CEO pay rose higher in '07 despite economic woes

[UpInArms]

Source: Assocaited Press

NEW YORK - As the American economy slowed to a crawl and stockholders watched their money evaporate, CEO pay still chugged to yet more dizzying heights last year, an Associated Press analysis shows.

The AP review of compensation for the heads of companies in the Standard & Poor's 500 index finds the median pay package added up to nearly $8.4 million. That's a comfortable gain of about $280,000 from 2006.

The 3 1/2 percent pay increase for CEOs came even as the landscape for both workers and shareholders darkened considerably and the economy was choked by a housing market in free fall, layoffs and soaring prices for fuel and food.

<snip>

Rick Wagoner, chief executive of General Motors Corp., announced earlier this month the company had to close four plants that make trucks and SUVs because of lagging demand as fuel prices soar. That followed the posting a $39 billion loss in 2007, a year when its stock price fell by about 19 percent, without adjusting for dividends.

And Wagoner? His pay rose 64 percent, to $15.7 million.

Read more: http://news.yahoo.com/s/ap/20080615/ap_on_bi_ge/ap_executive_compensation

[Amerigo Vespucci]

1. Time to play "connect the dots"...

...this article literally made me sick when I read it this morning:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3353623&mesg_id=3353623

:patriot:

[UpInArms]

2. just considering the source for that quote in the article you reference

"My personal opinion is I would argue that McCain is probably the better candidate for the economy and that is more or less because of his tax policies," James Caron, head of global rates research at investment bank Morgan Stanley in New York, said at the Reuters Summit this week.

tells me that Morgan Stanley's head of global rates research is an asswipe who is completely disconnected from reality.

I hope he dies on a 10-thread count sheet in abject poverty.

:toast:

[Thor_MN]

4. You'd give him a sheet?

Dang librul... :)

[Up2Late]

3. Is this a surprise to anyone?

Hey AP, why don't you tell us something we don't already know?

[daleo]

5. It's not easy to run an economy into the ground

It's hard work. If CEO's didn't make so much money, who would be willing to take on this awesome responsibility?

[bluerum]

9. Eggsacktomundo. The creative hornswaggling that went into selling,

packaging, and re-selling all those sub-prime mortgages into financial investment vehicles took some of the best lyin and deceivin that this countries CEO community has to offer.

[Doug.Goodall]

10. A CEO that gets $15,000,000 to tell people "Your fired!"

[CubicleGuy]

6. It's good to be the king.

[scarletwoman]

7. Feudalism redux. The Aristrocracy which owns everything, and the Serfs who own nothing.

Too bad most Americans are too drugged and delusional to recognize reality, because we really ought to be getting out the torches and pitchforks and storming the castles of the Owner Class.

sw

[Faygo Kid]

8. Shocked. I'm shocked. Round up the usual suspects.

[Doug.Goodall]

11. When Obama is elected, I hope he works to even up the tax laws

I hear discussions about a 'Windfall profits tax' on big oil, I would propose a 'Windfall CEO salary tax' on the corporate leaders who get raises while the workers suffer.

[cmutt]

12. When are people going to realize

.. that a balance must exist between corporate entities and the middle class? The fact is that there is too little of the higher class society to consume a sufficient quantity of goods/services to affect the economy. The lower class simply doesn't have enough to do so. When you place too much of a burden (i.e. taxes, higher gas, higher food prices, etc) of the middle class, the economy stagnates. Businesses need to make a 'healthy' profit. And consumers need to make a wage that allows them to purchase. You restore the middle class's ability to purchase and the economy soars. It's simple: investments don't drive the economy (sorry trickle-down economic enthusiasts). Consumerism drives the economy. Didn't the low unemployment (& the corresponding rising wages) of the Clinton years illustrate that enough? Why is it that Republicans are for 'personal responsibility': meaning that nothing is to be handed out to anyone (i.e. no welfare, no soc. security, etc). Every man for themselves. But when it comes to businesses, then we'll bend over backwards handing out subsidies. Why don't we let businesses stand for themselves. The public will choose the goods and services they desire. The good businesses will prosper. The bad ones will fail. Why do businesses get treated different from ordinary citizens?

[primavera]

15. Because business owns our government

And we call ourselves a democracy. Don't make me laugh.

[Doctor_J]

18. and the media.

Don't overlook Big Media's contribution to the fascist takeover. Goebbels would blush if he saw CNN, MSRNC, and Fox News.

[Uncle Joe]

13. Kicked and recommended.

Thanks for the thread, UpInArms.

[Acadia Blue]

14. The feudal pig's class war ....................

[OhioChick]

16. Nice to hear that someone is doing quite well....

:sarcasm:

[Doctor_J]

17. I keep thinking that we can right the ship of state so that these people

don't end up like Mussolini, but the news like this just keeps coming. Either these people know they're going to be protected by the full power of the fascists in office and the media, or they don't care. I can't see this going on forever. If we lived in a civilized country like France, there would have already been adjustments made. Here the Limbeciles just love being robbed, beaten, and spied on.