Posted by: coastcontact | May 29, 2013

You Would Be Smiling Too!

Lloyd Blankfein

Lloyd Blankfein is the CEO of Goldman Sachs.  The company cut 900 jobs last year.  He earned $26 million in 2012.   Wouldn’t you be smiling? But he is not alone!

John Stumpf, the head of Wells Fargo Bank was awarded $19.3 million in 2012.

The Capital One chief, Richard Fairbank, was the third highest-paid bank CEO in North America even after taking a 8.9 percent pay cut, dropping his compensation to a mere $17.5 million for 2012.

Poor Jamie Dimon, CEO of JP Morgan Chase, saw his 2012 compensation cut in half to $11.5 million after a loss of more than $6.2 billion on a failed bet on derivatives.

The pay of the top 20 bank CEOs increased an average of 7.7 percent for 2012 compared with a year earlier, according to data compiled by Bloomberg. The tally is based on salaries, stock, bonuses and long-term incentive pay awarded to the CEOs for 2012.

The annual earnings of the heads of America’s largest corporations average is over $28 million.

Meanwhile the United States BLS reported last September that Median family household income declined by 1.7 percent in real terms between 2010 and 2011 to $62,273.

In other words the leaders of our largest companies earn more than 456 times the average family household earnings.

Isn’t free enterprise a wonderful thing?

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Responses

  1. Awesome posting, and its really sad that the people who caused the ‘crash of 2008’ and threw the global economy into a tailspin, are the ones now profiting the most. Its gotta change, and the only way that will happen is when people, just like yourself, take the time to post and share with others. Peace

    • You are so correct. They scoundrels who led the way to 2008 are profiting while the rest of us struggle.

  2. Good question! I write letters to my congressman and senators as well as the local newspapers. Few of my letters to the newspapers are printed and the responses from my representatives are form letters that a clerk has pulled from a file. That is the reason for this blog. If enough people make enough noise there is action. It’s the squeaky wheel that gets the attention.


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