© Santosh Subramanian – Some rights reserved - Under Creative Commons

Friday, August 14, 2009

Rats - For a novel protest!

The pay-scale of top executives has recently invited a lot of debate and anger in the common public, especially after the US government had to bailed out a lot of companies, contrary to their general capitalistic stand on market and industry issues.

In February this year, The US President Obama branded Wall Street bankers “shameful” for giving themselves nearly $20 billion in bonuses as the economy was deteriorating and the government was spending billions to bail out some of the nation’s most prominent financial institutions. He had proposed a cap of $500,000 for the top executives whereas here is what some of the top-notch Banking guys pocketed in 2008.

Kenneth D Lewis of Bank of America - ~ $9M ($20M in 2007, down 58%)
John J Mack of Morgan Stanley - $1.2M ($41.4M in 2007, down 97%)
John G Stumpf of Wells Fargo - $9M
Vikram S Pandit of Citigroup - $38.2M

Rick Wagoner of General Motors - $14.4M in 2007 (I am wondering, for what!?)

I am no judge of executive salary & whatever reasons they have, I am not planning to break my head on that. There had been a lot of protests and debates around this topic here, especially since the public money is being used to salvage the drowning organizations.

But here is a very novel protest that appeared in Wall Street over the last week. This one moved location to the doors of company to company (most of them Banks - in the Financial District where Wall Street is) everyday!

Courtesy for the statistics: - A New York Times Project

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