This totes adorbs Think Progress headline caught my eye: Senators Seek To End Taxpayer Subsidy For Exorbitant CEO Pay:
With executive compensation at record highs, two senators are trying to end a government subsidy of performance-driven executive pay schemes that cost taxpayers $5 billion per year. Sens. Jack Reed (D-RI) and Richard Blumenthal (D-CT) proposed a bill Friday that would limit the amount of performance-based pay that can be written off as a tax deduction and bring in $50 billion in tax revenue over a decade.
Isn't it presh how Reed and Blumenthal think Republicans would ever pass any bill ever that would pull support from their ritzy CEO BFFs? Especially one called the Stop Subsidizing Multimillion Corporate Bonuses Act.
But hey, at least they're trying. And who knows? Stranger things have happened...
Want some insight into how Willard Romney would handle a Congress that is as gridlocked our current one is now? And how Massachusetts lawmakers felt about Romney's corporate style? Look no further:
BOSTON (AP) -- What worked for Mitt Romney in the corporate boardroom didn't fly in the more raucous corridors of the Massachusetts Legislature. [...]
[H]is top-down, corporate management style soon rankled Democrats who overwhelmingly controlled the state House and Senate and saw themselves as an equal partner in the government. His approach jolted a clubby political culture where schmoozing over after-hours drinks and cutting backroom deals are well-worn pathways to success.
Unlike his three GOP gubernatorial predecessors, the politically inexperienced Romney was never at ease in the chummy world of trading favors for votes. He bypassed rank-and-file Democrats and dealt mostly with the party's legislative leaders during his four-year term, though he did work with Democrats to pass the state's health care overhaul. [...]
Some Democratic lawmakers accused Romney of being aloof, unapproachable and not much interested in working with them to build the kind of friendships and alliances that are needed to help pass legislation.
By treating government as a business, he alienated the very people he needed to work with. The only exception was when he worked with Democrats on the type of health care bill he now wants to repeal.
Former House Speaker Tom Finneran said that "Romney delivered a PowerPoint presentation brimming with numbers and charts on his plan for fixing the budget" and that it was obvious that he didn't value input, just went around "issuing marching orders."
There's your CEO, folks. Not exactly conducive to playing well with others.
"Initially his sense was, `I have been elected governor, I am the CEO here and you guys are the board of directors and you monitor the implementation of what I say,'" Finneran said. "That ruffled the feathers of legislators who see themselves as an equal branch (of government)."
There's that sense of entitlement again. This out of touch candidate is most definitely not "one of us," and he appears to revel in his elevated status.
Tom Birmingham, a former state Senate president, said, "To call him disengaged would be charitable." The AP article says that he opted for confrontation over compromise.
So a President Romney would be more of the same, only on steroids.
Ed Schultz has been pounding the "vulture capitalism" point relentlessly, and now Think Progress has details about CEO pay skyrocketing while the average worker's is nearly stagnant. Here's a sample:
In 2011, CEOs in the Fortune 500 made an average of $12 million, about 380 times what the average worker makes:
The ratio of CEO-to-worker pay between CEOs of the S&P 500 Index companies and U.S. workers widened to 380 times in 2011 from 343 times in 2010. Back in 1980, the average large company CEO only received 42 times the average worker’s pay.
This explosion in pay certainly isn’t justified by corporate performance.
And the GOP wonder why people talk about class warfare? The enormous wealth gap, income inequality, and their sacred Ryan budget complete with tax cuts for the wealthy don't ring a bell?
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Sometimes all you need is a visual to make you realize how shockingly off kilter the priorities of this country can be. Heroes barely scrape by while corporate CEOs make off like the bandits many of them are. And by heroes, I don't just mean Navy SEALs.
While 99ers listen to their tummies growling, the only sound the wealthy hear is "ka-ching!"
Navy SEALs drop from helicopters and dodge bullets while eliminating the country's number one most wanted killer, but corporate executives dodge taxes along with insults from bloggers like me as they stretch out in their gas-guzzling private jets.
What would the numbers look like if the base salary of a Navy SEAL — who risk their very lives in their day-to-day work — was compared to the compensation of the CEOs of some of America’s wealthiest corporations? Data from the AFL-CIO’s Executive Pay Watch finds that the average 2010 CEO compensation at an S&P 500 company was $11,358,445:
Not fair, not balanced, not right.
Think Progress has more here.
The word in Washington is that President Obama is close to naming departing [Google] CEO Eric Schmidt as the nation's next Secretary of Commerce.[...]
Former Reagan Administration Commerce Department counsel Clyde Prestowitz essentially endorsed Schmidt for the job.
That bodes well for a smooth confirmation process. Bing must be furious.
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