The CEOs who cut the most jobs during the recession earned more than their peers, according to a study being released today by a liberal think tank in Washington.
"When CEOs slash jobs they are often very richly rewarded," said Sarah Anderson, lead author of the Institute for Policy Studies' report, "CEO Pay and the Great Recession."
Separately, the report estimated that the CEOs of the nation's largest publicly traded companies make an average of 263 times more the typical U.S. production worker.
The institute used the Forbes.com layoff tracker to identify the 50 firms that laid off the most employees between November 2008 and April 2010. It then used the Associated Press online survey and company financial reports to arrive at 2009 compensation totals.
The institute calculated that the 50 CEOs - who together cut 531,363 jobs - averaged $12 million in salary, bonuses, stock options and other perks, 42 percent more than the average compensation for all of the CEOs on the Standard & Poor's 500.
The report said 7 out of 10 of these top job-cutters laid off workers even though their companies ended the year profitably....
September 03, 2010
Our elitists continue to fuck us over (snippet):