In the current atmosphere of fat cat industrialists padding their own pockets while squeezing the working class into extinction, a new study outlines the highest-paid CEOs who were leaders in laying off employees to protect their own obscene wealth.
The Institute for Policy Studies in their 17th annual Executive Excess study, proves once again that there’s profit in sending hardworking employees to the ranks of the unemployed. The study also reveals that 36 of the 50 layoff leaders “announced their mass layoffs at a time of positive earnings reports,” proving once again that these fat cats are “squeezing workers to boost profits and maintain high CEO pay.”
The top 10 fat cats are:
Fred Hassan — Shering-Plough
Total Compensation 2009: $49,653,063
Announced Annual Layoffs (11/1/08-4/1/10): 16,000
William Weldon — Johnson & Johnson
Total Compensation 2009: $25,569,844
Announced Annual Layoffs (11/1/08-4/1/10): 8,900
Mark Hurd — Hewlett Packard
Total Compensation 2009: $24,201,448
Announced Annual Layoffs (11/1/08-4/1/10): 6,400
Robert Iger — Walt Disney Co.
Total Compensation 2009: $21,578,471
Announced Annual Layoffs (11/1/08-4/1/10): 3,400
Samuel Palmisano — IBM
Total Compensation 2009: $21,159,289
Announced Annual Layoffs (11/1/08-4/1/10): 7,800
Randall Stephenson — AT&T
Total Compensation 2009: $20,244,312
Announced Annual Layoffs (11/1/08-4/1/10): 12,300
Michael Duke — WalMart
Total Compensation 2009: $19,234,269
Announced Annual Layoffs (11/1/08-4/1/10): 13,350
Alan Mulally — Ford
Total Compensation 2009: $17,916,654
Announced Annual Layoffs (11/1/08-4/1/10): 4,700
Louis Chenevert — United Technologies
Total Compensation 2009: $17,897,666
Announced Annual Layoffs (11/1/08-4/1/10): 13,290
Ivan Seidenberg — Verizon
Total Compensation 2009: $17,485,796
Announced Annual Layoffs (11/1/08-4/1/10): 21,308
[From: HuffPo]
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