September 06, 2006
PROFITING FROM WAR
Caption: This is just another example of elites (as modeled here by Ferdinand) turning their backs on ordinary Americans.
While an alarming number of US military personnel are having to turn to predatory payday lenders just to get by (see yesterday's post), CEOs in the defense and oil industry have been raking it in hand over fist.
Those are the main findings of a new report by United for a Fair Economy and the Institute for Policy Studies.
Here are some nuggets:
*CEOs of major military contractors were paid an average of 108 percent more in 2005 than in 2001. Pay for CEOs at comparable sized companies in other sectors increased by only 6 percent in the same period.
*Major defense CEO pay was 44 times more than that of a general with 20 years of experience and 308 times that of an Army private on the ground in Iraq in 2005.
Those guys probably don't have to hit the payday lenders too often either. Or worry about IEDs.
On a (not) totally unrelated note, our friends in the oil industry are likewise doing pretty well:
*The top 15 US oil CEOs "earn" 281 percent of average CEO pay in comparably sized businesses ($32.7 million vs. $11.6 million).
*The top 15 saw an average raise of 50.2 percent from 2004 (compared with 4.1 percent for production workers in the oil and gas industry.
*Interestingly, CEO pay at US based oil companies greatly exceeded compensation for oil CEOs based outside the US, despite sharing a competitive global market. BP and Royal Dutch Shell paid their CEOs only 1/8 of what their US counterparts received.
So much for the quaintly traditional idea of shared sacrifice in wartime...
GOAT ROPE ADVISORY LEVEL:
by El Cabrero