PAY FOR PERFORMANCE

The median CEO pay is now over $10 million per year, with banking and media oligarchs “earning” $20 to $40 million per year. CEOs are treated like rock stars. The same asshole banker CEOs who destroyed the global economy in 2008 are now rewarded with tens of millions because the Fed gives them billions at 0% and assures them they can take any risk without worrying about future losses. They rig the stock market and act like they deserve every penny of their compensation.

Take a long hard look at the chart below. At the peak of the stock market in 2007/2008, these bozos were buying back their own stock at an all-time high of $120 billion per quarter. So they were buying high. When the market was reaching bottom in early 2009 when stock prices were 50% lower, they were buying back 80% less of their stock. Isn’t the idea to buy low and sell high? These nitwit CEOs are nothing more than lemmings. The market is now at all-time highs again and these overpaid boneheaded idiots have obliterated their previous buyback high by buying back $160 billion of their own stock.

I’m sure this will be a fantastic investment. Someone should give them a raise. Of course, most of their compensation is now in stock and the buybacks boost EPS. Why would they spend money expanding their business and investing in people and capital? That’s old school thinking. These highly educated CEOs make 257 times the average worker, so they must know better. Right?

And so it goes.

 

According to a new study by the AP, the median pay package for a CEO rose above eight figures for the first time last year. The head of a typical large public company earned a record $10.5 million, an increase of 8.8 percent from $9.6 million in 2012, according to an Associated Press/Equilar pay study.

The study details:

  • Last year was the fourth straight that CEO compensation rose following a decline during the Great Recession. The median CEO pay package climbed more than 50 percent over that stretch. A chief executive now makes about 257 times the average worker’s salary, up sharply from 181 times in 2009.
  • CEO comp has risen 50% over the past five years, and was up 8.8% in 2013. By comparison, the income of the US middle class has declined over this time period.
  • The average CEO now make 257 times the average worker’s salary, up 41% since 2009.
  • The industry with the biggest pay bump was banking. The median pay of a Wall Street CEO rose by 22 percent last year, on top of a 22 percent increase the year before. BlackRock chief Larry Fink made the most, $22.9 million. Kenneth Chenault of American Express ranked second with earnings of $21.7 million.
  • Media industry CEOs were, once again, paid handsomely. Viacom’s Philippe Dauman made $37.2 million while Walt Disney’s Robert Iger made $34.3 million. Time Warner CEO Jeffrey Bewkes earned $32.5 million.

 

Subscribe
Notify of
guest
10 Comments
card802
card802
May 28, 2014 4:21 pm

I was in a good mood today, now I feel a little sick in my tummy, damn.

It sure is funny how the democrat party is the one screaming about income inequality, yet look at those rich bastards getting even richer after six years of democrat control.
Think the sheep have a clue?
HaHaHaHaHaHa! That’s a stupid question.

Hope@ZeroKelvin
Hope@ZeroKelvin
May 28, 2014 5:24 pm

In 2008 or so, when everybody was screaming about CEO pay, the boards decided to pay them more in stock, so their pay should reflect the company performance.

Then, voila, the Bernanke starts QE to pump the, drum roll please, STOCK MARKET.

And despite the tanking of the rest of the economy, the stock market did GREAT!

And, fancy that, so did CEO “paY”, cuz it was based on the QE falsely elvated stock market.

So whether they buy high or sell low, or their pay is based on a QE fueled stock market, it’s all just castles in the sand and the tsunami is coming in.

Llpoh
Llpoh
May 28, 2014 5:56 pm

The way CEO pay is set up is asinine. On face value, to pay for stock price increases or profitability makes sense. However, those factors are abused, and fact is in a bull market stock prices get pulled along by the herd.

When did CEOs become so corrupt that they will not do an honest day’s work for an honest day’s pay, which I would expect from any employee.

I never needed incentive to do more – I was being paid. It is my obligation to do my best.

Fucking system is fucked.

Zarathustra
Zarathustra
May 28, 2014 5:57 pm

Our system is a lot like feudalism, except that under feudalism, the serfs had more rights.

Hope@ZeroKelvin
Hope@ZeroKelvin
May 28, 2014 6:11 pm

@Z: And under feudalism, the serfs were more ready to go the “pitchfork and burning torches” route.

[img]data:image/jpeg;base64,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[/img]

AWD
AWD
May 28, 2014 8:18 pm

These genius CEO’s are going into record corporate debt (at Bennochio ZIRP rates) to buy back shares at the very peak of the market. When the market craters again, they’ll still owe for their stock buy-backs, and their stock will be worth 50 cents on the dollar. Corporate debt is at all-time highs now.

As Admin said, they could be using this cash for CAPEX investment, which would produce higher long-term profits, but that might hinder their short-term bonuses. They don’t care what effects their actions have on anybody or anything. Worst case scenario, they get fired with $100 million severance package (the proverbial golden parachute).

And the irony, actually, Admin works at one of the top schools in the nation for producing these sociopaths.

bb
bb
May 29, 2014 12:54 am

Admin, are you helping to produce sycophants or sociopaths.Shame on you big boy.