Everyone knows that America's CEO's are underperforming, overpaid capitalist tools. But IPS has now issued a report showing how they are blatantly overpaid on the backs of American taxpayers.
WASHINGTON -- More than one-third of the nation's highest-paid CEOs from the past two decades led companies that were subsidized by American taxpayers, according to a report released Wednesday by the Institute for Policy Studies, a liberal think tank.They listed the top 500 companies and of those 500, 103 were the beneficiaries of government largesse from bailouts, and another 62 were the recipients of juicy government contracts.
Of course the banks said they have to pay these slackers so much in order to retain the 'top talent'. But IPS had a different take:
"Sky-high CEO pay purportedly reflects the superior value that elite chief executives add to their enterprises and the broader U.S. economy," IPS wrote. "But our analysis reveals widespread poor performance within America's elite CEO circles. Chief executives performing poorly -- and blatantly so -- have consistently populated the ranks of our nation's top-paid CEOs over the last two decades."So somehow these companies need to shell out the millions to these 'top perfromers' who wouldn't be there if not for pennies contributed from Joe and Jane America.
Banks making frequent appearances on the list included:
with Bank of America appearing 18 times, Citigroup appearing 15 times, while Morgan Stanley and American Express each secured 12 slots. JPMorgan Chase CEO Jamie Dimon has landed on the list twice since the bank received $10 billion under TARP, and American Express CEO Kenneth Chenault has appeared three times since his company accepted $3.4 billion in bailout money. Goldman Sachs received $10 billion under TARP, and made the list seven times in the past two decades, once after receiving its bailout. Washington Mutual and Lehman Brothers, both of which failed in 2008, also appeared on the list, with Leman making eight appearances before filing for bankruptcy.
he Dodd Frank bill has implemented new regulations requiring more disclosure of CEO pay. It's bad enough that the ratio of CEO pay to worker pay has ballooned 1000 percent since the 1950's -but now it turns out that those underpaid workers are literally paying the CEO salaries.
But welfare is bad, conservatives will tell you! Maybe Republicans want to reconsider their marriage with the Tea Party now that this information has been sorted into such a way to show the blatant abuse of government handouts by corporate America.