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xchrom

(108,903 posts)
Tue Apr 30, 2013, 07:46 AM Apr 2013

CEO Pay 1,795-to-1 Multiple of Wages Skirts U.S. Law

http://www.bloomberg.com/news/2013-04-30/ceo-pay-1-795-to-1-multiple-of-workers-skirts-law-as-sec-delays.html


Rebecca Gonzales's position was one of 43,000 jobs J.C. Penney Co. cut last year.

Former fashion jewelry saleswoman Rebecca Gonzales and former Chief Executive Officer Ron Johnson have one thing in common: J.C. Penney Co. (JCP) no longer employs either.

The similarity ends there. Johnson, 54, got a compensation package worth 1,795 times the average wage and benefits of a U.S. department store worker when he was hired in November 2011, according to data compiled by Bloomberg. Gonzales’s hourly wage was $8.30 that year.

Across the Standard & Poor’s 500 Index of companies, the average multiple of CEO compensation to that of rank-and-file workers is 204, up 20 percent since 2009, the data show. The numbers are based on industry-specific estimates for worker compensation.

Almost three years after Congress ordered public companies to reveal actual CEO-to-worker pay ratios under the Dodd-Frank law, the numbers remain unknown. As the Occupy Wall Street movement and 2012 election made income inequality a social flashpoint, mandatory disclosure of the ratios remained bottled up at the Securities and Exchange Commission, which hasn’t yet drawn up the rules to implement it. Some of America’s biggest companies are lobbying against the requirement.
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CEO Pay 1,795-to-1 Multiple of Wages Skirts U.S. Law (Original Post) xchrom Apr 2013 OP
And the fat cats just sit there and smile as they float off with their sack of cash. liberal N proud Apr 2013 #1
K&R. Bookmarked for the information in it. JDPriestly Apr 2013 #2

liberal N proud

(60,302 posts)
1. And the fat cats just sit there and smile as they float off with their sack of cash.
Tue Apr 30, 2013, 08:03 AM
Apr 2013

Capitalism is broken!

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