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Executive Excess
Look out, they're angry. Foaming-at-the-mouth angry. And they're lashing out, saying they won't take it anymore. As one of their leaders angrily cried, "It's a war." Indeed — they're on the move to take their country back.
Forget the tea party rowdies, this is the champagne party! More precisely, it's the Dom Perignon-$1,000-a-bottle-champagne-party, propelled by — get this — billionaire's rage.
Yes, some of the richest, most pampered people on the planet — people who literally wallow in luxury every day, with never a concern about losing a job, a home or health care, or getting their kids into college — these people are wailing in self-pity. They are Wall Street hedge-fund operators, which essentially means they are high-flying financial flimflammers. What has stoked them into an elitist fury is a Barack Obama proposal to close off a ridiculous tax loophole that has let them pay only 15 percent of their lavish income in taxes, rather than the 35 percent rate that us commoners pay.
One of the richest of the ragers, Steve Schwarzman of the Blackstone Group, sees Obama's proposal as an outrageous intrusion into the suites of the elite, comparing it to "when Hitler invaded Poland." This over-the-top-tantrum comes from a multibillionaire — a guy who spent $3 million in 2007 just to throw himself a birthday party! Come on, Steve, you're filthy rich. Stop hyperventilating, and pay your taxes!
Pathetically, the real root of this sad Hedge Fund Rebellion is a feeling by these powerful, super-privileged megalomaniacs that they are being picked on. One even whined that asking hedge-funders to pay taxes at the same rate as everyone else amounts to the "persecution of the minority."
Good grief, man, get a grip! Next thing you know, these doofuses will hire Glenn Beck to host a weepy telethon to "Save the Billionaires Tax Loophole."
But it's not enough that the wealthy elite want to exempt their excessive, ill-gotten income from any fair contribution to the public good — they also want to slash our incomes.
Many of America's top-paid CEOs are the very ones who're ruthlessly axing America's middle-class jobs, and they are reaping gains from our pains.A new survey finds that corporate chieftains who inflict economic pain on the company's workers receive more financial gain for themselves. The Institute for Policy Studies examined the layoff-payoff records of America's 500 largest corporations during the past couple of years. IPS researchers report that the 50 CEOs who fired the most rank-and-file employees averaged 42 percent higher pay than their peers, averaging an extra $3.5 million each.
One of the champions in this contest of convoluted corporate compensation was Mark Hurd. As chief executive of computer giant Hewlett-Packard, Hurd dumped 6,400 workers in 2009 — a year in which he pocketed a paycheck of $24.2 million. Earlier this year, Hurd was forced to resign from HP after an internal investigation found that he falsified some expense reports. No need to weep for Mark, though — he was comfortably compensated for this bad turn of fortune, receiving a severance package reportedly worth $40 million.
Being bad, you see, can be awfully good for a CEO's bottom line. For example, IPS documented one category of badness-to-goodness that is especially infuriating. Five of the 50 leading pink-slip-issuers last year were also bailout barons. Among them was Kenneth Chenault, honcho of American Express, which got $3.4 billion from us taxpayers in 2008 to save it from financial ruin. In gratitude, Chenault subsequently offed 4,000 employees, then helped himself to a paycheck of nearly $17 million, including a $5 million cash bonus.
To see the full IPS report, titled "Executive Excess 2010," and to help stop the excess, go to www.ips-dc.org.
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24 Comments so far
Show AllInteresting that you, too, are reminded of the circumstances and living conditions surrounding the French Revolution. I just posted about similarities between then and now on yesterday's Derrick Jackson article. Inequality, and the gap of inequality, between the classes, certainly added to the events. The arrogance of the elite, too, was as widespread as the arrogance of the elites here in the U.S. today. Then, add the disconnect between those who are our so-called leaders and public officials, and the reality of "we the people," and you have just about everything a country needs to fire up the threads of a real revolution.
As for Steven Schwartzman, his name is NOW engraved on our public research library located at 42nd Street and 5th Avenue here in NYC. Mr. Schwartzman gave a gift of money to the library. So, everyday that I do research, I have to look at his name. His arrogance is unconscionable, and I thank Jim Hightower for reporting his words. David Koch's name is NOW on the NYC Ballet and Opera Building at Lincoln Center. Don't they look good as contributors to the arts and sciences?
Currently, the 42nd Street Library is undergoing a face-lift, and I don't begrudge the library a face-lift, and the needed repairs. The library is recognized as one of the finest research libraries in the world, and should look the part, as well as serve the public and researchers with great skill. But, library staff is being continuously cut, and people with lesser knowledge are then hired. In addition, Katha Pollitt of the Nation, reported that the CEO of the NYC library system earns a salary of $800,000 per year -- paid by "we the people."
The disconnect lives and breathes at every level of our society.
"The disconnect lives and breathes at every level of our society."
Thanks, Kay. That is a simple, yet profound, statement.
How long do all-day suckers last?
Barry and the rest of the fascists who control our country say they want to do us a favor by eliminating the Bush taxcuts that reduced the top tax brackets from 39 percent to 35 percent.
If our so called representatives had any real desire to make the tax system fair, income above $200,000 would be taxed at 50 percent, income above $350,000 would be taxed at 75 percent.
The most privileged in Amerikkka should contribute more than the rest of us simply because they have the resources to contribute.
And please don't start that nonsense that the rich need tax incentives to create more jobs. Most of these gazillionaires put their money into safe interested-bearing accounts, not into new, risky start up companies.
The rich should also pay more taxes because the arbitrary rules of society favor them. Physical freaks that comprise the NBA, members of the lucky sperm club and nerds that are involved with technology in electronics make a fortune while the finest plumbers, professors, electricians, and brain surgeons make much less. People with visions and hallucinations, once important seers of ancient people are now given special supervision and a big bill for pharmaceuticals.
The rich also get much more property protected by fire and police and are typically supplied with better physical protection than lets say night workers at 7 11.
Finally, if we 5% of the population continue to use 25% of the worlds resources (most of it actually by the ultra rich - homeless not really big resource consumers) we will need to threaten and use the massive military we have and that can only be supported by lots of money, that only the rich have.
Quis custodiet ipsos custodes? (Who will guard the guardians, watch the watchers, etc?)
Hello bogi666,
Actually they send a lot of the money to the US Treasury for bonds and notes. If they invest in business it is largely out of the US where they can exploit the labor market. When China becomes more expensive than country X then country X will get new business and China will lose business. This is after all a race to the bottom for labor. The end result will be goods made by serfs and or slaves as the cost is the "lowest" just like the people directing the money.
Freaking whining jerk offs. I say we return to the Eisenhower tax rates, 94%, but WITHOUT the loopholes that made it possible for the rich to pay FAR less than that. Kennedy lowered the top rate to 72%, but he eliminated the loopholes so they DID have to pay higher rates. THIS is why republicans keep using lowering taxes as being a good thing. It is, but ONLY if you eliminate the loopholes.
These people are scum. They are proof that having money doesn't make a you a better person. In fact, it tends to make you a WORSE person, because now you have to protect what you stole from others. And don't kid yourselves, this IS theft. The ONLY difference between these slime and organized crime is the fact that organized crime admits that they are crooks. Those who went out of their way to screw the entire country should be taken out and lined up against a wall, somewhere. They worked actively to destroy us, and that in my book is TREASON. The constitution has a very clear remedy for scum like this, I say we take it and USE it.
If tax breaks were so great at providing jobs, then WHERE ARE THE GD JOBS? EXACTLY the opposite is true, it's tax breaks for big money that DESTROY jobs here. Business has been given more breaks than at any time in our history short of the 1920's, and we've lost jobs like we were bleeding from a gut wound.Only the truly INSANE would give a damn about making these scum even richer. If they don't like being asked to do their share, then take EVERYTHING they own and screw them. They have been doing that very thing to US for 30 years, I say it's time they get it right back in their faces, and MAKE IT HURT. TRAITORS deserve NOTHING more.
Let's hang the rich.
Quis custodiet ipsos custodes? (Who will guard the guardians, watch the watchers, etc?)
Hello one,
Too much work unless you are going to televise it on a national or global scale.
In this emerging age of corporate feudalism, upper management is the nobility. As with any feudal state, there is one rule for them and one for the rest of us. This manifests itself in the form of 'golden parachutes.'
The guillotine is a lot more horrifying to the guillotinee than a rope. Share and share alike I alway heard.
Back to chopping up some fallen branches----MD
Ahh, the guillotine. Such a wonderful instrument. I like the idea, MistyDawn.
But this time, lets make it a little more interesting, a little more fitting for the times we live in:
1. Place the subject on his (or her) back, with them facing up towards the blade.
2. Position a webcam on top of the 'tine facing downward (tight shot) so we can all enjoy the sheer, fucking look of absolute horror on their faces as the blade snatches their evil asses from this world.
From article:
"...Being bad, you see, can be awfully good for a CEO's bottom line. For example, IPS documented one category of badness-to-goodness that is especially infuriating. Five of the 50 leading pink-slip-issuers last year were also bailout barons..."
Ol Jim forgets one thing: the corporate charter legally binds them to maximize return for shareholders. Morality, or public utility is not part of the legal requirements.
We need to change the legal framework and the system.
The French Revolution was in part sparked by the fact that 85% of the population were dirt poor peasants. America will not come close to this, but we may be heading back to an official 25% unemployment rate for just white males as during the Great Depression.
Latest statistic to mull on:
5% of the populace accounts for 35% of ALL consumer spending.
Unfortunately, they no longer care about 'our' consumer spending; the way a sane person, like you, would look at the 'economy' means nothing to them.
They want slave labor. They want to complete their destruction of the United States (an entity that also has no meaning to them), so they can scoop up whatever assets remain for pennies.
It doesn't matter to The Owners where their consumers live - China, India, Vietnam, Korea . . .
They can sell their taxpayer-funded armaments anywhere.
"Good grief, man, get a grip! Next thing you know, these doofuses will hire Glenn Beck to host a weepy telethon to "Save the Billionaires Tax Loophole.""
And they'll report that the socialist job killer Obama is trying to raise taxes by 20% on people who create jobs.
If they haven't already.
These people are the scum of the earth. I would rather spend my time any day with hard working people as opposed to these folks. These people neither work hard or at all!
Perhaps placing a few of their heads on pikes on the major thoroughfares in and out of a few major cities would have an edifying effect on the rest of them. Let's face it. Give them the chance and they'd do considerably worse to us...they already are doing worse to a lot of us.
They are going to have to be TERMINATED. There is no other way; Romanoff with their heads.
"Yes, some of the richest, most pampered people on the planet — people who literally wallow in luxury every day, with never a concern about losing a job, a home or health care, or getting their kids into college — these people are wailing in self-pity."
AHEM. The rich, amazingly enough, still possess a small portion of their thinking ability. Perhaps it's that 'less than respectful' look the doorman, the maid, the shopkeeper or the chauffeur gave them yesterday. Could it be that the creeping dread they feel is clairvoyance? Are they hearing the 'How does it feel?' song from Bob Dylan playing in their mind? Or perhaps the rich were so busy brainwashing us about how necessary and proper it is to be accepted by society (no matter how sick the society) that they brainwashed themselves while they were at it. They aren't loved or/and envied; they are hated and it's driving them crazier than they have ever been. I think they are afraid. Now that is, considering what they have done to us, rational thinking.
Excellent, Agebert!
They can easily get rid of a few of us, but even they may understand that would merely exacerbate the situation 'they' have created.
'Fear' works both ways.