I should have connected my recent blog about worker pay going down with the AFL-CIO's updated site on CEO pay. My favorite entry, i keeping with my own obsession was the one on Wal-Mart CEO Lee Scott:
"When it comes to CEO pay, Wal-Mart definitely does not have always low prices. Wal-Mart CEO Lee Scott raked in almost $23 million in total compensation during Wal-Mart’s fiscal year that ended on January 31, 2004. Most of that was in the form of fixed price stock options and time-vesting restricted stock.
On Jan. 4, 2004, Scott received stock options worth an estimated $10.5 million. Stock options give an executive the right to purchase company stock in the future at a predetermined price. These fixed-price stock options provide executives with all of the benefit of share price increases, with none of the risk of share price declines."
Shouldn't they deduct from his pay all the millions of dollars Wal-Mart has had to pay to settle lawsuits on child labor, illegal hiring of undocumented workers...and how about the billions Wal-Mart will pay out to settle the sex discrimination case? Chairman Lee should work for the Beast for free for the next 200 years...