Getting A Grip On Ceo Greed

To think that greed is simply greed misses the nuances of avarice.

There is, for example,the greed of corporate lobbyists lunging for taxpayers' money in the wake of September 11. Then there is the trickier greed of the Enroners, and who locked employees into the declining company's stock while the CEO was secretly dumping his. There is also the evasive greed of Stanley tool company and others that create offshore accounts in Bermuda and Barbados to dodge their share of taxes to support our country.

But now comes "Greedus Maximus" in the form of a group called the Business Roundtable. This outfit presents itself as the enlightened business community. Made up of the CEOs of the largest 200 corporations in the U.S., this "enlightened" elite has recently drawn a policy line in the sand--not to protect the public interest, but to save the financial butts of the Roundtable's CEOs themselves.

These executives have sacked up gabillions of dollars in the past decade in off-the-books paychecks called "stock options." Under this scam, top executives get paid a kings' ransom, but the corporations' bookkeepers hide these payouts from investors, employees, and the public, claiming that these millions technically are not expenses--even though this is real money paid from the business. The result is that hundreds-of-millions of dollars that could be invested in productive ventures are instead being siphoned into the already well-stuffed pockets of the executives.

Even the New York Stock Exchange has recently come out to say that these payouts to executives are, after all, stockholders' money and, therefore, ought not be paid unless voted on by the stockholders. But CEOs despise corporate democracy, so the Roundtable is now pressuring the stock exchange to step away from applying even this small brake to runaway CEO greed.

This is Jim Hightower saying...To help get a grip on such greed, call the Council of Institutional Investors at 202-822-0800.

#story_page_ below_article

Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal

Don't Sit on the Sidelines of History. Join Alternet All Access and Go Ad-Free. Support Honest Journalism.