-Owner...

According to the DoD., The Aeon Group L.L.C., Los Angeles, Calif., was awarded on April 1, 2004, a firm-fixed-price contract valuing $14,899,316.00 to migrate the mechanization of contract administrative services system to a government-furnished relational database management system. Work will be performed at the Defense Finance and Accounting Service...

Real expertise? See the spooky, partially inoperative/incomplete website, too...things that make one go hmmmmm.....http://www.aeongroupllc.com/

[cosmicdot]

6. no info on alliances, management, etc.

the drop down menus are there, but nobody's home

hmmmmm, indeed

[leesa]

5. Now remind me again how Muslims benefited from 9-11?

Exactly WHO benefited from 9-11...figure that out and you have your culprits. Right, Dick?

[YankeyMCC]

7. The system performing as desired by

the powers that be.

[cassiepriam]

8. And then some of the the money gets funneled back to Repugs...

Sweetheart deals over and over again. What they do best.

[mikita]

9. snippets of this article

should be pasted on our cars, so people can see WHY we're "staying the course" and "not cut and running"......

It is just SOOOOOOOOOOOooooooooooooo profitable.....

[Vidar]

10. So the war is succeeding in its real goals.