There’s a good article in the Colorado Independent this morning about the mind-boggling money being paid to CEOs and hedge fund managers while you and I struggle out of the recession. Since 2009, average pay for private industry jobs has gone up 2.1%. The average pay of 175 company CEOs surveyed by USA Today was $8.8 million. Their pay increase since 2009 was 26%.
The top hedge fund manager made $4.9 billion in 2010. That works out to around $436 per SECOND! It takes him 48 seconds to earn the annual median income for American men.
Executive PayWatch reports that the average compensation in 2009 for CEOs at Fortune 500 companies was just over $9 million. The CEO at Bank of America made almost $30 million while they were accepting bailout money from you and me. If these companies have the funds to pay their executives at this level, explain to me why they don’t have money for employee pay raises, benefits or to hire more people?