05.06.11

Back to normal

Posted in Permanent Fail at 2:21 pm by George Smith

AP:

In the boardroom, it’s as if the Great Recession never happened. CEOs at the nation’s largest companies were paid better last year than they were in 2007, when the economy was booming, the stock market set a record high and unemployment was roughly half what it is today.

….

Companies analyzed by AP granted their CEOs about $1.3 billion in stock in 2010, up about $300 million from the year before. They awarded stock options worth $702 million, or about $27 million more than the year before.

….

Meanwhile, pay for workers grew 3 percent in 2010, to an average of about $40,500. The percentage increase was twice the rate of inflation, but the average wage was less than one-half of one percent of what the typical CEO in the AP analysis made.

….

Some companies are doing what they can to prevent [embarrassment]. Last month, General Electric revised the terms on 2 million stock options granted to CEO Jeff Immelt in 2010. The changes came after GE was criticized by ISS.

Under the original terms of the grant, Immelt, 55, simply had to stay at GE until 2013 to get half the stock options and until 2015 to get the other half.

Now, he can’t exercise any of the options until 2015, and they depend on performance targets.

Immelt, of course, is the boss at the US’s best corporate tax cheat and chairman of Obama’s infamous jobs and economy advisory council. The one nobody can get him kicked out of.

Keen observer’s will have noticed GE is spending lots of money of TV advertising, trying to spruce up its image, mostly as a maker of medical widgets.

I’d post the obvious video. But at this juncture, why bother? The masters of the universe are back on top.

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