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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