CEOs Are Raking in the Cash
The country's highest paid CEOs are raking in more money than we can imagine, leaving the average worker further and further behind.
GMI Ratings has released their 10 best-paid CEOs list, with 29-year-old Mark Zuckerberg leading the pack after he made nearly $2.3 billion in 2012, making the Facebook CEO the highest paid boss in North America.
Two other Silicon Valley CEO — Apple's Tim Cook and Salesforce.com's Marc Benioff — were in the top 10. Cook (No. 5) took in a whopping $143.8 million in compensation, and Benioff was ninth with $109.5 million.
Showing how income inequality is getting ridiculously out of hand, this is the first time in the 11-year history of the survey that all of the top 10 CEOs made at least $100 million.
“In the more than ten years that GMI has been publishing this report, I’ve never seen a top ten Highest Paid list that loomed this large,” said Greg Ruel, Senior Research Analyst and author of the report.
Here's the full list:
Mark Zuckerberg, Facebook, $2,278,668,214
Richard Kinder, Kinder Morgan, $1,116,685,089
Mel Karmazin, Sirius XM Radio, $255,355,676
Gregory Maffei, Liberty Media, $254,890,638
Timothy Cook, Apple, $143,828,867
Edward Stack, Dick’s Sporting Goods, $142,052,496
Gregory Maffei, Liberty Interactive, $136,450,484
Howard Schultz, Starbucks, $117,562,601
Marc Benioff, Salesforce, $109,544,875
Frank Coyne, Verisk Analytics, $100,432,117
While these rich white dudes figure out what color yacht they want to buy this year, the Huffington Post has crunched the numbers and figured out that the average worker like you and me make at least 15 times less.
In fact, the median pay of a CEO at a company in the Standard & Poor's 500-stock index rose by nearly 20 percent from 2011 to 2012. Meanwhile, the piddling median weekly earnings of full-time wage and salary workers rose by a sad 1.4 percent in the same period, according to data from the Bureau Of Labor Statistics.
The U.S. leads the developed world in income inequality. And it's really getting out of control, as HuffPo reports, "since 1970, the top 1 percent of Americans practically doubled their share of the nation's total earned income."
A report by Pulitzer Prize winning journalist David Cay Johnston conducted for Tax Analysts found incomes of the bottom 90 percent of Americans grew only $59 (adjusted for inflation) from 1966 to 2011, while incomes for the top 10 percent rose by $116,071.
What are your thoughts on this info?