Monday, June 16th, 2008
One for the Department of “No Shit, Sherlock!”
AP: CEO pay skyrockets even in tanking economy
NEW YORK (AP) — As the American economy slowed to a crawl and stockholders watched their money evaporate, CEO pay still chugged to yet more dizzying heights last year, an Associated Press analysis shows.
The AP review of compensation for the heads of companies in the Standard & Poor’s 500 index finds the median pay package added up to nearly $8.4 million. That’s a comfortable gain of about $280,000 from 2006.
Is this really any surprise after eight years of Republican rule? And there’s more:
Collectively, the 10 best-paid CEOs made more than half a billion dollars last year. Yet half the members of this stratospheric club were leading companies whose profits shrank dramatically.
It’s as if the GOP is following a twisted version of The Dilbert Principle — incompetent employees are promoted to management in order to maximize, not minimize, harm.
