Money Blog » Salary

New exec salary cap unveiled by White House pay czar

Jacob — Mon, 14 Dec 2009 01:07:28 +0000

And this is why companies just want to pay back the bailout money the government has given them. Salary caps. Bad for them. Good for us. Taxpayers would hate to read some top corporate exec getting while Average Joe can’t even make credit card payments.

The government’s pay czar Kenneth Feinberg issued the new pay restrictions for the top employees of bailout recepients. The ruling will affect 75 of the 100 top employees of Citigroup, AIG, General Motors and GMAC.

The ruling will prevent execs from receiving more than $500,000 base salary. At least half would come in form of company stock and the rest in cash.

“We want to minimize these runaway perks and other compensation practices,” Feinberg said.

A close monitoring of salaries and bonuses was instituted after AIG made a scandal releasing millions of dollars in bonuses to its financial division despite receiving bailout money.

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Top 10 Highest Paid Execs in 2008

Jacob — Fri, 23 Oct 2009 01:39:36 +0000

I wouldn’t know about you but this is depressing stuff if you’d ask me. The recession has cost many average Americans their jobs and the last thing that they’d want to hear or read or even know about would be the millions of dollars corporate executives are getting. That’s why shame on all the big companies that have been paying their execs top dollar with taxpayer’s money.

Anyway, CNN through Equilar Inc posted the list of the top 10 highest paid executives for 2008 The list is headed by Chesapeake Energy Chairman and CEO Aubrey McClendon who raked in a total of $112.5 million. The last person in the list (Oracle’s Safra Catz) took $42.3 million. Less than half of McClendon’s but Average Joe wouldn’t even probably get a tenth of that in a lifetime.

Don’t hate the player, hate the game? Well, that’s a bunch of bullcrap in this economy.

Aubrey K. McClendon
Chairman and CEO
Chesapeake Energy (CHK)
2008 Total compensation: $112.5 million
Base salary: $975,000

Sanjay K. Jha
Co-CEO
Motorola (MOT)
2008 Total compensation: $104.5 million
Base salary: $484,615

Lawrence J. Ellison
CEO
Oracle (ORCL)
2008 Total compensation: $84.5 million
Base Salary: $1 million

Richard C. Adkerson
President and CEO
Freeport McMoRan Copper & Gold (FCX)
2008 Total compensation: $72.3 million
Base Salary: $2.5 million

Bob R. Simpson
Chairman of the Board
XTO Energy (XTO)
2008 Total compensation: $53.5 million
Base Salary: $1.6 million

Robert A. Iger
President and CEO
Walt Disney (DIS)
2008 Total compensation: $51.1 million
Base Salary: $2 million

Lloyd C. Blankfein
Chairman and CEO
Goldman Sachs (GS)
2008 Total compensation: $43 million
Base Salary: $600,000

Kenneth I. Chenault
Chairman and CEO
American Express (AXP)
2008 Total compensation: $42.8 million
Base Salary: $1.2 million

Jon Winkelried
President and Co-COO
Goldman Sachs (GS)
2008 Total compensation: $42.4 million
Base Salary: $600,000

Safra A. Catz
President
Oracle (ORCL)
2008 Total compensation: $42.3 million
Base Salary $800,000

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Fresh grad starting pay drops

Jacob — Wed, 09 Sep 2009 21:00:00 +0000

Still the continuing saga of the fresh graduate. The recession has definitely changed the game with many questioning the real value of college education. A number of college students rely on student loans in order to make it through and that means being debt-ridden even before earning a degree.

With the dismal situation of the job market, many fresh graduates are struggling to find jobs and if they ever do, the pay’s less than what graduates make last year. The average starting pay for bachelor’s degree holders is $48,633 – a drop of 1.2% last year and 7.6% lower than 2007 graduates.

Engineering and computer degrees remain to be the money-making degrees while bachelor of arts degree holders suffered from another pay drop.

The lower starting pays means that for those who have incurred much debt from student loans, it will take them a longer time to pay them off. It’s a sticky situation fresh graduates are in – in limbo between real world responsibilities and the ghosts of student loans.

Source: WSJ

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