Sep 3, 2010

Chief Outsourcer Snyder and other CEOs make millions for cutting and outsourcing jobs

We already know about the millions of dollars in compensation CEOs rake in while workers take cuts in pay and benefits to help the company, but the CEOs who slashed their payrolls the deepest took home 42 percent more compensation than the year’s chief executive pay average for S&P 500 companies, according to the 17th annual executive compensation survey by the Institute for Policy Studies (IPS).

Despite headlines in newspapers that poor CEO’s are seeing cuts in pay the last two years, executive pay overall remains far above inflation adjusted levels of years past. In fact, after adjusting for inflation, CEO pay in 2009 more than doubled the CEO pay average for the decade of the 1990s, more than quadrupled the CEO pay average for the 1980s, and ran approximately eight times the CEO average for all the decades of the mid-20th century.

In fact, in 1965 the average CEO was earning 24 times what the average worker was making, but that has jumped to 263 times at a time when workers are making concession in wages and benefits to make a company solvent. CEOs are sacrificing nothing.

According to the IPS, American workers, by contrast, are taking home less in real weekly wages than they took home in the 1970s. But we don’t need a report to know that.

For their sacrifice, workers are shown the door, and, unfortunately, layoffs and offshoring jobs to Third World countries is how CEOs feather their already opulent nests and the only place they ever look to cut costs.

That’s how Republican Gubernatorial nominee and Chief Executive Outsourcer (CEO) Rick Snyder make a cool $23.7 million when he left Gateway Computers after he shipped 20,000 American jobs to China and other parts of Asia.

But Snyder isn’t spending those millions of yachts, cars or airplanes; he is spending his on buying the governorship of Michigan, just like the former GOP Gubernatorial nominee the Amway Guy Dick DeVos tried to do in 2006 and failed.

The post-primary campaign finance reports were filed on Thursday, and they showed Snyder spent $7.6 million to win his party's gubernatorial primary, $6.1 million of which came from his own deep pockets, earned for cutting jobs; chump change. He spent more money that the other four GOP candidates combined.

Vote for Virg Bernero in November; a man who has actually created jobs here in Michigan


Not Anonymous said...

Snyder, who is nothing less than Granholm lite, is leading by 23 points. Granholm lite. Hmmm, that would make him more like the Democrats of old than the Socialist Democrats we have today. So I guess that's one good thing about Snyder.

Another good thing about Snyder is that he knows how to run a successful business. Something Bernero has never done.

I wonder who you'll blame when Bernero has to go back and finish his term out as Mayor of Lansing.

It's going to be fun in two months. Two months from today. We're going to see the Republicans take over the House, possibly the Senate, and 8-10 governors, including Michigan.

We'll have a party...oh, maybe a Tea party.

Communications guru said...

The difference between Gov. Granholm and the Chief Executive Outsourcer is that she helped create jobs in Michigan, not China.

Once again, anonymous coward, there is no such thing as a Socialist Democrat in the United States, and that is just a false, Republican smear.

No, the Chief Outsourcer knows how to make himself rich, not run a business or create jobs. Government is not a business. Mayor Bernero knows how and has balanced a budget with no tax increases, no layoffs, no outsourcing and can create jobs.

Like I said many times before, anonymous coward, the party in the White House during the mid-terms usually lose seats, and we will this time, too, but we will keep the House and Senate.

Again, anonymous coward, I’m still waiting for you to back up your outrageous lie that we were “nearly shoulder to shoulder once.”

Silverfiddle said...

So what do you suggest we do about it?

Granholm sure didn't do you state any favors from what I've seen...

Communications guru said...

Gov. Granholm didn’t create the Great Bush Recession that caused people to stop buying autos from Michigan’s largest employers and forced two of the three into bankruptcy.

It’s pretty clear what we do about it: see the last sentence

“Vote for Virg Bernero in November; a man who has actually created jobs here in Michigan.”

Johnny C said...

Father of the greatest burger flipper the reason the outsourcing nerd is up in the polls, is the media hasn't done their job on reporting on his "record".

I can bet if Bernero was doing what the nerd had done i.e avoiding debates and refusing to fill out political questionnaires Timmy and the pundits will be all over him.