25 million unemployed or underemployed, companies continue to cut wages and benefits, CEO pay, meanwhile, has soared (Corporate Profits, NAFTA)
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Big American corporations are making more money, and creating more jobs, outside the United States than in it.
CEO pay, meanwhile, has soared. The median value of salaries, bonuses and long-term incentive awards for CEOs at 350 big American companies surged 11 percent last year to $9.3 million (according to a study of proxy statements conducted for The Wall Street Journal by the management consultancy Hay Group.). Bonuses have surged 19.7 percent.
This doesn’t even include all those stock options rewarded to CEOs at rock-bottom prices in 2008 and 2009. Stock prices have ballooned since then, the current downdraft notwithstanding.
In March, 2009, for example, Ford CEO Alan Mulally received a grant of options and restricted shares worth an estimated $16 million at the time.
But Ford is now showing large profits – in part because the UAW agreed to allow Ford to give its new hires roughly half the wages of older Ford workers – and its share prices have responded. Mulally’s 2009 grant is now worth over $200 million.
The ratio of corporate profits to wages is now higher than at any time since just before the Great Depression.
BFD. These folks are steering their companies through the worst of all possible times, with an administration hostile to business dodging their every step. I don't begrudge these CEO's a penny of their hard-earned salaries, especially Ford...and what kind of stupid example is that to use? While all the other auto makers surrendered their independence and firmly attached themselves to the government's cash teats, Ford put everything on the line, and pulled it off.
Ford, GM, and Chrysler have no doubt kept more jobs on-shore than most major US employers, and that should be applauded. It cannot be done with $28 wages for entry level, Cadillac benes stretching cost to $73/hr. 2 tier was a great compromise, and it saved jobs. PS, new GM contract raises are almost exclusively lower tier, some going up $3.50/hr.
Ford workers voted to accept a full Tier 2 plant that otherwise was going to Mexico.
The big hidden problem is CEO pay partly soared due to unethical deals, cross-polination. That is where a CEO is on Joe's Boards' compensation team, and vice versa, and they of course just happen to inflate the pay of both beyond industry norms. Just a co-incidence (sar)!
Big American corporations are making more money, and creating more jobs, outside the United States than in it.
So what's wrong with that?
Publicly traded corporations have no legal, moral or ethical duty to hire employees. In fact, the hiring of employees is incidental to the primary function of a publicly traded corporation, which is to make money for shareholders, and the corporations have a legal, moral and ethical duty to make money for shareholders.
If you don't like it, change the system. Publicly traded corporations are optional. They aren't a requirement. The US did quite well for more than 100 years without them.
And what's wrong with creating jobs in other countries? You got something against Indians or Chinese or Romanians or Tunisians?
When the day comes when you can make anything in the US and export it to another country and sell it for a profit, then you won't have to create jobs in other countries.
Until that day comes, and it will arrive about 50-60 years from now, corporations will have to create jobs in other countries if they want to survive.
Instead of whining about how many jobs are lost, you should be thankful for the number that are saved. That probably never occurred to you. Now you have something new to think about.
Quote:
Originally Posted by KRAMERCAT
CEO pay, meanwhile, has soared.
Why wouldn't it? You don't have a problem if a sports figure earns more money or gets bonuses for scoring points, so why would you have a problem with CEOs getting more pay for increase shareholder profits (and I probably need to remind you the sole function of a publicly traded corporation is to make profits).
What did people think globalism was about? Why do they think Bill Clinton signed NAFTA and promoted jobs going to China and every politician in the White House since has followed suit?
The globalists are running things, they are getting rich, they have no use for a strong middle class. This is the reason for the NAU, unlimited and very massive illegal immigration, China trade and NAFTA.
CEOs didnt become ceos for being nice. Hopefully what goes around comes around.
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