Bending the Third Rail
Because We Should, We Can, We Do
Saturday, April 15, 2006
Beyond Obscene
Via Slate:
The NYT gives above-the-fold treatment to another installment in its series on executive pay, this time focusing on Lee Raymond, the former CEO of Exxon. Exxon paid Raymond $686 million—nearly $150,000 a day—during his tenure as chief, from 1993 to 2005.
Let's not forget those difficult retirement years if Mr. Raymond happened to not save for his future:
Still, Mr. Raymond's package for 2005 stands out, even stripping the $98 million lump-sum value of his pension plan.
The hell of it is that the guy's a prick to boot.

These CEO pay stories have become a dime a dozen. There's no news here. There's also no news that CEO pay has risen astronomically compared to workers, or that CEO pay has zero relationship to company performance.

What I find interesting is that the excesses of CEO pay come right out of shareholders pockets. Given that public corporations are a total democracy, you'd think shareholders would revolt. But that just doesn't seem to happen.

Sorta like the Presidential elections ......

Written at 1:16 PM by Greyhair.
0 comments