A new global CEO pay comparison, the most dramatic yet, demolishes the standard-issue corporate rationale for America's over-the-top executive compensation.
It’s a shame that we Americans just accept this B.S. as “normal” !!
Make NO MISTAKE, the pay levels are a mafia-like paid-in-advance insurance policy to force CEOs to - when it comes time - do the morally reprehensible, whatever that might be. The primary component in ‘transnational’ is the law of a nation, which depending on circumstances, can be argued eight ways from Sunday. It might be to wrap the unconscionable in millions of dollars of propaganda; the manipulation of politicians, the complicit ‘foreigner’ manipulation of genocidal, ecocidal, or other ‘-cidal’ practices where thousands of criminal collaborators must be paid off, or whatever might need to be done.
The CEO pay is otherwise conveniently unlisted/plausible deniability ‘SLUSH FUND MONEY’ .
And the .01% make damned sure that there is ‘critical mass’ to swing the big wrecking balls whenever and however they want.
Dying ideations are historically found in such circumstances when they have painted themselves into corners - predatory capitalism ain’t no different no how.
Fighting this requires support of those ‘on the front line’ - those who for generations have been impoverished by the abuses both corporate and systemic that warps societies kept impoverished so that they are more easily manipulated into UNPAID ARMIES. The latter manipulated to THINK that they aer defending some “limited and natural” condition of identity - when IN FACT they are convinced not TO LOOK AT THE TRAP into which they are constantly placed.
Think twice about the “policies” and “statistics” of say, the Sec’y of Education.
Once upon a time, organized labor fought hard for its share of the pie. Then:
St Ronnie the Demented told Americans they were lazy and shiftless, especially the ones who aren’t white.
US corporations and the oligarchs who own them, blamed unions–so they outsourced more and more.
Both political parties bought into the notion of the US as a low-wage service economy.
Corporations shifted retirement and healthcare costs onto employees.
Corporations replaced workers with technology whenever possible.
Corporations owe their loyalty to shareholders–workers are a drag on profits.
Here’s what Jack Welch, then CEO of GE had to say:
“Ideally, you’d have every plant you own on a barge to move with currencies and changes in the economy.”
What did he mean by changes in the economy? Lower wages somewhere else, of course.
To your point, I thought this was great:
American Voices is the funniest thing on the internet.
“The Free Market Made Us Do It!”
The “Free Market” or political bribes?
I’d make it about 100 million
We passed the cap on salaries for CEOs a long ago. The truth has to be faced: The CEOs of the large corps have made enough. The stockholders have made enough. They don’t need to make anymore. Not one cent more. From this point forward they need to be working for free.
The talents of plumbers are equally as important and worth as much as any CEO making $14.25 million a year. Figure out what to do when your toilet doesn’t flush or the hot water tank goes. Electricians are another profession worth the salary of a big time CEO.
These guys are, in actuality, worth about what the lowest paid worker making picks in a Fulfillment Center makes…nothing more.
To parrot Karl Mark on the 200th anniversary of his birth, “Workers of the World Unite.” The bosses haven’t given us a thing we didn’t already earn with our sweat.
Forbes article, if you’re not the type to read research papers.
I was looking for something like this in the article but didn’t see it. Still, this report has more to do with corporate attitudes and stock prices. What I really wanted to see was company performance compared to pay packages. My guess is they don’t match up. I’ve yet to see anyone in corporate at the top who could work so much as the mail room or a cash register. My rule (for some years now) has been that if you want to find the least competent employees just head for the top of the organizational chart. There be idiots galore patting each other on the back while the peasants under them keep the whole thing running.
Yup. Jack Welch, another bum at the top who contributed nothing but blarney and wrote a book about it claiming he knew how to manage and make things work. I read that book (1980’s) and it had no secrets or even insights into human beings.
Since someone else brought up Jack Welch I’m fairly certain he could figure out the mail room.
Welch graduated in 1957 with a Bachelor of Science degree in chemical engineering, turning down offers from several companies in order to attend graduate school at the University of Illinois at Urbana-Champaign. He graduated from the University of Illinois, in 1960, with a masters and a PhD in chemical engineering
Er… "Under Welch’s leadership, GE increased market value from $12 billion in 1981 to $280 billion, making 600 acquisitions while shifting into emerging markets. Welch pioneered a policy of informality at the work place, allowing all employees to have a small business experience at a large corporation. Welch worked to eradicate perceived inefficiency by trimming inventories and dismantling the bureaucracy that had almost led him to leave GE in the past. He closed factories, reduced pay rolls and cut lackluster units. Welch’s public philosophy was that a company should be either No. 1 or No. 2 in a particular industry, or else leave it completely.
Welch valued surprise and made unexpected visits to GE’s plants and offices. Welch popularized so-called “rank and yank” policies used now by other corporate entities. Each year, Welch would fire the bottom 10% of his managers, regardless of absolute performance. He earned a reputation for brutal candor. He rewarded those in the top 20% with bonuses and stock options. He also broadened the stock options program at GE, extending availability from top executives to nearly one third of all employees. Welch is also known for abolishing the nine-layer management hierarchy and bringing a sense of informality to the company.
Your Forbes article study actually just analyzes equity compensation packages not salary and how they compare with performance regarding stock returns for investors not overall success of the company. I would say most labor movements are looking for higher wages or salary as opposed to equity changes.
Love The Onion. Sometimes I forget how great it is to check in for a humor treatment.
The more they pay these hyperactive megalomaniacs, the more they have to pay. No one wants to be getting less than the CEO he golfs with.
All the concentrated wealth as been stolen from the poor, Marx explained it quite well in " Das Kapital" wither you agree or disagree with much of what Marx writes of, it is very hard to dispute the fact that labor creates all value, and a portion of that value it creates is stolen from it to create profits.
E.G. Wakefield put it well, " labor creates capital before capital can employ labor"
Capitalism is a system based on theft from those who create the value, given the idea that those that have stolen the capital have the right to exploit those that don’t.
Resist and you will have your means of substance taken from you, be exploited or starve, homeless.
And now GE is shedding value. That’s so sad.
And now they’re shedding the units Welch bought. How’d your investment in GE do this year?
Exactly. This is total BS: there is no reason on earth CEOs should make ANY more than, say, 4-5 times the salary of the average worker in any organization.