Business & Money

Taxpayer dollars paid a third of richest corporate CEOs: Report

By PressTV | Last updated: Sep 9, 2013 - 8:26:02 AM

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A new report indicates that more than a third of U.S. highest-paid managers worked in companies subsidized by American taxpayers’ money in the last two decades, “Financial bailouts offer just one example of how a significant number of America’s CEO pay leaders owe much of their good fortune to America’s taxpayers,” reads a report released Aug. 28 by the Institute for Policy Studies.

“Government contracts offer another.”

The report is dubbed “Executive Excess 2013: Bailed Out, Booted, Busted.”

It showed that 40 percent of the best-paid CEOs in the list in the last two decades were fi red, or worked in companies which were forced to take government bailouts or caught committing fraud, according to the Huffington Post.

Of the 500 companies that IPS analyzed for its top executive compensation report, 103 were banks that received bailout money under Troubled Asset Relief Program, while another 62 were among the country’s top government contractors.

The report cites an AFL-CIO study that showed top CEOs earned 354 times what a regular worker made in 2012.

“Our analysis reveals widespread poor performance within America’s elite CEO circles,” the report said.

“Chief executives performing poorly—and blatantly so—have consistently populated the ranks of our nation’s top-paid CEOs over the last two decades.”