I continue to do my part to publicize the abusive CEO pay packages that the current crop of unethical CEO’s, and those sitting on corporate boards have supported (Tilting at Ludicrous CEO Pay 2008 – 2007 post on CEO pay abuses). It does seem there is more anger now at the looting these corrupt CEOs have engaged in; though far too many people seem to think the corruption is some isolated few CEO’s. The widespread failure of ethical standards by an enormous number CEO’s (those taking from corporate treasuries as though it was their own personal bank account) is the problem (not a few individuals). The looters certainly have littered their “courts” with apologists for their egregious behavior. Even with the large amounts they pay such lackeys I am surprised they find such willing apologists, in such large numbers.
|Company||CEO||2008 Pay||2007 Pay||CEO % of 2008 Earnings||total employees|
|1||Motorola||Sanjay Jha||$104,400,000||company lost $4.2 billion||64,000|
|3||Walt Disney||Robert Iger||$51,100,000||$27,700,000||1.2%||150,000|
|4||American Express||Kenneth Chenault||$42,800,000||$50,100,000||1.6%||66,000|
|5||Citigroup||Vikram Pandit||$38,200,000||company lost $27.7 billion||322,800|
|7||Calpine||Jack A. Fusco||$32,700,000||327%||2,000|
This executive pay data is for 2008, from the New York Times article, Pay at the Top. Earnings and employee data for 2008 from Google Finance. I would not pay any of these guys 1% of what they were paid if I owned the company, myself.
These guys and their friends have created a culture where their looting is as accepted as the clothes the emperor is not wearing. We need to wake up and stop letting these people steal the bounty created by the employees, customers, community, suppliers, investors… They want a world where they can behave like nobility – taking whatever they want from the value created by others. And lately they have succeeded in creating such a world. They leave in their wake very weakened companies and societies.