Here's one financial figure some big U.S. companies would rather keep secret: how much more their chief executive makes than the typical worker.Now a group backed by 81 major companies — including McDonald's, Lowe's, General Dynamics, American Airlines, IBM and General Mills — is lobbying against new rules that would force disclosure of that comparison.
On Wednesday, a House committee approved a bill that would repeal the disclosure requirement.
In 1970, average executive pay at the nation's top companies was 28 times the average worker income, according to the Frydman-Molloy data and numbers provided by Emmanuel Saez at the University of California at Berkeley. By 2005, executive pay had jumped to 158 times that of the average worker.
For more, see Business Group: Public Companies Shouldn't Have to Compare CEO and Worker Pay by , June 24, 2011 at The Washington Post.
1 comment:
See the attached URL on the major news talking heads. http://news.yahoo.com/blogs/cutline/matt-lauer-makes-17-million-topping-annual-tv-150858412.html
Let's see, the average income in the US is $42k/yr. Lauer at $17M makes 404 times as much as the average Joe. The others are close. The media stars' pay completely swamps the 150x point in the article. Face it, they are all stars and negotiate their pay.
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