The AFL-CIO has new data on executive pay.
Even as the U.S. economy went into a tailspin, the median salary for CEOs of 200 large corporations increased by 4.5 percent to $1.08 million. On top of that, these corporations keep plying executives with generous freebies, despite the public outcry over private jets and other executive perks.
The 2009 AFL-CIO Executive PayWatch site, which launches today, points out that the perks for executives rose on average by 12.5 percent in 2008 to $336,248—or nine times the median salary of a full-time worker. Even more appalling is the practice of rewarding executives who drive their companies into the ground.
Same ole game, the executive class makes out like bandits all the while squeezing the middle class.
Reuters, by including the stock options awarded, found this on TARP recipient and recognized Zombie Bank Citigroup:
Citigroup Inc CEO Vikram Pandit made $38 million in 2008, compared with the roughly $11 million reported in the company's compensation section in U.S. Securities and Exchange Commission filings.
Citigroup collected $45 billion in government bailout funds in 2008.