CEOs Get One-Third of All Pay; Bank of America Uses Taxpayer $$ for Lobbying

[Omaha Steve]

http://www.midatlanticlabor.com/appiesnet/wordpress/?p=1006

http://blog.aflcio.org/2009/07/22/ceos-get-one-third-of-all-pay-bank-of-america-uses-taxpayer-for-lobbying/

CEOs Get One-Third of All Pay; Bank of America Uses Taxpayer $$ for Lobbying

by Tula Connell, Jul 22, 2009

Two news items out today highlight how far the nation needs to go in re-balancing the economy toward working people.

First, Think Progress points to a Wall Street Journal analysis that shows more than one-third of all pay in the U.S. now goes to executives and other highly-paid employees.

Highly paid employees received nearly $2.1 trillion of the $6.4 trillion in total U.S. pay in 2007, the latest figures available. The compensation numbers don’t include incentive stock options, unexercised stock options, unvested restricted stock units and certain benefits.

The Wall Street Journal based its analysis on Social Security Administration data, which doesn’t count billions of dollars more in pay that remain off federal radar screens that measure wages and salaries.

Next, it turns out that Bank of America, which received $45 billion in taxpayer-funded bailout support, has spent more than $1.5 million lobbying on Capitol Hill.

The Charlotte, N.C., company wants flexibility on spending the bailout funds and also wants to fend off restrictions on executive compensation, home mortgage lending and credit card fees. The bank also is lobbying on a consumer rights bill, on student lending issues, on a bill that would’ve allowed bankruptcy judges to alter mortgages and on a proposed federal regulatory oversight agency.

And none of its positions on any of these bills would help working families.

FULL story at link.