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More CEOs got pay hikes than cuts in '08

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dcsmart Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 11:13 AM
Original message
More CEOs got pay hikes than cuts in '08
Source: WASHINGTON (Reuters)

WASHINGTON (Reuters) – More U.S. chief executives got pay raises than had their pay cut in 2008, a year when billions in taxpayer dollars went to prop up struggling companies and millions of workers lost jobs, according to an AFL-CIO survey released on Tuesday.

Wall Street pay has been heavily scrutinized in the past year, especially for executives at major financial firms getting funds under the government's Troubled Asset Recovery Program, aimed to keeping troubled banks afloat and keeping the banking system sound.
The executive pay study of major companies by the AFL-CIO, the country's largest labor federation, calculated compensation that included stock options granted to CEOs but not yet vested.

Some governance experts favor this method, which is intended to take into account the intent of corporate boards.

Using that methodology, Citigroup Inc CEO Vikram Pandit made $38 million in 2008, compared with the roughly $11 million reported in the company's compensation section in U.S. Securities and Exchange Commission filings.



Read more: http://news.yahoo.com/s/nm/20090414/us_nm/us_ceo_pay
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acmavm Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 11:23 AM
Response to Original message
1. Well, as long as they wealthy don't have to give up anything. Like
their homes, cars, food, hell even jobs. Hate to see them worry about where their next meal is coming from, where they can pitch their tent so the kiddies have someplace to sleep.

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OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 11:25 AM
Response to Original message
2. Glad to hear....
I'll sleep better tonight. :sarcasm:
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Democrats_win Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 11:36 AM
Response to Original message
3. Well, Obama is doing a heck of a job for these MFing bastards!
It's the banksters stupid!
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dcsmart Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 11:51 AM
Response to Reply #3
5. you cannot fix capitalism because what we see happening now
is the essence of capitalism.

here is something:

The bourgeoisie cannot exist without constantly revolutionising the instruments of production, and thereby the relations of production, and with them the whole relations of society. Conservation of the old modes of production in unaltered form, was, on the contrary, the first condition of existence for all earlier industrial classes. Constant revolutionising of production, uninterrupted disturbance of all social conditions, everlasting uncertainty and agitation distinguish the bourgeois epoch from all earlier ones. All fixed, fast-frozen relations, with their train of ancient and venerable prejudices and opinions, are swept away, all new-formed ones become antiquated before they can ossify. All that is solid melts into air, all that is holy is profaned, and man is at last compelled to face with sober senses his real conditions of life, and his relations with his kind.

The need of a constantly expanding market for its products chases the bourgeoisie over the entire surface of the globe. It must nestle everywhere, settle everywhere, establish connexions everywhere.

The bourgeoisie has through its exploitation of the world market given a cosmopolitan character to production and consumption in every country. To the great chagrin of Reactionists, it has drawn from under the feet of industry the national ground on which it stood. All old-established national industries have been destroyed or are daily being destroyed. They are dislodged by new industries, whose introduction becomes a life and death question for all civilised nations, by industries that no longer work up indigenous raw material, but raw material drawn from the remotest zones; industries whose products are consumed, not only at home, but in every quarter of the globe. In place of the old wants, satisfied by the production of the country, we find new wants, requiring for their satisfaction the products of distant lands and climes. In place of the old local and national seclusion and self-sufficiency, we have intercourse in every direction, universal inter-dependence of nations. And as in material, so also in intellectual production. The intellectual creations of individual nations become common property. National one-sidedness and narrow-mindedness become more and more impossible, and from the numerous national and local literatures, there arises a world literature.

The bourgeoisie, by the rapid improvement of all instruments of production, by the immensely facilitated means of communication, draws all, even the most barbarian, nations into civilisation. The cheap prices of commodities are the heavy artillery with which it batters down all Chinese walls, with which it forces the barbarians’ intensely obstinate hatred of foreigners to capitulate. It compels all nations, on pain of extinction, to adopt the bourgeois mode of production; it compels them to introduce what it calls civilisation into their midst, i.e., to become bourgeois themselves. In one word, it creates a world after its own image.
Text


of course, this was written in 1848....not relevant now...and you guessed it...The Commmunist Manifesto Part I...seems like it could have written...oh, last week....

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Dr.Phool Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 11:39 AM
Response to Original message
4. Congress and the President should lead by example.
Cut their own pay, and eliminate their retirement and health care benefits.

I don't think you can cut their work week any more.
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redqueen Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 11:53 AM
Response to Original message
6. The CEO/Board of Directors system is broken.
It seems like cronies infest just about all of these organizations at the top levels.

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dcsmart Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 11:56 AM
Response to Reply #6
7. i see you support HR 676, see below
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aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 12:07 PM
Response to Original message
8. Execute the executives.
I don't mind them getting all that money if the buck really does stop with them. If they are required to pay in full for failure, for wrecking the company, the country, for debiting the nation with the bill for their mismanagement.

No taking the money and running.
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Kittycat Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 12:13 PM
Response to Original message
9. It's not just banks...
Edited on Tue Apr-14-09 12:14 PM by Kittycat
Google what Oracle's CEO got last year in increased compensation. However the employees in my husband's (profitable) division received a number somewhere between Zero and Zero in raises. We're still 'hoping' that maybe in June at the end of the quarter, they'll announce something. I'm not holding my breath. We did get an increase in one thing... Insurance premiums and copays. YAY.
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fascisthunter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 01:01 PM
Response to Original message
10. but, but, but... unions
:crazy:
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Optical.Catalyst Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 05:48 PM
Response to Original message
11. The CEOs of big corporations need targeted income tax hikes
Taxing CEO income at a rate of 98% for every dollar they make above $500,000 on a scale proportional to the salary of the lowest paid worker in the the corporation would do for a start.
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