CEOs SUCK (YOUR TAXES)!

Steve Jobs, who just stood down as boss of Apple: "Would the next WASP in line who wants to make an obscene amount of money please step forward."

We all know Chief Executive Officers of large corporations make a fortune, right?

Wall Street can crash, the economy can take a header, unemployment lines can stretch around the block and poverty lines can squeeze more and more people under them. But CEOs are still laughing all the way to the Hamptons.

It's pretty sickening on many levels. For example, these jokers constantly talk about profitability and "remaining competitive." This is corporatespeak for maximizing profits by any available measure... other than cutting their own salaries. And the first port of call is generally the rank and file: pay cuts, benefits cuts, layoffs. Anybody but them.

With the recent attempts to gouge workers at Verizon and in the state of Wisconsin and, well, everywhere else; and with real wages for the majority of the workforce stagnating or declining over the past 30 years, it's nauseating that the top layer of business boys is still at the trough.


THE NUMBERS

So how much do these guys (yes, almost exclusively white males) make? You might want to get out the Mylanta before you read this.

According the the AFL-CIO website, in 2010 the average CEO pay at S&P 500 companies was as follows:

Salary: $1,093,989
Bonus: $251,413
Stock Awards: $3,833,052
Option Awards: $2,384,871
Nonequity Incentive Plan Compensation: $2,397,152
Pension and Deferred Compensation Earnings: $1,182,057
All Other Compensation: $215,911
TOTAL: $11,358,445

Quoting from the same site:

According to the Federal Reserve, U.S. corporations held a record $1.93 trillion in cash on their balance sheets in 2010. But they are not investing to expand their companies, grow the real economy or create good middle-class jobs. Corporate CEOs are literally hoarding their company’s cash—except when it comes to their own paychecks.

In 2010, Standard & Poor's 500 Index company CEOs received, on average, $11.4 million in total compensation— a 23 percent increase in one year. Based on 299 companies’ most recent pay data for 2010, their combined total CEO pay of $3.4 billion could support 102,325 median workers’ jobs.

Fortunately, the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act contains new tools to help limit runaway CEO pay. Shareholders now have a “say-on-pay” vote on executive compensation, and companies must disclose the ratio of CEO-to-worker pay at each company.

And on an important side note, let's not forget that corporations are BY FAR the biggest recipients of welfare -- our tax dollars!


CONCLUSION

There's something very wrong here, obviously. Think about how hard you work and how much you make (if you even have a job, of course). Now, if you divide $11, 358,445 by a salary of $40,000, you get a quotient of 283.96. Now, does anybody really work 284 times harder than you? Or is their knowledge or expertise so unique, so irreplaceable, that they are worth 284 times your sweat? And what exactly do they do to make the world a better place?

Times are very tough, brutal, for many many people. And they were tough a long time before the 2008 recession hit for many millions in the U.S. and around the world. But the one constant is that CEOs do very well, living in their own stratosphere of luxury.

But be careful, fellas. The air will get awful thin up there once you piss off enough people. And they ain't gonna throw you an oxygen tank.

Take care,
Adrian

IF YOU FOUND THIS BLOG POST INTERESTING you might also like to take a look at THE REVOLUTION IS KNOCKING -- PT. 1.

BITS & BITES: "HOW CAN YOU CARE TOO MUCH?"

"I have a dream!.... No, wait. That's not the line."

Out of the Mouth of Mickey

Any of you who are activists or agitators for social change on any level have probably heard a million times things like: "What are you so worried about?" "You have to see the glass as half full and enjoy life" etc. etc. These folks, who probably mean well, don't see that you can have a social conscience and work to make the world a better place and still enjoy your life. In fact, you appreciate your blessings even more. The fact that they miss the point so badly makes me a little sad. That's why "spreading the word" is so important. It all makes me think of Mickey Rourke, as the nutty rogue cop in "Year of the Dragon," when he says: "How can you care too much?" That's how I've always felt and as long as there's one person suffering or one child hungry, I'll be quite content to feel rather intense about trying to make a difference.


Hurricane Irene

I've been tracking this angry lady quite closely because my son lives back East. He just turned nine and we spoke on the phone a few minutes ago. "We hardly got anything!" he told me, a little disappointed not to have a bit more excitement in his Sunday. Of course, Irene is no joke for a lot of people who have to pick up the pieces in her wake. I'm very leery of the political mileage that Obama and others get out of stuff like this. The speeches, the grim predictions, the somber summaries -- all from their ivory towers and safe havens. Is there an election simmering on the stove top by any chance? (NOTE: Did you realize that Obama raised a BILLION dollars for his first presidential campaign? Think about how sick that is and what it says about our bogus "democracy." I know some people on the East Coast who could use a taste of that kind of money right now.)


Guest Writers for "House on Fire"

You may have noticed that Code Pink founder and super-gutsy lady Medea Benjamin gave me use of her most recent piece (on the new MLK monument in D.C.) for "House on Fire." I'm very grateful to her; she's a really great person. Well, I've lined up some other big names for "guest appearances." Some of these blog posts will be in the format of "5 Questions for..." So keep checking back. In addition, a couple of my closest friends, who have expertise and special insights into certain activism areas, will also be appearing as guest writers. Tryin' to mix it up a bit here, people!

Click here to read "No Way to Honor Dr. King" by Medea Benjamin


Remember Unions?

When I first started out in the workforce, a long time ago, I worked in blue collar, union jobs. And that seemed about right to me. As I've said before: Unions aren't perfect but they're a hell of a lot better than the alternative! Well, in some good news reported on DemocracyNow.org on Friday, the National Labor Relations Board has come out with new regulations that will require most employers in the private sector to actually put posters on their bulletin boards informing employees about their rights, under federal law, to unionize. Spread the word on this one!

DemocracyNow.org


The Verizon Strike

45,000 Verizon workers are now back at work and kudos to them for gutting it out against a major, and majorly greedy, corporation that was trying to slash their benefits. The final deal is still being thrashed out but put this down as a win for struggling workers and proof that being in a union, and having courage and solidarity, mean something.

You can read more at the Communications Workers of America website


A Win in Wisconsin as Well

You have to tip your hat to the working people of Wisconsin -- and their many supporters -- who refused to let ratbag Governor Scott Walker kill collective bargaining. 10,000 of them (some say many more than this) took over the Capitol at one point and People Power forced recall elections that added pro-worker Democrats to the WI senate and showed that the not-so-good governor isn't nearly as popular as he thought he was.

Click here to visit the We Are Wisconsin website


People Power Across the Middle East

The pro-democracy uprisings that have swept the Middle East in recent months are a fascinating situation that has ramifications for global democracy, and they're making despots from Saudi Arabia to Washington D.C. pretty nervous. No way to predict how it will all play out but when you look at the long list of countries involved you can at least say that something significant has happened and that the power really does lie with the people. And when they decide to take to the streets, they can create history and make our phony leaders look like the weaklings they really are.


Norman Solomon -- An Honest Man Headed for DC

Don't forget to throw your support behind Norman in his run for Congress. I'm as cynical as anyone when it comes to politicians. But Norman is an activist and a wonderful human being, not a career politician. He's a good chance of winning his district and, once he gets to Capitol Hill, the cat will be among the pigeons. Onward!

Click here to see Norman Solomon's campaign site

Take care,
Adrian

IF YOU FOUND THIS BLOG POST INTERESTING you might also like to take a look at BITS & BITES -- July 24, 2011