Posts Tagged ‘CEO’
Posted in Economics, Economics, recession, Politics, the Rigged Game, wealth redistribution, tagged 26 cantons, CEO, direct democracy, executive pay, popular initiative, Switzerland on Jpm3000000pmThu, 07 Mar 2013 14:59:48 +000013 10, 2010 | Leave a Comment »
Last Sunday, 67.9 percent of Swiss citizens voted to “impose some of the most restricting rules on executive compensation. All of Switzerland’s 26 cantons passed the initiative.” Such agreement is rare. The new law “will allow shareholders to veto executive pay proposals and will give them the power to ban big rewards for new and departing managers.”
“67.9 percent is one of the highest approval rates that Switzerland has ever seen for a popular initiative. It goes to show that the built up anger and plain outrage, caused by multi-million payouts for executives, can translate into decisive and convincing action in Switzerland’s direct democracy.”
“The opponents of this initiative argued that the executives who are offered better pay elsewhere would leave the country. They also argued that these new measures would damage the country’s competitiveness and possibly scare away international talent.” These are pretty dumb claims since most corporate executives are clueless about what goes on in the companies they allegedly manage. In addition, curbing CEO compensation will make Swiss corporations more competitive with international competition, not less, because reducing CEO pay improves their bottom lines. In addition, curbing CEO compensation gives those guys and gals less money with which to purchase the favors of governments, which, more often than not, are not in harmony with the needs and desires of the vast majority of most populations.
Posted in corruption, Economics, the Rigged Game, Uncategorized, tagged CEO, Income, income redistribution, United States, wealth distribution on Jam1000000amTue, 08 Jan 2013 07:36:35 +000013 10, 2010 | Leave a Comment »
Posted in corruption, Economics, Economics, recession, Recessions, the Rigged Game, tagged average, Barack Obama, Bill Clinton, CEO, income redistribution, Nafta, Ron Wyden, The Guardian, Trans Pacific Partnership (TPP), wages, Wall Street, worker on Jpm12000000pmThu, 27 Dec 2012 15:42:42 +000012 10, 2010 | Leave a Comment »
In 1965, the average CEO earned 18.3 times what the average worker earned. Nowadays, CEO’s steal over 230 times more than the average Joe or Josephine. That’s how bad financial and political inequality has become in the US, the government of which is now no more than a plutocracy of the rich.
Take Wall Street Senator Ron Wyden, for example. He poses as a man of the people, and the people he is supposed to represent are in the state of Oregon. To keep their eye off the ball, the senator continues to champion liberal social causes, because it’s mostly a liberal state, but Wall Street Ron bends his knees to his Wall Street masters and screws the people of Oregon on economic matters. He habitually champions federal legislation that redistributes income from the 99 to the 1 percent, such as free trade income redistribution treaties. That’s exactly what Wall Street Ron Wyden champions. As a congressman, he voted for Nafta and every single income redistribution trade treaty that he’s had a chance to vote on.
Take a look at the chart below. CEO compensation began to rise massively after that traitor to the people, President Bill Clinton, signed the Nafta treaty. This isn’t a coincidence. A CEO only has to ship jobs overseas, lower labor costs, and divert much of the difference between the old wages and the new to themselves to get richer. That’s why CEO pay went from roughly 100 times the average worker in 1994 to over 400 times six years later. Nafta was never a free trade treaty; it was an income redistribution scam, negotiated and written by corporate interests with the intention of financially raping the 99 percent on behalf of the 1 percent. They were successful.
The Guardian newspaper calls the Trans Pacific Partnership “Nafta on steroids.” This income redistribution scam is being thinly disguised as a free trade treaty; but aren’t they all? Eleven nations are negotiating the treaty in secret, aided by 600 US corporate lobbyists. The citizens of the US will get no details on the agreement until it’s already signed by the latest traitor-in-chief, President Barack Hussein Obama. And then it will be too late.
Posted in corruption, Economics, Economics, recession, income redistribution, Politics, Recessions, the Rigged Game, wealth redistribution, tagged Alan Krueger, Barack Obama, Ben bernake, CEO, Democratic Party, earl blumenauer, Economics, Federal Reserve, Free trade, Goldman Sachs, income redistribution, John Boehner, leadership, mitt romney, morgan stanley, Pay, Rand Paul, Republcian party, Ron Wyden, the Rigged Game, Trans Pacific free trade agreement on Jpm9000000pmMon, 17 Sep 2012 15:28:28 +000012 10, 2010 | Leave a Comment »
Number one is real simple. I predicted it in my book, The Rigged Game: Corporate America and a People Betrayed, that income inequality is growing in the United States. President Obama, Wall Street Senator Ron Wyden, the Democratic party leadership, Mitt Romney and the Republican party leadership, know this. They all have the same plan regardless of who wins the upcoming presidential election. They plan to make sure income inequality continues to grow by redistributing income and wealth from the 99 to the 1 percent.
Currently, the 1 percent receive about 30 percent of all income in the US, up from about 7-8 percent in 1980. That means the 99 percent have less money to purchase stuff with, which is why the economy is mired in this Great Recession, jobs are scarce, and the economy is tilting on the edge of an economic abyss that will make our current situation look like the good old days.
There is one key difference between the two; Republicans want to redistribute income to the 1 percent faster than the Democrats. Big Deal. The end result is the same; the economic disenfranchisement of the 99 percent. It will soon be banana republic time in the United States. Political disenfranchisement has already occurred.
“The middle class is shrinking. According to Prof. Alan Krueger, Chairman of President Obama’s Council of Economic Advisers, ‘the shift in income inequality over the last three decades is the equivalent of moving $1.1 trillion of income from the 99 percent to the top 1 percent every single year.’” There’s a reason for this. That’s because $1.1 trillion of income has been redistributed every year on average from the 99 to the 1 percent via free trade treaties, deregulation and privatization scams.
Robbing From the Poor and Middle Class: How the 99 Percent of Taxpayers Subsidize Multimillion Dollar CEO Salaries
Posted in Economics, the Rigged Game, Economics, recession, Politics, corruption, income redistribution, wealth redistribution, tagged CEO, Chesapeake Energy, Institute for Policy Studies, Pay, robber barons, tax, Taxes on Jpm8000000pmTue, 21 Aug 2012 12:48:58 +000012 10, 2010 | Leave a Comment »
“A new report finds many top executives are taking home more than their corporations pay in taxes – at our expense” In other words, this report is about another income redistribution scam from the 99 percent to the 1 percent. That’s what your federal, state and local government officials do for a living. That is while they’re in office.
“The Institute for Policy Studies found that 26 of the 100 highest-paid US CEOs took home more in pay than their companies paid in federal income taxes. On average, each of these company bosses was paid $20.4m last year.”
“Dozens of US CEOs have cashed in on this major tax incentive at an estimated cost to US taxpayers of $9.7bn last year. Statistics provided by National Priorities Project suggest that the same amount of money could have paid for 142,625 elementary school teachers, or healthcare for 4.96 million low-income children.
“At a time of austerity, it’s beyond absurd that billions of our tax dollars are pouring into executive pockets,” says Sarah Anderson, a report co-author.”
Click below for a synopsis of the story from the Guardian of the UK or the original report below it from the Institute for Policy Studies.
Guess which country has the highest gap between CEO and average worker pay. Some of you may say the USA and you’d be right. But look at the massive difference between the pay gap in the USA and the rest of the world.
One of the great problems in the United States is shown below. It’s the giant income gap between the politically connected 1 percent and the 99 percent.
Country Ratio of Pay: CEO to Average Worker
South Africa 21:1
United States 475:1