"It's all about the Benjamins"
In the midst of all the intense discussion regarding controlling government spending, wouldn’t it be fantastic to have a conversation about controlling soaring executive compensation rates?
On March 23, 2011 Public Citizen published a report entitled, “A Modest Essay on Extraordinary Paychecks.” Just this weekend, following the annual release of executive pay numbers, the New York Times pinned an editorial on the same topic saying:
Rarely has the view from the corner office seemed so at odds with the view from the street corner. At a time when millions of Americans are trying to hang on to homes and millions more are trying to hang on to jobs, the chief executives of major corporations like 3M, General Electric and Cisco are making as much today as they were before the recession hit. Indeed, some are making even more.
Public Citizen supports has been actively involved in pushing the Dodd-Frank Wall Street Reform and Consumer Protection Act. This act contains many useful provisions. Section 953 B of the act spells out that CEO pay ought to be listed as a ratio of the median salary worker. Example: John Smith, CEO of Company X makes 427 times the average pay of company X workers.
Make a note to check back in with CitizenVox.org tomorrow for the release of the first in a series of “Two Cent Reports” Public Citizen is slated to issue on executive compensation and other related topics.
And, don’t forget if you haven’t already– tell Wall Street enough is enough!