While fast food workers stage a one-day strike, a report from the Global Economy Project shows how the industry’s CEOs have subsidized their own multimillion dollar salaries with taxpayer funds in addition to saving money by paying employees low wages. Report author Sarah Anderson explains.
Almost everyone knows CEO pay is out of control. It surged 16 percent at big companies last year, and the typical CEO raked in $15.1 million, according to The New York Times. What’s less well known is that you and I and other taxpayers are subsidizing this sky-high executive compensation.
Switzerland just had a referendum in which it voted to give company and bank shareholders veto rights over the salaries, bonuses and overall compensation packages of senior executives and board directors.
The House Financial Services Committee has voted to repeal a provision in last year’s Dodd-Frank financial reform law requiring public corporations to report the ratio between CEO and median worker pay. (more)