Posted by: coastcontact | October 13, 2016

How Rich do you have to be?

Wells Fargo CEO Stumpf retires but won’t receive severance pay. That headline reads nicely but it does not reveal all the facts. He will receive more than $100 Million in vested stock and a 401(k) exceeding $24 Million. Forbes magazine reports that “Even though he left on a low, John Stumpf, former CEO of Wells Fargo, will take about $133.1 million into retirement. ’’

What does a man do with $100 Million? I understand that as CEO of Wells Fargo he headed the second largest banking company in the United States but does that entitle him to earn so much money that his family will live in luxury for generations?

Take a look at the board of Directors of Wells Fargo or any other giant corporation and you will see that those directors are almost always part of a very wealthy economic club that sustains their way of life and works to keep their average employees at the same low pay that is 1/20 to 1/30 of theirs.

Stock holders don’t care as long as their shares continue to appreciate and they receive their dividend checks.

Our free enterprise society was built on the right to earn as much money as you can regardless of who remains in poverty and who does not have the money to provide their children with a good college education.

 Forbes Billionaires: Full List Of The 500 Richest People In The World 2016 tells me that we have a world where the rich get richer and the poor get poorer. Neither Donald Trump nor Hillary Clinton will change that reality.


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