He was CEO of the hamburger behemoth, McDonald's, pulling down a hefty $8.8 million in pay. Last year, though, Skinner retired, and, rather than getting a gold watch, he was given a load of gold — so large that even a Brink's armored truck would have been too small to haul it all away. His salary of $753,000 was the least of it.
The Big Mac chain also served up $1.7 million to the chief in stock and $3 million in option awards. Then it slathered on another $10.2 million in retirement pay. All that was topped by a super-rich dessert: $11.6 million in "incentive pay."
What? Why does a guy with millions already on his food tray need any incentive to do his job? Maybe because Skinner found it hard to stomach the biggest part of his job, which was to pay poverty wages to McDonald's workers, shove thousands of them onto food stamps and other programs paid for by taxpayers, and lobby aggressively to prevent any increases in the minimum wage or any tax hikes on uber-rich elites like him.
It's dirty work, but Skinner did it, finally skipping away with a 2012 pay package totaling $27.7 million. Yet, in the phantasmagoric plutocracy of CorporateLand, too much is not enough. Last year, for the first time ever, the 10 highest-paid CEOs in America hauled in at least $100 million each, even as the great majority of workaday families have lost income.
This gaping (and ever-widening) inequality is the greatest threat to our society's cohesion. Too few people now control an unconscionable and untenable share of America's money and power, using it to grab more of both for themselves. They can build a $100-million wall, but it won't be high enough to hide their greed from the rest of us.
But there's an added dimension to this inequality that you might find especially interesting: Not only are low-wage corporations overly generous to their top dogs, but so are you and I.
For example, I'm sure you'll be as delighted as I am to know that we — all of us taxpayers together — contribute day-in and day-out to the very big global cause of Supersizing McDonald's.
The world's largest hamburger chain is a particularly needy charity case, because without your and my generous tax support, the Big Mac bosses in charge would have to pay a living wage to their 860,000-plus American workers. But, thanks to us, the $27 billion-a-year hamburger-flipping flim flammers can get away with paying poverty wages — and then send their workforce to get food stamps, Medicaid, child welfare payments, public housing and other tax-funded poverty benefits. This public subsidy of the Golden Arches adds up to a very golden $1.2 billion a year. What a creative business plan! Who says giant corporations aren't enterprising?
Well, sniff the chain's top executives; we operate on razor-thin profit margins, so we can't afford to throw money at workers. Really? Last year's $5.6 billion in profits doesn't sound thin to me. Also, note that McDonald's more than tripled the pay of its new CEO last year, elevating him from $4.1 million to $13.8 million.
But what really galls its workers (whose low wages and forced part-time schedules mean they average less than $12,000 a year) is that the taxpayer-subsidized profiteer laid out a fat $35 million in October to add a brand new executive jet to its corporate fleet. This one is a "Bombardier 605" with the full package of luxurious amenities, and it cost $2,500 an hour to fly it.
Just flying one hour on the Bombardier cost more than the combined hourly wages of more than 300 McDonald's workers. Remember, you're subsidizing this. Aren't you just "Lovin' it," as the chain's ad slogan puts it? To tell McDonald's CEO that this is immoral, go to OurFuture.org.
Link to original article from Creators.com
When Massachusetts Democrat Elizabeth Warren and the rest of the 2013 class of liberal senators start work this month, they'll have to do more than figure out the byzantine ways of getting things done in Washington.
They'll also have to decide how seriously to engage a progressive movement that sees their assent a historic opportunity to shift the Democratic Party to the left.
WASHINGTON -- Nearly two years after Wall Street waged a successful campaign to keep consumer advocate Elizabeth Warren from running the Consumer Financial Protection Bureau, the incoming senator will be tapped to serve on the Banking Committee, according to four sources familiar with the situation.
Politico recently declared, "The Senate is about to become a liberal lion’s den."
In 2012, groups like the Progressive Change Campaign Committee, MoveOn.org, CREDO Action, and Democracy for America worked hard to build progressive power in Congress. This week's iconic photo of Senators-elect Elizabeth Warren (D-MA) and Tammy Baldwin (D-WI) walking together down the corridors of power is symbolic of the rising progressive tide.
An overbearing and at times ridiculously aggressive Massachusetts Senator Scott Brown came across as a desperate man Thursday night, as he attempted to gain the upper hand in the first debateof this year's most closely-watched U.S. Senate race and, by extension, in a reelection contest that seems to be slipping away from him.
Mayor Thomas M. Menino is expected to endorse Democrat Elizabeth Warren on Friday in her bid to unseat Republican US Senator Scott Brown, according to two people with knowledge of the plan.
Bill Clinton may have stolen the show at the DNC last night with his 45-minute, half-ad-libbed barn-burner of a speech, but there were a few other noteworthy speakers as well. After dragging for an hour or two, the night's program picked up when Massachusetts Senate candidate, CFPB creator, and economic realtalker extraordinaire Elizabeth Warren took the stage.
It was a grim, sleety day in Chicopee, a gritty postindustrial town in western Massachusetts, where paint flakes off worn-out bridges and boarded-up factories. At a community relations luncheon, kind security guards were opening back doors and holding out umbrellas for the few willing to brave the freezing slush.
Retired Amherst gentleman John Kick is not known as a political activist. In the Springfield union hall where he ventured last October to hear Democratic senatorial candidate Elizabeth Warren, he might have seemed a world-weary citizen with vague curiosity about the professor turned politician.
But John's sorrowful demeanor and disconsolate eyes betrayed a woefully wounded heart. His son, Gabe, took his own life just a month earlier, at the age of 28. John keeps moving, somehow, in the dreadful private agony understood only by parents who persist in such an aftermath.
If you’re reading this, you probably already know how you feel about Elizabeth Warren. Warren is currently running for Senate in Massachusetts, in the hopes of knocking out Republican incumbent Scott Brown. Very few first-time candidates are so well-known, or so passionately beloved.
NOW/PAC is thrilled to announce its endorsement of Democratic candidate Elizabeth Warren for the U. S. Senate from the state of Massachusetts. Warren is the most prominent of the three Democrats vying to run against incumbent Sen. Scott Brown (R) in the general election. Recent polls show Warren neck and neck with Brown.
BOSTON – It is past time for the Federal Housing Finance Agency (FHFA) to step up and help prevent unnecessary foreclosures in Massachusetts, said Consumer Advocate Elizabeth Warren, reinforcing calls from members of the Massachusetts Congressional delegation and Attorney General Martha Coakley.
U.S. Rep. Jim McGovern this week endorsed Democratic candidate Elizabeth Warren for the United States Senate.
Millions of Americans hoped President Obama would nominate Elizabeth Warren to head the consumer financial watchdog agency she had created. Instead, she was pushed aside. As Warren kicks off her run for Scott Brown’s Senate seat in Massachusetts, Suzanna Andrews charts the Harvard professor’s emergence as a champion of the beleaguered middle class, and her fight against a powerful alliance of bankers, lobbyists, and politicians.
For a few years now, politicians straining against all of the antigovernment demagogy have been searching for a way to energize public interest and remind voters of the essential government services and protections they rely on and all too often take for granted.
PITTSFIELD, Mass. — More than a few local Democrats would be ecstatic if Elizabeth Warren decides to run against Scott Brown for the U.S. Senate. Warren is kicking around the idea of running and stopped in Pittsfield on Friday to meet with party members to gauge their support as part of a listening tour across the state.
On Friday, September 12th more than 150 activists will go to DC and Demand that their Senators and Representatives support removing the ratification deadline from the ERA (SJ Res 15 and HJ Res 113)