July 02, 2008

Good news on CEO pay

Well, it is if you're a CEO. If you're a shareholder, it's pretty damn bad because, yet again, WE'RE GETTING ASSRAPED BY MANAGEMENT. Take GM, for example (no, really, TAKE GM OUT BACK AND SHOOT IT)...

Rick Wagoner, chief executive of General Motors Corp., announced this month that the company had to close four plants that make trucks and sport-utility vehicles because of lagging demand as fuel prices soar.

That followed the posting of a $39 billion loss in 2007, a year when its stock price fell about 19 percent, without adjusting for dividends.

And Wagoner? His pay rose 64 percent, to $15.7 million.

This is the SAME Rick Wagoner who kept making giant SUV's while gas prices went up. And up. AND UP. Meanwhile, Toyota was busy making Priuses which they are selling literally as fast as they can make them.

Here's a resolution we can support as shareholders... no member of management should make more than 50x the salary of the lowest paid worker in a company.

The problem with American capitalism is the management. If shareholders would join with labor, we could finally get things back in line.

Posted by mcblogger at July 2, 2008 08:35 AM

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I think that's a great resolution, and I've proposed it myself. Workers would get a decent salary if CEO wages were tied to those salaries.

Posted by: jobsanger [TypeKey Profile Page] at July 2, 2008 03:06 PM

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