Jobs Slashed, CEOs Get Cash Millions

One would think Congress or The White House would be able to put a bill in place that would tax companies and their leaders for behaving in a way that deadens the economy for profit. But, no not here in the US where lawmakers get big payouts from such companies and corporations.

A new report by the Institute of Policy Studies concludes that CEOs of 50 firms that have laid off the most workers since the economic crisis began in 2008 took home 42 percent more pay last year than other CEOs at large U.S. companies.  The report found that these 50 company heads received $12 million on average in 2009, and laid off at least 3,000 workers between November 2008 and April 2010.

MSNBC reports: When Hewlett-Packard’s Chief Executive Mark Hurd resigned last month he received something few regular workers see when they quit their jobs under a cloud: A massive payout.
Turns out Hurd is far from the only top executive to be rewarded with a rich package despite a management performance that could be considered less than optimal — especially by rank-and-file workers.
A new report concludes that chief executives of the 50 firms that have laid off the most workers since the onset of the economic crisis in 2008 took home 42 percent more pay in 2009 than their peers at other large U.S. companies.

The report, from the Institute of Policy Studies, found that the 50 layoff leaders received $12 million on average in 2009, compared with an average compensation of $8.5 million for chief executives of companies in Standard & Poor's 500. Each of the 50 companies examined in the report laid off at least 3,000 workers between November 2008 and April 2010.

Those CEOs include HP’s Hurd, who slashed 6,400 jobs in 2009 — a year when his compensation amounted to $24.2 million.
Hurd made headlines last month when he suddenly resigned after an investigation into a sexual harassment claim against him found he had falsified expense reports related to meetings with a female contractor. Despite the findings, he walked away with a severance package that reportedly could be worth more than $40 million.

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