Top Paid CEOs Given 354 Times More, But 40 Percent ‘Bailed Out, Booted, Or Busted’
Top paid CEOs in America are paid 354 times more than the average worker, but 40 percent of America’s top paid CEOs have also been “bailed out, booted, or busted.”
As previously reported by The Inquisitr, in contrast to America’s top paid CEOs the Federal minimum wage is being contested by fast food workers strikes who are demanding $15 an hour.
A study on McDonald’s employees salaries shows the fast food company could afford $15 an hour with a small price increase on their burgers. One fast food joint in Michigan is already paying employees $12 hourly and they’re profitable.
Meanwhile, the Executive Excess Report from the progressive think tank Institute for Policy Studies claims that 40 percent of America’s top paid CEOs “bailed out, booted, or busted,” meaning they worked for bailed out companies, had been fired at least once, or had been arrested for their crimes. The 2008 financial crash resulted in 22 percent of companies with the top paid CEOs receiving a bail out. Even CEOs who were fired received golden parachutes valued an average $48 million. The top paid CEOs who committed financial fraud only ended up paying fines or settlements.
Sarah Anderson, co-author of the Executive Excess Report, explains what she thinks this study says about America’s top paid CEOs:
“We think the study really undercuts this whole idea of pay for performance. We have a corporate culture that really encourages risky behavior that is dangerous for both shareholders and taxpayers. I think it’s widely acknowledged that the executive CEO compensation structure for Wall Street bankers was a factor that got us into this crisis.”
The Institute for Policy Studies believes the Dodd-Frank rules passed in 2010 by Congress needs to be more actively enforced. The biggest measure they desire is for the ratio between the CEO’s salary and the average workers pay to be published publicly.
Do you think America’s top paid CEOs are being paid too much?