CEOs of the world, unite! Forget that CEOs make 364 times more than the average worker (not including perks and benefits) - the average PE and hedge fund manager makes 61 times that of the average CEO.
Side rant regarding sub-workers: The study, conducted by the Institute for Policy Studies and United for a Fair Economy (IPS / UFE), factors in part-time jobs to the average worker salary. If you take the average for a full-time non-managerial job (40k), CEO pay is a mere 270 times the average worker. It’s good to know a fairer society is only a few theoretical adjustments away.
Don’t get your guillotine mobs in a bunch though, CEOs have toned it down, from the lavish 525 times the average worker salary they made in 2000 (that was the record). Forget the fact that in 1989 CEOs made only 71 times the salary of the average worker (Reagan just paved the way for that socialist Bush). Seriously, forget it. Sleep tight knowing that people who make $40k are only imaginary, like the borough of Brooklyn, or the strange creatures adorning the cover of Barbara Ehrenreich’s diary (those aren’t unicorns).
The real story is that CEOs are being forced into exploitative contracts, lulled by the false consciousness of 5 and 44. Sure, the common worker can get coerced into an oppressive labor agreement because he needs a common wage to survive, but CEOs need a robust portfolio of high-yielding alternative investments to survive as well, at the country club. CEOs have never felt as inadequate as members of the Second Estate, partly because PE/Hedge fund managers have several more estates.
CEO pay: 364 times more than workers [CNN Money]
Posted by Bulging Bracket, Aug 29, 2007 1:04PM
This is always a specious argument, but what a shock, it's coming from union rabble trying to play at economics so that they can bring la revolucion.
First, comparing the average wage of all workers to those of the CEOs of large firms is exceptionally inappropriate. Compare the average salary of those CEOs to the average of their full-time employee. Exempting managers from the "worker" average eliminates huge numbers of people, since such a huge number of symbolic manipulation jobs also involve managing. So we're only counting the average wage of people in their first 2-5 years of employment to the CEO? And the difference is huge? No Shit Sherlock.
Second, historical comparisons are crap because of the vast value of perks that were doled out in the past that have either been curtailed or added to calculated compensation - corporate jet use by CEO's family, for A. There's also the shift to stock based incentive compensation that these leftists FORCED with the elimination of salary deductibility over $1M.
It's bad enough that everyone else accepts these numbers without comment. You know better but you still carry water for those who applaud genocidal murderers and encourage Chavez to go ever further in his pursuit of a place in the Black Book of Communism.