Hostess Liquidation Approved, Along With $1.8 Million in Executive Bonuses

By: Friday November 30, 2012 8:03 am

A federal judge has blessed the Hostess liquidation, after labor and management failed to reach agreement on an equitable solution. This isn’t surprising at all; management was basically set up to liquidate the company and strip the assets. Twinkies and Ding Dongs will survive; the company has solicited several offers for the brands. It’s just the 18,500 employees who will be out of luck; even if some of them get retained after the fire sale, getting absorbed into a new company almost certainly means that they will not all get their jobs back.

Meanwhile the executives will get a BONUS for all this.

 

Break Up the Banks for a Faster Economy

By: Saturday October 27, 2012 12:00 pm

This week, ex-banker Charles Morris, who was featured in the documentary Inside Job, brings us compelling evidence that countries with a large financial sector create lesser economic growth than countries that have restrained that sector. While a well-functioning financial system is key to growth, there’s a balance that needs to be struck.

Citigroup’s Pandit Resigns as CEO

By: Tuesday October 16, 2012 8:15 am

Vikram Pandit, the CEO of Citigroup, who presided over some of the worst years in the history of the bank, abruptly stepped down today. He will be replaced by longtime Citi executive Michael Corbat. Here’s Pandit’s statement.

Morgan Stanley Says the Bankers’ Salaries Are Too Damn High

By: Friday October 5, 2012 7:00 pm

What you hear from bankers to justify their enormous profits is that they must be obscenely overpaid to ensure the retaining of key talent in the organization. It’s worth pointing out that their own bosses think that’s garbage.

How Marginal Tax Rates Play a Big Role in Income Inequality

By: Wednesday July 11, 2012 11:50 am

It’s clear that something happened in corporate boardrooms around the 1970s and through to today, where they decided to give their CEOs massive amounts of money through salary and stock options. And why is that? Well, the fact that the top marginal tax rate had been cut in half, so more of that compensation would actually go to the individual, has to have something to do with that.

CEO Pay Climbs in 2011

By: Monday June 18, 2012 6:48 am

Corporate compensation for the highest paid executives rose again in 2011, though its still below the levels of 2017. Dean Baker has several suggestions for curtailing pre-tax inequality. And clearly this is needed when you look at the rising salaries of our nation’s CEOs.

Shareholders Reject Citi CEO Vikram Pandit’s $15 Million Compensation Package in Non-Binding Vote

By: Tuesday April 17, 2012 1:45 pm

I have mentioned that we will see a wave of shareholder activism this spring, with direct action challenges to the biggest corporations in America. Today Citigroup shareholders voted against the $15 million pay deal for CEO Vikram Pandit and also reject pay plans for two other top executives.

Just How Bad Must Wages and Benefits Be for Most People?

By: Wednesday April 4, 2012 5:00 pm

While wages and benefits for most American are either stagnant or slipping, compensation for corporate executives are rising rapidly, with major increases occurring over the last year. The recovery is not helping different major income groups equally.

One Family, Six Heirs, $69.7 Billion

By: Sunday December 11, 2011 4:48 pm

The Walton family, the heirs to the Wal-Mart fortune, provide an object lesson on income inequality. The math is pretty stark. This one family holds as much wealth as the bottom 30% of all Americans.

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