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Twenty-five of last year's highest-paid corporate CEOs made more than their companies

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  1. #1
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    Thumbs down Twenty-five of last year's highest-paid corporate CEOs made more than their companies






    Report: CEOs Rewarded for Avoiding Taxes

    NEW YORK (MainStreet) -- Twenty-five of last year's highest-paid corporate CEOs made more than their companies paid in taxes, says a report from the Institute for Policy Studies.


    According to IPS, the 25 highest-paid CEOs averaged 16.7 million in annual compensation, with 22 of them getting net pay increases last year. In 13 of the companies, these pay increases coincided with either a decline in the corporation's tax bill or an increase in their tax refund check.

    The low tax bills and large refunds could not be attributed to lower profits at those companies, the institute says, but rather to the use of offshore tax havens and corporate tax breaks.

    "Instead of sharing responsibility for addressing our nation's fiscal challenges, corporations are rewarding CEOs for aggressive tax avoidance," says Chuck Collins, a senior scholar at IPS who co-authored the report, in a written statement.

    Researchers also found that, despite persistent economic woes, CEO salaries are still on the rise across the board: The CEOs of the companies that make up the S&P 500 averaged $10.8 million in overall compensation (including the value of stocks and options) last year, a 27.8% increase over the average compensation in 2009.

    This bump widened the wage gap between CEO pay and the average U.S. worker's salary for the first time in three years, going from a ratio of 263-to-1 in 2009 to 325-to-1 last year. The new figures are closer to pre-recession numbers than any time since 2007, when the ratio between CEO and worker pay was 344-to-1.

    The most profitable of the firms that paid more to their CEOs than to Uncle Sam last year was General Electric(GE_). The company, helmed by Jeff Immelt, got a $3.3 billion tax refund despite reporting $5.1 billion in pretax income in the U.S.

    Only one firm on the list, Qwest Communications(Q_) reported negative global returns, and only six reported losses in U.S. pretax income.

    Of the seven companies that reported net losses, five account for a combined 267 tax-haven subsidiaries and a sixth, Nabors Industries, is based in Bermuda. Eighteen other companies on the list, the report notes, operate subsidiaries in offshore tax havens, for a combined total of 556 tax haven subsidiaries.

    As for CEOs, Stanley Black & Decker(SWK_) CEO John Lundgren was the highest-paid on the list. He made $32.6 million last year, while the company got a $75 million tax refund.

    The Institute of Policy Studies has completed an Executive Excess Report for the past 18 years. Each report examines trends and hot-button issues between CEOs and their employees. Last year's report highlighted CEOs that profited the most from their companies' layoffs.

    The latest report was compiled using the Associated Press' S&P 500 compensation survey and data from the Bureau of Labor statistics. Tax data was obtained by accessing public tax records filed with the Securities and Exchange Commission.

  2. #2
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    no list?

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    Quote Originally Posted by lnvanry View Post
    no list?
    Yes, I'd like one to.
    Then I can just copy/paste it into an excel sheet for quick export of hit lists...

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    Ford
    CEO: Alan Mulally
    CEO compensation: $26.52 million
    Company's U.S. federal income taxes: $69 million refund
    Company headquarters: Dearborn, Mich.

    Chesapeake Energy
    CEO: Aubrey McClendon
    CEO compensation: $21 million
    Company's U.S. federal income taxes: $0
    Company headquarters: Oklahoma City

    Aon
    CEO: Gregory Case
    CEO compensation: $20.78 million
    Company's U.S. federal income taxes: $16 million
    Company headquarters: Chicago

    Bank of New York Mellon(who??)
    CEO: Robert Kelly
    CEO's compensation: $19.4 million
    Company's U.S. federal income taxes: $670 million refund
    Company headquarters: New York

    Coca-Cola
    CEO: John F. Brock
    CEO compensation: $19.11 million
    Company's U.S. federal income taxes: $8 million
    Company headquarters: Atlanta

    Verizon
    Former CEO: Ivan Seidenberg (left Verizon in July 2011)
    CEO compensation: $18.1 million
    Company's U.S. federal income taxes: $705 million refund
    Company headquarters: New York


    Just a few listed, I can't find the complete list.

    Funny how Verizon had a $705 million refund and made a billion in profits yet they want to screw the little guy.

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    Only 16.7 million?
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    you have never spent the night with a mosquito."
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    The headline is very misleading.

    Real story: CEOs and news agencies are all douche bags.


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    Close the offshore loopholes, simple as that and drop the corporate tax rate to 25% at the max. Compensation I don't care about, everytime they sign an earnings statement they are at risk of going to jail. It is the risk reward concept and if the boards approve, we can't do shit about it.
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    Quote Originally Posted by oufinny View Post
    Close the offshore loopholes, simple as that and drop the corporate tax rate to 25% at the max. Compensation I don't care about, everytime they sign an earnings statement they are at risk of going to jail. It is the risk reward concept and if the boards approve, we can't do shit about it.
    The board that is made up of CEO's of other companies? No conflict of interest there.

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    It's called capitalism, problem with that?
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    Quote Originally Posted by oufinny View Post
    It's called capitalism, problem with that?
    What is it called when they screw the american worker or get away without paying taxes like the little guy does?

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    Quote Originally Posted by oufinny View Post
    It's called capitalism, problem with that?
    There is nothing capitalistic about it. If you and peers got to determine eachothers compensation it wouldn't take very long for all of you to start getting huge raises, regardless of performance.

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    Quote Originally Posted by oufinny View Post
    Close the offshore loopholes, simple as that and drop the corporate tax rate to 25% at the max. Compensation I don't care about, everytime they sign an earnings statement they are at risk of going to jail. It is the risk reward concept and if the boards approve, we can't do shit about it.
    I don't even think they would need it that high, 20% would work. The problem is that by closing loopholes and putting the corporate tax rate to 20% you would be raising their taxes. Grover would never allow that on the GOP side.
    If sense were common, everyone would have it.

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    unregulated hedge funds were a leading contributor to the banking collapse in 2007 there were a big part of the shadow banking system that was created on Wallstreet to avoid federal over-site and CRA regulations for lending. these same guys will also be the cause of the upcoming bond derivative market crash which is just about inevitable.


    Top Earning Fund Mangers 2009

    1.David Tepper, Appaloosa Management
    Est. 2009 personal earnings: $4 billion

    2. George Soros, Soros Fund Management
    Est. 2009 personal earnings: $3.3 billion

    3. James Simons, Renaissance Technologies
    Est. 2009 personal earnings: $2.5 billion

    4: John Paulson, Paulson & Company
    Est. 2009 personal earnings: $2.3 billion

    5: Steve Cohen, SAC Capital Advisors
    Est. 2009 personal earnings: $1.4 billion

    6. (tie): Carl Icahn, Icahn Capital
    Est. 2009 personal earnings: $1.3 billion

    6. (tie): Edward Lampert, ESL Investments
    Est. 2009 personal earnings: $1.3 billion

    8. (tie): Kenneth Griffin, Citadel Investment Group
    Est. 2009 personal earnings: $900 million
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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    Quote Originally Posted by oufinny View Post
    It's called capitalism, problem with that?
    That isn't called capitalism. It's what those that benefit want you to believe it's called.

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    Quote Originally Posted by Zaphod View Post
    That isn't called capitalism. It's what those that benefit want you to believe it's called.
    the US version of "capitalism" seems to have an abundance of characteristics in common with facism
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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    Are any of these people really worth this much money? I mean I could understand paying someone 25 million dollars a year that has a cure for cancer.

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    Quote Originally Posted by thompsonn View Post
    Are any of these people really worth this much money? I mean I could understand paying someone 25 million dollars a year that has a cure for cancer.
    Better yet, how about a CEO who employs American workers instead of going over seas or a CEO who produces more work or new work for Americans.

    Capitalism is good I guess but when it benefits other countries like China other than the USA then there is something wrong with that word.

  18. #18
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    i cant wait to have my name on this list

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    Unhappy

    Quote Originally Posted by sofargone561 View Post
    i cant wait to have my name on this list
    You're more liable to be on this one.....

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    HAHAAH it should be the same list!

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