tagged w/ executive pay
Members of the 99% Power coalition disrupted Verizon's annual shareholder meeting in Huntsville, Ala., six separate times today. In each instance, a group of protesters interrupted the proceedings using “Mic Check” tactics, followed by chants such as “Shame on you!” “Verigreedy!” and “People over profit!” After each occurrence, the chanting group was led out by security people, with many in the audience applauding them. There were no arrests.
The Verizon shareholder meeting comes as the corporation is in negotiations with the Communications Workers of America (CWA) and the Electrical Workers (IBEW). The corporation—which made $100 billion in profits last year—is asking its workers for givebacks amounting to as much as $20,000 per worker, while tripling the compensation of its CEO, Lowell McAdam, from $7.2 million to $23.1 million. Verizon is the 16th largest corporation in America and made $22.5 billion in profits over the past four years, while paying its top five executives $283 million during that period, giving the company the nickname “Verigreedy." As Patrick Welsh, a Verizon retiree, said today, Verizon has broken the promises made that if you work hard, follow the rules and pay your taxes, then you’ll have a good retirement.
At a rally before the shareholder meeting, Alabama AFL-CIO President Al Henley demanded that Verizon be a better corporate citizen.
Verizon is on the run from their own workers, and thought that by taking the meeting to Alabama, a “right-to-work” state, but they misjudged our sense of solidarity here in the South.
Speaking to the thousands rallying outside the Verizon shareholder meeting, Ron Collins, CWA chief of staff, said, "Enough of the attacks on middle-class jobs while paying executives obscene salaries and dodging taxes.”
Also at the rally, Scott Douglas, executive director of the Greater Birmingham Ministries, said, “We may be down South, but we are not offshore."
Today we say with new meaning the Alabama state motto, we dare defend our rights.…Now more than ever, it is important for people of conscience to join together to recognize our common struggle against injustice and to fight back united.
The issue is one of fairness, said Sarita Gupta of Jobs with Justice, noting that with $23 million per year in compensation, Verizon's CEO makes "600 times more than an average frontline worker makes."
People arrived at the rally in 12 buses and several vans from Florida, New Orleans, Mississippi, Birmingham, Knoxville, Atlanta, Nashville, Columbia, Chattanooga and other cities throughout the region. They represent many unions and allied groups, including Jobs with Justice, Occupy Huntsville, Occupy Birmingham and the Student Labor Action Project (SLAP).Students from Orlando and Tallahassee took a 14-hour bus trip and slept in the local Plumbers and Pipe Fitters union hall.
Rallies supporting Verizon workers took place in 15 cities, including Philadelphia, Minneapolis, Boston, Portland, Miami and Orlando.
http://www.aflcio.org/Blog/Organizing-Bargaining/Workers-and-Allies-Barnstorm-Verizon-Shareholder-MeetingMembers of the 99% Power coalition disrupted Verizon's annual... more
That’s it, Joe. I’m changing my title to “Executive Editor.” I’m tired of getting the shaft!
Life at the Top: Endless Obscene Bonuses for Execs, Everyone Else Getting ShaftedThat’s it, Joe. I’m changing my title to “Executive Editor.”... more
Corporate executives don't suffer during recession.
ON TUESDAY July 27th BP announced its chief executive, Tony Hayward, was stepping down after just three years in the job. He leaves with a year’s salary, £1m ($1.6m), and a pension reported to be worth £11m, accrued over 28 years of service. On the same day the company revealed a quarterly loss of £17 billion, reflecting the cost of the oil spill in the Gulf of Mexico. Mr Hayward has received criticism over his handling of the Deepwater Horizon spill. For all the opprobrium heaped on him over the last few months, Mr Hayward's payout is modest compared with those enjoyed by many similarly high-profile bosses.
http://www.economist.com/node/16685706?story_id=16685706ON TUESDAY July 27th BP announced its chief executive, Tony Hayward, was stepping down... more
A moral argument can be made that for any large organization to maintain wealth and power, competitive barriers must be erected to prevent young start-ups from moving in too quickly and eroding the margins. Some barriers such as price fixing or dumping goods below cost have been ruled illegal, but others have been encouraged due to their social benefits, and include trade secrets, copyrights, patents, and proprietary software and business processes. No such moral argument can apply to non-profits. A non-profit is supposed to be driven solely by its mission.
http://information-security-resources.com/2009/12/10/open-source-software-design-spurs-growth/A moral argument can be made that for any large organization to maintain wealth and... more
Goldman's reputation is suddenly as toxic as the credit default swaps and other inexplicably exotic financial instruments it used to buy with glee. That's bad for the one thing it values more than anything else: business. Being the prime target for popular and political outrage could put Goldman first in line for draconian new regulation. So it has, reluctantly, decided that the time has come to speak out, to fight its corner. That's how, on one of those bright autumnal New York mornings when anything seems possible -- even an invitation to break bread with the masters of the universe -- I find myself walking past the security guard who held up Michael Moore and into the building with no name.
http://www.timesonline.co.uk/tol/news/world/us_and_americas/article6907681.eceGoldman's reputation is suddenly as toxic as the credit default swaps and other... more
Our economic system is overrun with barely legal scams masquerading as businesses. Let's cap them rather than demand pennies on the stolen dollars be returned.Our economic system is overrun with barely legal scams masquerading as businesses.... more
Via National People's Action, here is some footage from the protesters at the ABA conference. From the footage, it's clear there are some strong emotions from the protesters.
At one point a protester grabs a megaphone and says:
"The American Bankers Association has helped loosen the rules that protect us, allowing the unfettered greed that has brought us to the brink of a recession. And for those bankers who are members and support the ABA's war against the working and middle class, shame on you!"
The crowd soon begins chanting "Shame On You!" in unison.
Via Progress Illinois' Twitter feed, here's more video of Sen. Durbin's speech. In this section, he calls for a "showdown" with Wall Street.
According to the Twitter feeds of National People's Action and the SEIU, the protesters are headed to the ABA's "Roaring '20s"-themed cocktail party. (Perhaps the ABA is not aware of the irony of having such an event.)
Sen. Dick Durbin spoke in front of the protesters earlier today. Here's a clip from the video, in which Durbin tells the story of homeowner who was struggling to stay in her home -- and was apparently talked into agreeing to a seemingly atrocious mortgage. The woman's mortgage was riddled with hidden fees and by, "the types of things even a Wall Street lawyer couldn't explain to anyone," Durbin said.
The American Bankers Association's annual convention in Chicago has become the scene for a series of major protests, which are set to continue through Tuesday. Dubbed "the Showdown in Chicago." (http://www.showdowninchicago.org/index.html) (Check back here frequently for updates on the protests.)
Groups like the National People's Action, the Service Employees International Union, Americans For Financial Reform and the AFL-CIO are expected to turn out with thousands of protesters. Sen. Richard Durbin (D - Illinois) is scheduled to address the protesters Sunday evening. Conference speakers include Newt Gingrich, conservative columnist George Will and FDIC chairman Sheila Bair.
Check out these photographs of the "Showdown in Chicago," taken by organizers of the protest.
http://www.huffingtonpost.com/2009/10/25/showdown-in-chicago-prote_n_333245.htmlVia National People's Action, here is some footage from the protesters at the ABA... more
A senior administration official said on Sunday that after extensive consultations with Treasury Department officials, Representative Barney Frank, the chairman of the House Financial Services Committee, would introduce legislation as early as this week. The measure would make it easier for the government to seize control of troubled financial institutions, throw out management, wipe out the shareholders and change the terms of existing loans held by the institution.A senior administration official said on Sunday that after extensive consultations... more
Why do the GOP and republicans want to kill health insurance reform? Money, lots and lots and lots of money the executives stand to lose.
CNN would not run this ad.
Tell us CNN, why would you not run this ad?Why do the GOP and republicans want to kill health insurance reform? Money, lots and... more
Some of the country's top corporate officers could finally be joining in the national past time: curbing pay. As we all know now, during the Bush years, pay for most folks was stagnant or worse, despite rising productivity. As you worked harder with no quality of life gains to speak of, the richest 15,000 households were making out. That 15,000 doubled their income --- to $30 million a year -- just between 02 and 06. That's $30 million per year.Some of the country's top corporate officers could finally be joining in the... more
Wall Street is whining over Obama’s executive pay cap. The moment they borrowed our money to fund their lifestyles of the rich and richer, it became fair we should get a say on the terms.Wall Street is whining over Obama’s executive pay cap. The moment they borrowed... more