Study shows U.S. bank CEO pay dwarfs rest of world
Speeders & Drunk Drivers are MURDERERS
http://www.reuters.com/article/ousivMolt/idUSTRE58M2QU20090923
Study shows U.S. bank CEO pay dwarfs rest of world
Wed Sep 23, 2009 10:43am EDT
NEW YORK (Reuters) - You wouldn't know it by his pay stubs, but Jiang
Jianqing heads the world's largest bank.
Jiang, chairman of Industrial and Commercial Bank of China, made just
$234,700 in 2008. That's less than 2 percent of the $19.6 million awarded
to Jamie Dimon, chief executive of the world's fourth-largest bank,
JPMorgan Chase & Co.
The contrast illustrates the massive differences in pay among the CEOs of
the world's top banks. The compensation of the CEOs of the largest U.S.
banks towers above what's paid to banking chiefs in other parts of the
world, according to a Reuters analysis of pay at the 18 biggest banks by
market value.
Excessive compensation at banks is expected to be discussed this week
when the Group of 20 nations meets in Pittsburgh. But consensus on the
issue remains a distant hope as there continue to be vast differences in
how bankers are paid, from the CEO on down.
"The U.S. executive pay levels have always dwarfed pay for companies
elsewhere in the world," said Sarah Anderson, a fellow with the Institute
for Policy Studies, which is critical of Wall Street, and co-author of
the recent study "America's Bailout Barons."
"They have claimed it is impossible to recruit people without paying such
compensation. Yet, if you look at the pay levels in Europe and in a lot
of Asian countries, somehow they manage to find people who can run major
global firms while making a fraction of what they make in the U.S.," she
said.
For a graphic comparing bank chiefs' pay around the world, click here
http://graphics.thomsonreuters.com/099/GLB_EXCMP0909.gif
----------------------------
And bankers don't actually produce anything. They're just parasites.
Raymond
RE: "And bankers don't actually produce anything. They're just
parasites."
So are the politicians. Parasites, that is.
Both Democrats and Goppers.
Try Chris Dodd, who should know better, for instance.
No wonder Sen. Christopher Dodd won’t release documents related to the
$800,000 in cut-rate mortgages he got in 2003 from Countrywide
Financial, once the nation’s largest mortgage lender
Sweetheart Loan Details On Senator Chris Dodd (D-CT), Chairman of the
Senate Committee on Banking, Housing and Urban Affairs
By: Pam On: Aug/21/08 - 6 Comments
The Everyday Republican blog has the details of Senator Chris Dodd (D-
CT), Chairman of the Senate Committee on Banking, Housing and Urban
Affairs, and buddy-buddy of Countrywide Mortgage co-founder Angelo
Mozilo. Within the post is this link to Hartford Courant columnist
Kevin Rennie:
No wonder Sen. Christopher Dodd won’t release documents related to the
$800,000 in cut-rate mortgages he got in 2003 from Countrywide
Financial, once the nation’s largest mortgage lender.
The primary cause of the collapse of the mortgage industry is banks
and borrowers who ignored standard rules of sound and responsible
lending. Thousands of lenders duped ignorant borrowers and conspired
with sophisticated, grasping ones to flout rules in order to create
loans with terms they would not normally have obtained.
Many of those misleading and fraudulent loans were sold to investors
who began to discover last year that they’d spent billions on loans
that would never return anything close to their investment. Pension
funds, governments and formerly successful investors have lost
billions. Taxpayers, under a bill Dodd championed, will pay billions
to buy those bad loans.
Dodd feints and delays, but he can only stymie, not halt, the
discovery of the details of his $800,000 in mortgages. Records show
Dodd was more notable as part of the problem, a privileged public
official who benefited even more than previously acknowledged.
Roll Call thought this was mock worthy:
Briefly Quoted. “I don’t know what the rates are today.”
” Sen. Chris Dodd (D-Conn.), surprising reporters on Tuesday with his
unfamiliarity with current mortgage rates. Dodd, who was explaining
why he planned to keep his scandal-tarred Countrywide Financial home
mortgages, is the chairman of the Senate Banking, Housing and Urban
Affairs Committee. (video here)
Related posts/articles:
http://rightvoices.com/2008/08/21/more-sweetheart-loan-details-on-senator-chris-dodd-d-ct-chairman-of-the-senate-committee-on-banking-housing-and-urban-affairs/
Tammany Hall’s senior senator : The Chris Dodd-Countrywide scandal
refuses to die
Dodd: I didn’t know VIP meant perks
Speeders & Drunk Drivers are MURDERERS
news:b4cb45e2-1f88-46d6...@33g2000vbe.googlegroups.com:
> On Sep 23, 11:01�pm, "Speeders & Drunk Drivers are MURDERERS"
> <xeton2...@yahoo.com> wrote:
>>
>> And bankers don't actually produce anything. �They're just parasites.
>
> RE: "And bankers don't actually produce anything. They're just
> parasites."
>
> So are the politicians. Parasites, that is.
> Both Democrats and Goppers.
>
So are nearly all the rich people, They're politicians or corp execs or
lawyers or athletes or entertainers or stock speculators. Henry Kissinger
famously called the poor "useless eaters" but it's really the rich.
Raymond
<xeton2...@yahoo.com> wrote:
Report Finds Doctors Cheating Medicare
GAO Says 21,000 Health Providers Owe At Least $1.3 Billion In Federal
Back Taxes
http://www.cbsnews.com/stories/2007/03/20/eveningnews/main2589815.shtml
Good Luck in collecting ten cents of the total. The doctors own the
IRS and the GOP politicians
Senators were told many are cheating the
system twice — defaulting on their taxes while getting Medicare
payments from the government. G-d bless America
"Sounds about right.. Let us prey."
--- .I.M.A Doomer, M.D.
Also see : 10 ways to avoid outrageous hospital overcharges
https://www.dmba.com/sc/dmba/10Ways.aspx.
Raymond
>
> Tammany Hall’s senior senator : The Chris Dodd-Countrywide scandal
> refuses to die
>
> - Show quoted text -
"That to secure these rights, Governments are instituted among Men,
deriving their just powers from the consent of the governed, — That
whenever any Form of Government becomes destructive of these ends, it
is the Right of the People to alter or to abolish it, and to institute
new Government, laying its foundation on such principles and
organizing its powers in such form, as to them shall seem most likely
to effect their Safety and Happiness."
It's Time To " institute new Government."
GOP Senator Orrin Hatch's charity tied to massive pharmaceutical
donations
"Giving charitable contributions of time or money to good causes (ME)
is something I believe every individual and organization should try
to
do," Hatch said.
Hatch Press Photo
http://kids.christiansunite.com/images/animals/vulture.jpg
John Byrne
Published: Monday March 2, 2009
A charity founded by a senior Republican lawmaker who was a key ally
to the pharmaceutical industry received more than $170,000 in 2007
from drugmakers, far in excess of campaign finance rules had the
money been donated to him directly, leaked documents show.
The senator, Orrin Hatch (R-UT), founded Utah Families Foundation,
the recipient of the gifts, though he doesn't serve on the
foundation's
board. But his son is now the chief lobbyist for the Pharmaceutical
Research and Manufacturers of America (PhRMA), the industry's
lobbying group.
Hatch has received more money from the pharmaceutical industry than
any other group, raking in $1.25 million since 1998. The latest sums,
however, dwarf that of previous donations from individual
corporations. In 2007, the foundation received $25,000 from Eli
Lilly, $30,000 from Barr Pharmaceuticals, $25,000 from AstraZeneca
and
$40,000 from PhRMA.
The figures were part of the foundation's tax returns and
accidentally released by the Internal Revenue Service to a nonprofit
group. As a
tax-exempt 501(c)3 organization, Utah Families Foundation isn't
required to disclose a donor list.
The same year Utah Families Foundation received massive gifts, Sen.
Hatch voted on a bill relating to Medicare Part D. Hatch voted
against a bill requiring that the government negotiate discounted
prices from
drugmakers, a measure the industry vehemently opposed. In 2005, Hatch
also voted against a measure that would have allowed Medicare to
negotiate bulk prices for prescription drugs.
"And if that weren't enough political intrigue, the tax-exempt
charitable foundation, which the senator from Utah helped start in
the 1990s and still vigorously supports, has been delinquent for
nearly a
decade in filing its required annual reports with Utah state
officials," a Washington Times review by Jim McElhatton and Jerry
Seper found, the reporters who revealed the documents.
Contacted about the report, Sen. Hatch defended his son's work as a
pharmaceutical industry lobbyist.
"My son, Scott, does not lobby me or anyone in my office. He is a
very moral and ethical person," Hatch said. "As for the Utah Families
Foundations, my limited involvement consists mainly of attending
their events. As with most service opportunities, I find even these
small
gestures are very gratifying ways to volunteer my time and give to
those less fortunate in our community.
"Giving charitable contributions of time or money to good causes is
something I believe every individual and organization should try to
do," Hatch continued. "Organizations choosing to donate to the Utah
Families Foundation are giving resources to help Utah's families in
need from all corners of our state and that is very admirable."
Melanie Sloan, director of the Washington ethics group Citizens for
Responsibility and Ethics and Washington, pointed out that the
activity was only discovered because the IRS made a mistake. Due to
the way nonprofit law works, and the fact that many members of
Congress have personal "pet" charities, such giving can fly far below
the radar and still potentially have meaningful impact as a lobbying
tool. Citizens for Ethics first spotted the IRS form.
"This could be more common than we know," Sloan said.
"When companies need a member of Congress and they've already donated
to their campaigns, they can make very large contributions to
members' foundations," Sloan added. "It's another way to curry favor
with a
member of Congress."
GOP senator Orrin Hatch's charity tied to massive pharmaceutical
donations
http://rawstory.com/news/2008/GOP_senator_Orrin_Hatchs_charity_tied_0...
His son is the chief lobbyist for the PhRMA? Unbelievable. Thanks
GOP.
A charity founded by a senior Republican lawmaker who was a key ally
to the pharmaceutical industry received more than $170,000 in 2007
from drugmakers, far in excess of campaign finance rules had the
money been donated to him directly, leaked documents show.
The senator, Orrin Hatch (R-UT), founded Utah Families Foundation,
the recipient of the gifts, though he doesn't serve on the
foundation's
board. But his son is now the chief lobbyist for the Pharmaceutical
Research and Manufacturers of America (PhRMA), the industry's
lobbying group.
Hatch has received more money from the pharmaceutical industry than
any other group, raking in $1.25 million since 1998. The latest sums,
however, dwarf that of previous donations from individual
corporations. In 2007, the foundation received $25,000 from Eli
Lilly,
$30,000 from Barr Pharmaceuticals, $25,000 from AstraZeneca and
$40,000 from PhRMA.
“Greed is a bottomless pit which exhausts the person in an endless
effort to satisfy the need without ever reaching satisfaction.”
Erich Fromm quotes