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The main justification for the exhorbitant pay that American CEOs receive is that they made the company do well. What about the rest of the employees in the company? Don't THEY deserve some credit? Why aren't all employees in a corporation rewarded if it does well. There should be a set limit, like the CEO should not receive more than 50 times the average worker's pay. Some of them now get 400 - 500 times the average worker's pay! No wonder other countries shake their heads in disbelief. The head of the biggest bank in the world is Chinese and he makes less than $300k a year!
'You wouldn't know it by his pay stubs, but Jiang Jianqing heads the world's largest bank.
Jiang, chairman of Industrial and Commercial Bank of China, made just $234,700 in 2008. That's less than 2 percent of the $19.6 million awarded to Jamie Dimon, chief executive of the world's fourth-largest bank, JPMorgan Chase & Co.'
"The U.S. executive pay levels have always dwarfed pay for companies elsewhere in the world," said Sarah Anderson, a fellow with the Institute for Policy Studies, which is critical of Wall Street, and co-author of the recent study "America's Bailout Barons'
'To "rob" banks, as Friedrichs regards the CEO pay process, executives walk into a corporate boardroom and secure from the board's compensation committee unjustified compensation packages of millions, tens of millions, and sometimes hundreds of millions of dollars.
This process, says Friedrichs, "pays much better" for CEOs than robbery does for the crook with a gun.
These compensation committees, appointed by the CEOs, are composed of cronies, paid consultants, and even relatives, says the criminologist.
By law, some corporate directors must be "independent."'
American CEOs should get as much money as they can get their hands on. That's the American way. Don't tamper with it. Plus, a large segment of Americans are rooting for the CEOs!
American CEOs should get as much money as they can get their hands on. That's the American way. Don't tamper with it. Plus, a large segment of Americans are rooting for the CEOs!
'Don't tamper with it'? Even if ridiculously high American CEO wages drag down the company, putting it out of business? Then I suppose the 'American way' is being revealed now - namely in vast numbers of Americans unemployed, and a few rich American dogs with fat Swiss bank accounts.
There should NEVER be ANY pay restrictions - EVER!
unless, of course, they drive their company into the ground. we taxpayers shouldn't have to bail them out. the so called bonuses to the ceo's should then be turned into severance pay for the now unemployees....
that being said, if the company is managed well, there should be no interference..
No, actors and athletes are regulated amongst themselves, and team members who contribute to a team's success are rewarded, unlike workers in an American company.
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