CEOs of the 50 firms that have laid off the most workers since the onset of the economic crisis took home nearly $12 million on average in 2009....while at the same time, their companies eliminated 531,363 jobs despite reporting a 44 percent average profit increase for 2009.
After adjusting for inflation, CEO pay in 2009 more than doubled the CEO pay average for the decade of the 1990s, more than quadrupled the CEO pay average for the 1980s, and ran approximately eight times the CEO average for all the decades of the mid-20th century.
American workers, by contrast, are taking home less in real weekly wages than they too home in the 1970s.
Fred Hassan, former CEO of Schering-Plough, presided over announced layoffs affecting 16,000 workers after a 2009 merger with Merck. He resigned after the merger, receiving “golden parachute” compensation in 2009 of more than $49.6 million to rank as the highest-paid layoff leader.
The top five companies announcing the most layoffs for the study period were General Motors (75,733); Citigroup (52,175); Bank of America (35,000); Caterpillar (27,499) and Verizon (21,308). Among those top five, the biggest compensation package — nearly $17.5 million — went to Ivan Seidenberg, CEO of Verizon.
According to IPS, American CEOs make 263 times the average compensation for American workers, up from the 30 to 1 ratio in the 1970s.Here is what corporate America has been doing:
...squeezing of worker jobs, pay and benefits to boost corporate earnings and maintain corporate executive paychecks at their recent bloated levels.And these are the very people that republicans support. These are the very people that republicans say we must give tax breaks to, we must let them keep all their money. After all, they "earned" it. Yeah, they "earned" it on the backs of the American worker.
The facts are that the only jobs that corporate america is interested in is their top executives jobs and that they will sacrifice worker jobs for executive pay, bonuses, and perks.