THE DOCTRINE OF THE N.A.F.T.A. GLOBALIST DEMOCRATS IS TO SERVE THE BILLIONAIRE CLASS WITH ENDLESS WAVES OF INVADING 'CHEAP' LABOR SUBSIDIZED WITH WELFARE FUNDED BY TAXES ON MIDDLE AMERICA.
In many speeches, Mayorkas says he is building a mass migration system to deliver workers to wealthy employers and investors and “equity” to poor foreigners. The nation’s border laws are subordinate to elites’ opinion about “the values of our country,” Mayorkas claims.
Monday, March 18, 2019
WALL STREET PLUNDERS AND DEMANDS WIDER OPEN BORDERS TO KEEP WAGES DEPRESSED - MEDIAN CEO PAY TOPS $1 MILLION PER MONTH
Median CEO pay in US tops $1 million a month
The median income for 132 CEOs of major US corporations jumped to $12.4 million in 2018, more than $1 million a month, according to an analysis published Sunday by the Wall Street Journal. The CEOs, representing about one-quarter of the S&P 500 firms for which figures have thus far been released, saw pay rises of about 6.4 percent apiece compared to 2017.
The CEO gains were driven by rising stock prices for the year, despite a sharp drop in December 2018, the worst December for the financial markets since the Great Depression. Assuming the pay rises for the remaining CEOs in the S&P 500 match those of the first group, 2018 would mark the third consecutive year of record CEO pay in the United States.
Bob Iger, CEO of Disney
Among the biggest payouts were $66 million for Robert Iger, longtime CEO of Walt Disney Co., $44.7 million for Richard Handler, CEO of Jefferies Financial Group, and $42 million for Stephen MacMillan, CEO of medical equipment maker Hologic Inc. Patrick McHale of Minneapolis-based manufacturer Graco Corp. made $34.9 million in 2018.
Some CEOs outside the S&P 500 received even bigger windfalls, topped by the $125 million for Nikesh Arora, a former Google executive who became CEO of Palo Alto Networks, a cybersecurity company, only in June 2018.
Corporate criminals like the CEO of Boeing and the heads of the major banks suffered no consequences from the devastation that their actions have caused for their own workers and the population as a whole.
Boeing CEO Dennis Muilenburg received $23.4 million after a year that ended with the crash of a 737 Max jetliner operated by Lion Air of Indonesia, killing 189 people. Two weeks ago, a second crash of a 737 Max, this time in Ethiopia, killed 157 people and led to the worldwide grounding of all the 737 Max 8 and Max 9 jets made by the company. Boeing stock plunged 10 percent, wiping out $25 billion in stock market value.
Jamie Dimon, CEO of JPMorgan Chase
Among bankers, Jamie Dimon of JPMorgan Chase topped the list with $31 million, while Brian Moynihan of Bank of America received $23 million. Along with Goldman Sachs, these banks played central roles in precipitating the 2008 Wall Street crash.
Wells Fargo CEO Tim Sloan saw a pay rise to $16.4 million, including his first-ever bonus, despite the company’s stock plunging 24 percent due to the scandal involving the creation of millions of false accounts for customers, leading to fines and regulatory penalties.
Ford President and CEO Jim Hackett received a 10 percent raise in 2018, raking in $17.75 million, while the company continues to slash jobs both in the United States and internationally. According to press reports, the Ford CEO received 276 times the median pay for all Ford employees. General Motors has yet to report the 2018 compensation for CEO Mary Barra, who made $21.9 million in 2017.
Jim Hackett, CEO of Ford
A study reported last month in the magazine Institutional Investor found that median CEO pay at major US corporations has soared over the past four decades—from $1.8 million in the 1980s to $4.1 million in the 1990s, reaching $9.2 million in the early 2000s.
Following a drop after the 2008 Wall Street crash, when CEO compensation was driven down by falling share prices, the combined compensation from pay, stock options and bonuses for corporate bosses has returned to the level that prevailed before the financial crisis. In contrast, most workers have seen no significant recovery.
CEO pay has risen nearly 72 percent since the low point in 2009 and is now just 3.3 percent below the record levels set in 2007, on the eve of the financial collapse. According to the study reported in Institutional Investor, CEO pay grew 17.6 percent between 2016 and 2017 alone, while average pay for workers rose by only 0.3 percent.
The ratio of CEO pay to the pay of the average worker has risen from 20-1 in 1965 to 30-1 in 1978, 58-1 in 1989, 112-1 in 1995 and a record 344-1 in 2000. After the dip following the 2008 crash, the CEO-to-worker pay ratio rose back to 312-1 in 2017.
One corporate CEO’s record pay package deserves particular attention: Daniel Loepp, CEO of Blue Cross Blue Shield of Michigan, the largest insurer in the state, covering the majority of autoworkers and other industrial workers, as well as auto retirees. Loepp has seen his annual compensation rocket from $1 million in 2006, when he became CEO, to $9 million in 2015, $13.4 million in 2017 and $19.2 million in 2018, including a staggering bonus of $16.2 million.
Daniel Loepp, CEO of Blue Cross Blue Shield of Michigan
Loepp’s bonus was “only” $10.4 million in 2017, and the $5.8 million raise in his bonus was due to meeting “performance targets” set by the corporate board. These targets included slashing corporate expenses by $360 million over the past three years, through cuts in jobs and employee compensation. Loepp also pushed through a cut in the health care coverage for Blue Cross retirees, who had expected, having worked for a health care company, that their benefits would be secure.
Loepp is by far the best-paid chief executive officer of a company that is still nominally not-for-profit—but posted an “operating margin” last year of $605 million—and which, because of its longstanding relationship with the auto industry, the UAW and the AFL-CIO, has eight union executives on its board of directors.
These union officials approved the bonus and other compensation for Loepp and set the “targets” that Loepp had to meet, which were achieved by cutting the jobs and benefits of Blue Cross Blue Shield workers, many of them members of the UAW, as well as benefits for workers insured by the company, which is the principal health insurer for unionized workers across the state.
The Detroit Free Press contacted the eight union officials, including those from the UAW, Michigan Education Association, Michigan Building Trades Council, and Michigan AFL-CIO, to question them about the basis for Loepp’s whopping bonus and raise. Seven did not respond, while the Teamsters Union representative on the board of directors defended the $19.2 million payout.
William Black, executive director of Michigan Teamsters Joint Council 43, said in an email to the newspaper: “We at the board are sensitive to compensation issues, and we have emphasized that pay be tied to performance... His compensation is heavily weighted against company performance, as it should be. That performance has been very strong in recent years.”
This statement underscores the scurrilous and thoroughly corrupt role of the unions in supporting the profit system and the gouging of union members to enrich the capitalists and the corporate bosses. The union executives have far more in common with Loepp than with the workers they claim to represent. In institutions like the UAW Retiree Medical Benefits Trust, the union officials preside over multibillion-dollar corporate entities with salaries and bonuses that are modeled on those of the Loepps, Hacketts and Jamie Dimons.
Exclusive–Alan Tonelson: ‘Completely Unapologetic’ Globalists Who Oversaw Great Recession Are ‘Fueling Populism’
Economist Alan Tonelson, founder of the economics and public policy blog RealityChek, says the political and economic establishment that oversaw the Great Recession is “fueling populism” by being “completely unapologetic” about the failures of their globalist ideology.
In an exclusive interview with SiriusXM Patriot’s Breitbart News Tonight, Tonelson reflected on a lengthy Washington Post essay by the Brookings Institute’s Robert Kagan that decries the rise of populist-nationalist movements like President Trump’s election, France’s Marine Le Pen, Hungary’s Viktor Orbán, and Brexit in the United Kingdom.
LISTEN:
Tonelson said the same economic and political elites that drove the U.S. into the Great Recession of the 2000s, championed the invasion of Iraq, and support an open borders, low-wage economic model refuse to acknowledge their failures:
I would put first and foremost, though the global financial crisis and Great Recession, whose aftermath is still very much with us … I mean, you could finish this humongously long Robert Kagan piece — which as we said represents what the establishment wants you to know about what America needs to do in the world and especially why it’s vital to get rid of Donald Trump ASAP — you would finish this immensely long piece without ever knowing that there was a global financial crisis, without ever knowing that the same elites whose agenda [Kagan] so strongly supports nearly brought the entire global economy down, produced the worst economic slump since the Great Depression of the 1930s, a slump that was so deep that it still lingers on in so many ways. [Emphasis added]
The growth rates have been very weakened, the wage growth has been very weakened until very recently and its not gangbusters right now either. And this is what the American people were furious about. They lost jobs, they lost incomes, they lost homes, they lost savings, and not only has no one responsible really paid any price whatsoever, but the same establishment is completely unapologetic and reacts to any criticism of its alleged expertise with words and phrases like “deplorables” and “know-nothings” and “racists” and xenophobes,” etc. [Emphasis added]
These “unapologetic” elites, Tonelson said, are driving populist-nationalist movements around the worlds.
“This is what continues fueling populism not only in this country but around the world because Europe’s elites have been unapologetic too,” Tonelson said.
Trump’s “America First,” economic nationalist agenda is vastly popular across the countryand American electorate. Most recent polling from the Harvard/Harris Poll revealed that about 3-in-4 support an immigration policy that puts the needs of American citizens first. Likewise, 65 percent of voters said they preferred political candidates who support imposing tariffs on China to protect U.S. industry and jobs, and nearly 3-in-4 voters said they would be more likely to support a candidate who opposes endless foreign wars.
The Great Recession spurred nationwide job loss for America’s working and middle class, with unemployed peaking at 10 percent in October 2009. The U.S. construction and manufacturing industries experienced the worst employment declines. At the same time, in 2008, the country’s biggest banks were bailed out to the sum of $700 billion dollars in U.S. taxpayer money.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.
Maxine Waters: Wells Fargo CEO ‘Should Be Shown the Door’
House Financial Services Committee Chairwoman Rep. Maxine Waters (D-CA) said that Wells Fargo should oust its president and CEO Timothy Sloan after the bank announced it would give him a pay raise.
Sloan reportedly made 284 times more than the median salary for a Wells Fargo employee.
The bank disclosed Sloan’s compensation, which included a $2 million bonus, the day after members of the House Financial Services Committee on both sides of the aisle grilled him for what Waters called “ongoing lawlessness” by Wells Fargo.
Waters said the decision for the company to give Sloan a raise considering the circumstances was “outrageous and wholly inappropriate” given how the bank spent billions of dollars in 2018 paying fines to regulators and settling legal disputes.
“It was very clear from Mr. Sloan’s testimony that Wells Fargo has failed to clean up its act,” Waters said in a statement.
Sloan faced bipartisan questioning at Tuesday’s congressional hearing about the company’s sales scandals over the past few years and about the company’s scheme to outsource and offshore American jobs.
A representative for Wells Fargo declined to comment.
America Created Just 20,000 Jobs in February...and those all went to foreign born!
Exclusive–Mo Brooks: ‘Masters of the Universe’ Want More Immigration to ‘Decrease Incomes of Americans’
*
Consequently, the pumping of ultra-cheap money into the financial system, fueling speculation and parasitism, together with ever-widening social inequality, is not a temporary measure but must be made permanent.
*
The declining living standards of the working class are feeding directly into the retail apocalypse and mass layoffs of retail workers will only exacerbate the issue.
Workers’ wages have seen little to no growth in the last four decades, and any economic growth experienced since 2008 has gone to
*
“US household net worth sees biggest fall since crisis”
*
“Trump Touts Legal Immigration System for ‘Our Corporations’ at Expense of
American Workers “– JOHN BINDER
Trump’s shift from a wage-boosting legal immigration system to one that benefits corporations and their shareholders coincides with recent big business lobby influence over his White House, at the behest of advisers Jared Kushner and Brooke Rollins.
*
“Trump Abandons ‘America First’ Reforms: ‘We Need’ More Immigration to Grow Business Profits” JOHN BINDER
*
Additionally, Koch spokespeople at the donors’ conference said the network has its sights set on pushing amnesty for millions of illegal aliens this year.
AT&T CEO Rakes in $29M Salary while Laying Off 12K Americans Since Tax Cut
AT&T CEO Randall Stephenson raked in a more than $29 million salary last year, while nearly 12,000 American workers at the telecom multinational corporation have been laid off since the 2017 tax cut.
In financial filings released this week, Stephenson and other AT&T executives were revealed to have taken bonuses last year thanks to the corporation’s merger with Time Warner, a plan opposed by President Trump’s administration.
Last year, Stephenson earned $29.1 million, an increase from his year earlier salary of $28.7 million. Similarly, WarnerMedia CEO John Stankey earned a $16.55 million salary last year — a hefty bonus from his 2017 salary, which totaled more than $10 million.
The enormous salaries, thanks in part to the merger, come as AT&T has laid off nearly 12,000 American workers since the 2017 tax cut was enacted, according to the Communications Workers of America (CWA) union.
AT&T enjoyed a $20 billion tax windfall from the 2017 tax cut.
CWA union President Chris Shelton said in a statement:
Randall Stephenson should be required to explain to his employees how after pocketing $29 million and benefiting significantly from the tax cut he lobbied for, he can turn around and slash jobs and cause stress and turmoil for hard-working people across America. AT&T promised thousands of new jobs and higher wages for workers before the tax bill passed, but instead workers’ lives are being upended by AT&T’s shameful corporate greed.
Much of the layoffs at AT&T have been the result of the conglomerate’s outsourcing and offshoring of American jobs to foreign workers and foreign countries.
Most recently, in Syracuse, New York, about 150 Americans will lose their jobs as AT&T closes a call center. In December 2018, the corporation closed call centers in Indianapolis, Indiana; Kalamazoo, Michigan; and Appleton, Wisconsin, leaving hundreds and potentially thousands of Americans without jobs.
Simultaneously, the corporation has continued outsourcing Americans’ jobs to foreign countries like Mexico, India, and the Phillippines. Many AT&T employees online said they are in “layoff limbo” where they are unsure as to when the next round of layoffs will be and who they will impact.
Over the last three years, AT&T has sought to outsource more than 800 American jobs to H-1B foreign visa workers and has closed 44 call centers across the country in the last seven years, leaving 16,000 American workers out of work.
Every year, more than 100,000 foreign workers are brought to the U.S. on the H-1B visa and allowed to stay for up to six years. There are about 650,000 H-1B visa foreign workers in the U.S. at any given moment. Americans are often laid off in the process and forced to train their foreign replacements, as highlighted by Breitbart News. More than 85,000 Americans a year potentially lose their jobs to foreign labor through the H-1B visa program.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.
Bob Iger, CEO of Disney
Jamie Dimon, CEO of JPMorgan Chase
Jim Hackett, CEO of Ford
Daniel Loepp, CEO of Blue Cross Blue Shield of Michigan
No comments:
Post a Comment