Stats are like mushrooms; they always pop up, but you never know if they are OK … or poison.
CEO pay is roundly criticized, with folks like the AFL-CIO lamenting that the S&P 500 CEOs made an average of $15.06 million in total compensation in 2006. But, as usual, the dramatic stats might just be a toadstool rather than a mushroom.
There are quite a few companies in America, and most don’t pay anywhere near what the S&P 500 pay. In fact, if you look at average CEO pay for companies with over 100 employees in various cities, it is hardly “astronomical” or “a scandal”. They are paid well, that’s for sure:
Atlanta: $224,000
Boston: $254,000
Denver: $186,000
Miami: $199,000
Minneapolis: $229,000
New York City: $289,000
Phoenix: $229,000
Seattle: $197,000
San Francisco: $270,000
San Diego: $240,000
(I recommend everyone get their MBA and become a CEO, because the pay is good.)
Does anyone know what the head of the AFL-CIO earns? I can’t seem to find it on-line. I’ll bet it is more than the averages above.
Michael Moore, who is sympathetic to those decrying corporate excesses after tasting “first blood” with “Roger and Me”, earned $21 million dollars for one of his movies, Fahrenheit 9/11. While decrying “war profiteers”, that paycheck made him one of the largest individual “war profiteers” according to Moorewatch.
I’m less inclined to complain about these things. I make a good living considering the choices I made … I don’t have a MBA from an Ivy League school, and I haven’t struck out to build a business from scratch. But it seems to me those that are complaining about it could start by fixing the problem of which they are a part … and one good solution is for them to give away all their money to a worthy charity, such as the Salvation Army.
Do they really need to earn more than $40,000 a year?
Business, Politics