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Wall Street CEO to Worker Pay Ratios Don’t Capture What’s Going On

Courtesy of Pam Martens.

Sanford (Sandy) Weill, the Man Who Put the Serially Charged  Citigroup Behemoth Together

Sanford (Sandy) Weill

The Dodd-Frank financial reform legislation that was passed in 2010 required that publicly traded companies report publicly how much the CEO makes compared to the median salary of workers. The Securities and Exchange Commission, with its close ties to Wall Street, stonewalled for years in passing the final rule and had to be pressured and publicly embarrassed in open letters from members of Congress before it finally implemented the rule. As a result, eight years later, we are finally seeing the hard numbers that define CEO greed in America.

In May, Democratic Congressman Keith Ellison from Minnesota’s 5th District released a study on the new data that was being released. The study was titled “Rewarding or Hoarding: An Examination of Pay Ratios Revealed by Dodd-Frank.”

Among the key findings in the study were the following:

Two-thirds of the richest 1 percent of American households are headed by corporate executives;

CEO pay in the U.S. is excessive compared to other countries. Citing Bloomberg data, the study revealed that “the average U.S. CEO makes more than four times the average pay of a CEO abroad”;

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