The Irresponsible, Greedy 1% and the Hypocritical, Greedy .01% of the 1% Who Get Away With Attacking Them…That Is, Hillary Clinton

...for less than an hour's work. But it's HARD work,..you know: talking.

…for less than an hour’s work. But it’s HARD wor…you know: talking.

Robert Samuelson accurately categorizes America’s CEOs as a new economic aristocracy in his most recent column. Why CEO salaries are so absurdly high is caused by many factors, some of which the columnist lists, but that fact is inescapable that the salaries cannot be defended by rational arguments. This is in stark contrast, by the way, to similarly high-salaried entertainers and sports figures, who tend to really earn their money. There is, after all, only one LeBron James, Tiger Woods, or Jon Stewart. Corporate CEOs, though they would like to think they are unique talents, seldom are. Could you replace most of them for considerably less than the going rate of 20 million dollars a year? Absolutely.

Thus continuing to accept such absurd salaries and attendant benefits while the economy stutters, their companies restrict hiring and the gap between worker salaries and executive compensation widens is unethical, pure and simple. Doing so is based on greed and willfully ignoring the consequences of the conduct, as Samuelson points out, though he hardly needs to, so obvious should it be to corporate executives and outside observers alike:

“Americans dislike aristocracies. Unless companies can find a more restrained pay system, they risk an anti-capitalist public backlash. This is the ultimate danger. For all the flaws of today’s system, government regulation of pay — responding to political needs and pandering to popular prejudices — would be much worse.”

Just as irresponsible as these gorging, selfish, unrestrained and greedy executives are the class-dividing hypocrites who try to exploit public resentment and pander to those popular prejudices while profiting from the same irrational system of misaligned resources that make those CEOs the equivilent of sultans. I know I have been critical of Hillary Clinton regularly of late, but I am not responsible for flaunting her in  front of my wincing eyes and abused ears on a daily basis. How dare she try to pose as an advocate of a rational system of wealth distribution? And how pathetic that her tone-deaf and logic-free supporters tolerate it!

In a weekend interview with the  Guardian, Clinton pronounced herself a fit champion of populism and a credible agent of reform for skewed income levels because progressives “don’t see me as part of the problem because we pay ordinary income tax, unlike a lot of people who are truly well off, not to name names; and we’ve done it through dint of hard work.”

Ah.

Those progressives are gullible and naive idiots then!

Thanks for that clarification. Continue reading

How the Lack of Ethics Cripples Democracy, Reason #2: Corporate Executive Greed

 

"Let's see...that's one schilling for Cratchet, 280 for me..."

The average compensation for chief executives of the 500 largest U.S. corporations is going up again.

According to Governance Metrics International, the average compensation for the CEOs, including salary, bonus and benefits plus the exercise of stock options, the vesting of stock grants and retirement benefits, was just under $12 million in 2010, up 18 percent from 2009. As Washington Post business writer Steve Pearlstein observes in his column this week, if you believe this is justified by market forces and common sense, “then you must also believe two things: First, that none of these guys would do the same job for a nickel less. Second, that the value of the chief executive went up 18 percent last year while the value of average workers in their companies changed very little.”  “And,” concludes Pearlstein, “if you believe that, you are a fool and an ideal candidate for an open seat on an S&P company board of directors.” Continue reading