Monday, April 20, 2009

And The CAW is to Blame......

Tired

"Our complaints are legitimate, but the complaints aren't changing anything. And the fat cats get fatter, and they scoff at our complaints like they're only a big fat joke. This is not a new problem. SO what can we do to actually change this stuff. It's time, and people the little people are listening. "

By Michael Brush - April 16, 2009

As millions of people cope with job losses and struggle to make ends meet, there's been only a little belt tightening in the corner offices.

Despite terrible performances that cost lots of jobs and produced huge shareholder losses, hundreds of CEOs pocketed millions in bonus pay last year -- thanks to good friends on company boards.

Consider the Ryland Group (RYL.N) CEO whose bonus went up in 2008 compared with 2007, though more than a third of the homebuilder's employees got the boot. Or the Honeywell International (HON.N) chief who missed the benchmarks for his annual bonus -- and got $3.5 million anyway.

All told: CEOs earn big bonuses for bad year

* Among all the Fortune 1,000 companies, nearly 400 CEOs got bonuses last year, taking home $402 million in annual bonus pay, according to Equilar, an executive compensation research firm. But that's only part of the picture; more bonus pay figures will roll in as additional companies file reports on 2008.

* These privileged CEOs got an additional $66 million in "discretionary" bonus pay. Annual bonuses are linked to some performance target, while boards can hand out discretionary bonuses for whatever reason they choose.

* These bonuses topped off already-large pay packages. CEOs at larger companies earned about $10 million on average last year, according to Equilar.




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