20 biggest CEO pay raises for 2010: staggering greed

[BostonPirate]

and the top three are...

1. Philippe P. Dauman, $50.5 million
Company: Viacom (VIAB)
2010 pay: $84.5 million
Cash compensation: $14.0 million (down $1.3M)
Stock and options: $70.5 million (up $51.8M)
Total pay raise (1 year): 148.6%

2. Ray R. Irani, $44.7 million
Company: Occidental Petroleum (OXY)
2010 pay: $76.1 million
Cash compensation: $35.9 million (up $29.2M)
Stock and options: $40.3 million (up $15.5M)
Total pay raise (1 year): 142.4%

3. Donald J. Stebbins, $23.6 million
Company: Visteon (VC)
2010 pay: $26.9 million
Cash compensation: $5.7 million (up $2.4M)
Stock and options: $21.2 million (up $21.2M)
Total pay raise (1 year): 718.1%

Follow the link to find the rest of this motley crew.

http://money.cnn.com/galleries/2011/news/companies/1109/gallery.pay_raise/index.html

Gentlemen... meet the one percent. The Job creators that pay no taxes. Meet the men that earn the ire of the occupy wall street crowd.

is there anything that these men CAN humanly do that warrants THAT level of annual pay and raises? Why are they not foregoing these excessive raises to "create jobs"?

DO these men deserve this kind of money?

 

[Kyanimal]

What they are doing is creating "Value"/Returns for their investors, and themselves. What they are NOT doing is creating Jobs, at least Here!

What they don't seem to understand is that while they may be increasing Profits, by decreasing their Labor costs, outsourcing Jobs to other countries, they are also eroding their own consumer base Here!

If those thousands of employees they just laid off can no longer afford, not only their own products/services, but also those of many other businesses, who are also their customers, they are undermining the very source of their incredible Wealth! Those that have "Got IT" don't seem to be "GETTING It!"

WE, the "99%" are getting FUCKED! Butt, what the "1%" don't seem to fathom is, they are, indirectly, also Fucking themselves!

The distribution of Wealth, here in "The States", is becoming TOO Top Heavy! And, unless there is an Awakening, to what is really happening, our economic system is going to collapse from being undermined by those sitting, precariously, on the Top!

At least ... try to ... no matter what ...

Keep smilin'!!
Chaz

 

[BostonPirate]

agreed

You have to have a healthy middle class for american capitalism to flourish. We all must go for the ride to some degree or in the end none of us will.

 

[palemale]

Stebbins' raise is really breath-taking when one considers that his company, Visteon, went into bankruptcy on his watch and emerged from bankruptcy last year. He got a huge raise after slashing retiree health benefits. I guess it's his reward for fucking over the workers.

 

[SuprSonic]

And even if they aren't creating shareholder value, they still get a severance package worth more than most folks will earn in their lifetime.

I'd like to see a few reforms along the lines of:
1. All executive compensation must be approved by shareholders
2. Maximum cash compensation of $1,000,000/year
3. Stock compensation cannot be sold for at least 5 years to discourage putting short term profit above long-term success
4. No severance if they fuck up

 

[BostonPirate]

Stebbins' raise is really breath-taking when one considers that his company, Visteon, went into bankruptcy on his watch and emerged from bankruptcy last year. He got a huge raise after slashing retiree health benefits. I guess it's his reward for fucking over the workers.

and Ray Irani at Occidental Petroleum. OXY made a killing as people were paying four bucks a gallon gas prices.... supposedly because of war and shortages.

Occidental Petroleum Corp. rode a wave of higher oil prices to a second-quarter profit of $1.82 billion, up 71% from the same period last year, the company said Tuesday.

.....

Occidental's revenue for the quarter was $6.17 billion, up 34% from $4.6 billion a year earlier.

Analysts said it would probably be the oil industry's biggest second quarter since 2008, when oil and fuel prices hit record highs

http://articles.latimes.com/2011/jul/27/business/la-fi-oxy-earnings-20110727

Honestly... they made billions, created no new jobs, paid no taxes, got subsidies, broke the hump of the american commuter, and for what?

Billions into the pockets of the top few...

the shareholders out voted them in a policy action and were enraged by the salaries... but they still took the cash.

A spokesman for the shareholders released a letter....

"The only explanation we can envisage for the continued major governance failings that have characterised the board's stewardship is that the board, as currently composed, suffers from entrenchment and ossification, which renders each of its members incapable of functioning as vigorous and independent shareholder representatives," said the letter.

http://www.guardian.co.uk/business/2010/aug/03/occidental-petroleum-battle-investors-executive-pay

 

[BostonPirate]

And even if they aren't creating shareholder value, they still get a severance package worth more than most folks will earn in their lifetime.

I'd like to see a few reforms along the lines of:
1. All executive compensation must be approved by shareholders
2. Maximum cash compensation of $1,000,000/year
3. Stock compensation cannot be sold for at least 5 years to discourage putting short term profit above long-term success
4. No severance if they fuck up

well

I like the last two on your list

 

[chance1]

I worked at Viacom

I met with and worked for Phillippe Dauman

It's criminal that he makes/made that much

Did anyone see "Margin Call"

great flick about a financial institution that in the midst of downsizing ........... an employee (stanley tucci) who is let go passes on his file to a junior associate (zach quinto) who analyzes the data and finds out just how fucked their financial positions are .......

long story short is the more junior folks are the smart ones

the more senior are just the more .............. salesy

am i making sense?

CEO pay is out of control

and the viacom guy is a prime example that I can speak to first hand

 

[BostonPirate]

I worked at Viacom

I met with and worked for Phillippe Dauman

It's criminal that he makes/made that much

Did anyone see "Margin Call"

great flick about a financial institution that in the midst of downsizing ........... an employee (stanley tucci) who is let go passes on his file to a junior associate (zach quinto) who analyzes the data and finds out just how fucked their financial positions are .......

long story short is the more junior folks are the smart ones

the more senior are just the more .............. salesy

am i making sense?

CEO pay is out of control

and the viacom guy is a prime example that I can speak to first hand

this top heavy pay structure reduces a junior board member who has the fire in his belly to a gopher, a yes man... just to get ahead.

its not only killing the middle class but its already killed america's competitive edge.

 

[palemale]

They should pay corporate execs a lot less and require them to invest 50% of their earnings in company stock.

 

[CowboyBob]

Capitalism without controls is worse than Communism without controls. No one actually can earn that kind of money. What they are doing is stealing it.

 

[BostonPirate]

Why would any of these guys care about their businesses once they have amassed a huge vault of cash to sit on. They can use the companies they've made their wealth from like toilet paper, once they have achieved their purpose. Won't matter to them.

I think there should be a cap on the amount of cash ANYBODY can earn full stop.
It is sickening that some people can earn more in a month than others do in their whole life.
The wealth needs to be redistributed fairly, especially as the resources which these people have grown their businesses on, rightfully belong to the people.

Right

at the end of the day they are the head paper pusher if its a publicly traded stock. So why are they allowed to give themselves so much when so many go without for so long in this nation.

These are the men that the GOP is defending when they say that its unfair to raise taxes on job creators.. isnt that a joke.

THey are also the line up of the people that the occupy wall street crowd are motivated by.

Capitalism without controls is worse than Communism without controls. No one actually can earn that kind of money. What they are doing is stealing it.

the middle class has to be able to buy stuff. Fighting income disparity WAS a big fight after the greed of the 1920's brought down america in the thirties.

It took growing a strong middle class in the fifties and sixties to generate the heated american economy that Bush single handedly destroyed.

And now we are full circle again. Capitalism falters because the Middle class is evaporating and there is a huge income disparity.

 

[CowboyBob]

the middle class has to be able to buy stuff. Fighting income disparity WAS a big fight after the greed of the 1920's brought down america in the thirties.

It took growing a strong middle class in the fifties and sixties to generate the heated american economy that Bush single handedly destroyed.

And now we are full circle again. Capitalism falters because the Middle class is evaporating and there is a huge income disparity.

I heard someone call this era the New Gulded Age, referring to the era before income tax laws where uncontrolled wealth reigned. The Astors, the Rockefellers, summer cottages in Newport.... it's returned. It really has.

The controls enacted at that time need to be enforced again.

In the 1950's the American middle class was strong and the wealthy were taxed at 90%, and they remained wealthy even at that tax rate. The Interstate Highway system was built, families had one wage earner who could afford to buy a house. This era lasted until the late 1970's.

Enter Ronald Reagan and his trickle down economics which started the slow decline of the middle class. It's reached epidemic proportions now.

 

[Kulindahr]

American corporate CEOs are the best argument in the world for a 99% top marginal tax rate, say on income above $2.5 million.

Bob's right -- no one earns that much; at that point it's plunder.


GOP = Ginormous Obscene Plunderers

 

[Ninja108]

Sooner or later,someone is finally going to snap and take it out on these greedy POS.

 

[andysayshi]

So, refresh my memory... what was it OWS were protesting?

 

[bankside]

So, actually you don't need a thriving American labour force or risk eroding your base, when most of your revenue comes from other countries.

Here's an example:
http://www.mactech.com/2011/06/28/apples-international-sales-are-fire

"The Americas are still Apple's largest market in terms of profit, though they beat the European market (which, interestingly, also includes the Middle East and Africa) by only a slim amount," says "The Motley Fool." "Growth rates continue to soar in Apple's Asia-Pacific region, and it's not unimaginable for that area to constitute the company's largest market in the next half-decade -- or sooner."

Even in this recession, average American wages are higher than the average for people working just as hard or harder in other advanced countries. And countries where they make a lot less money are still incredibly profitable for companies owned by Americans, or by Europeans, or by the Chinese.

In no way do I think that justifies those salaries; as an investor I would be irritated. I simply don't believe that one overpaid CEO is a better guarantor of my investment than thousands of highly-qualified well-paid happy and productive employees.

But in no way is any single national market, or its labour force, all that important.

 

[jackoroe]

So, refresh my memory... what was it OWS were protesting?

It actually depends on what day of the week it is. We had animal rights issues raised yesterday.

 

[BostonPirate]

Sooner or later,someone is finally going to snap and take it out on these greedy POS.

So, refresh my memory... what was it OWS were protesting?

on the fifth of november they are all going to be moving their money out of large banks and into small local ones.

I will be doing that as well as dump all the BoA stock I snagged when it was three bucks a share. I am told many firms are considering a preemtive dump of large banking stock just before the market closes on the 4th

That would be tomorrow afternoon.

Here’s the PCCC release in full:

Big Wall Street banks destroyed our economy, broke the law, and spent millions lobbying Congress to keep the same broken system intact.

Is your money currently in one of these bad banks — helping them remain “too big to fail”?

Click here to join thousands of others in saying “I want to move my money” — and get details about good-guy banks in your area.

(Or, just sign up to get details about good-guy banks in your area by clicking here.)

This week — in advance of national “Move Your Money Day” on Saturday, November 5 – we’ll be releasing an online tool called Banxodus that helps you find a good-guy bank around Louisville.

Finding a good bank can be the hardest part of moving your money, so we want to make it easy for you.

Signing the ”I want to move my money” statement is the first step. Click here to join thousands of others in doing it!

(Or, just sign up to get details about good-guy banks in your area — or volunteer to help research banks in your area — by clicking here.)

The more people join the cause, the more of an impact we make. So please forward this email to your friends. Thanks for being a bold progressive.

– Michael Snook, Stephanie Taylor, Adam Green, TJ Bateman, Kristiane Skolmen, and the PCCC team

P.S. The below chart shows big bank consolidation over time. ”Too big to fail” banks know they can go to the government for bailouts, so they take obscene risks with our savings. We can make these banks less “too big to fail” by moving our money.

http://insiderlouisville.com/news/2...says-move-your-money-to-the-local-bank-nov-5/

 

[Kulindahr]

^ I moved my accounts years ago, when the very friendly local bank I had student loans from got eaten by a regional bank which shortly thereafter partnered with another regional bank to gobble up a batch of smaller banks, and then proceeded to divvy up the different branches by territory. I went to a credit union, and have never regretted it.