Wednesday, January 19, 2011

Who are the Elite? Try Corporate Execs for Starters

Murray Dobbin writes in an article titled: "The CEO and the New Feudalism":

"Few developments in our era of savage capitalism are so powerfully symbolic of the new feudalism than the obscene compensation paid out to the new economic elite, the CEOs of the most powerful corporations in the country. The Canadian Centre for Policy Alternatives's Hugh MacKenzie now reminds us yearly of this economic and social sickness by identifying exactly when the average CEO (of the 100 largest firms) has earned as much as the average worker makes in a year (this time around it was by 2:30 p.m. on Jan. 3). The average total compensation for Canada's 100 highest paid CEOs was $6,643,895 in 2009.

"The social and political implications of this grotesque overcompensation are more important than the actual dollars. Socially, in terms of class, it represents the ruling elite's deliberate and conscious declaration that they will take as much money as they want out of the system simply because they can. It is the most powerful way that the elite can make clear that they have nothing in common with the rest of us. Their excess compensation has little to do with their value to a firm, their contribution or their ability.....

http://thetyee.ca/Opinion/2011/01/17/NewFeudalism/?utm_source=mondayheadlines&utm_medium=email&utm_campaign=170111

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