NOTE: YOU ARE LOOKING AT AN ARCHIVED VERSION OF THE HIGHTOWER LOWDOWN.

We're working on migrating all of our archives to the new website, but in the meantime, you can read this older version. Just note that some links may not work -- if you experience a serious problem or otherwise need help, just email deanna@jimhightower.com.

CEOs hide paychecks

Cowboy hat By Jim Hightower and Phillip Frazer - Mon., 8/1/11
Bookmark and Share

Top executives of such corporate giants as American Airlines, IBM, General Mills, Lowe's, and McDonald's have a secret, and--shhhhhh--they're lobbying in Congress to keep it from you and me. What they don't want us to know is that CEO pay is a whole lot more--mucho, mucho more --than they dole out to their typical worker.

Oh, you knew that already? Of course corporate bosses have not exactly been shy about stuffing their pockets, but what most people don't know is just how outrageous the income gap has become.

A new provision in last year's financial reform law, however, requires major corporations to report annually on this pay disparity. Corporate chiefs know just how infuriating these numbers will be to their downsized employees, and how immoral they will seem to many consumers, investors, and the general public. Hence, their rush to Congress.

As usual, Republican lawmakers have greeted the poor rich executives with open arms, soothing their fevered brows with a hush-up bill to repeal the disclosure provision, let- ting the execs keep their dirty little secret from us. Rep. Nan Hayworth, the GOP's point person on this piece of plutocratic pampering, resorted to absurdity to rationalize the repeal, asserting that comparing paychecks would "confuse investors."

Bovine excrement! Such savvy investors as the Sisters of Charity of the Blessed Virgin Mary have been leading the charge for paycheck comparisons. What's truly confusing is that Republican lawmakers are so willing to expose themselves publicly as shameless corporate butt kissers.



Bookmark and Share