Thursday, September 02, 2010

CEO`S Earn Big Salaries ~ This is Disgusting !

CEO$ Earn Big $alarie$ Amid Large Layoffs
By Vicki Needham - 09/01/10

The heads of firms that laid off the most workers during the recession earned nearly $12 million a year on average, 42 percent more than other chief executives at S&P 500 firms in 2009, according to a report released Wednesday.
CEO's of the 50 firms that laid off the most workers earned a combined $598 million in 2009, according to the 17th annual executive compensation survey produced by the left-leaning Institute for Policy Studies, a Washington think tank.
A majority of firms leading in layoffs -- 36 of the 50 or 72 percent -- announced layoffs during a time of positive earnings reports, the report said.
Two years into the recession, executive compensation is double the average pay in the 1990s and four times greater than the 1980s average, the report said. The 10 highest-paid CEO layoff leaders with firms that let people go between Nov. 1, 2008 and April 1, 2010 are: Fred Hassan, Schering-Plough, earned $49.7 million last year, $33 million after leaving the company when the firm merged with Merck. About 16,000 were laid off; Johnson & Johnson's William Weldon earned $25.6 million, laying off 8,900; Hewlett-Packard's Mark Hurd earned $24.2 million and laid off 6,400; Roger Iger, Walt Disney, earned $21.6 million, let go 3,400; Samuel Palmisano, IBM, $21.2 million, laid off 7,800; Randall Stephenson, AT&T, $20.2 million, laid off 12,300; Michael Duke, Wal-Mart, $19.2 million, 13,350; Alan Mulally, Ford, $17.9 million, laid off 4,700; Louis Chenevert, United Technologies, $17.9 million, laid off 13,290 and Ivan Seidenberg, Verizon, $17.5 million, laid off 21,308. Five of the 50 top layoff leaders were helped by the financial sector bailout in 2008. Of those, American Express CEO Kenneth Chenault took home the most last year, $16.8 million, including a $5 million cash bonus. American Express has laid off 4,000 employees since receiving $3.39 billion in Troubled Asset Relief Program (TARP) funding. No Wall Street banks made the list but three banks -- Citigroup, Bank Of America and JP Morgan -- showed up on the study's list of the 50 firms that laid off the most employees last year.

Editorial : So let me see, If we were worried about our CEO`S...There is no need to worry ! They do well, even when they take tax-payers money and lay-off the workers...whew...Now that`s good news ! We would`nt want them going without ! These CEO`S should absolutely be ashamed ! How Dare Them ?

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