Only in America

Posted: 6 December 2013 in Uncategorized
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Yesterday, thousands of fast-food and retail workers went on strike across the United States in a signal of the growing demand for action on income equality.

But they’re not the only workers who are being paid povery-level wages. According to a new report released by the Committee for Better Banks [pdf], almost a third of the country’s half-million bank tellers rely on some form of public assistance to get by. At the same time,

The top fifty financial CEOs’ compensation collectively rose by 26% in 2010 and by 20.4% in 2011. According to a report by SNL Financial, the median CEO pay for the securities industry in general jumped overall 22 percent in 2012.

  • Although Bank of America’s stock fell 58% in 2011, Brian Moynihan, the bank’s CEO, earned $8.1 million for the year. In 2012, his pay package rose to $12 million.73
  • While in 2011 Goldman Sach’s stock plunged 45.6 percent, CEO Lloyd Blankfein’s compensation rose to $16.2 million.74 In 2012, he was awarded $21 million, including $13 million in restricted stock.
  • Jamie Dimon, CEO of JPMorgan Chase’s compensation increased in 2011 to $23 million as the bank’s stock fell 20%. Dimon’s salary was only reduced after admitting wrongdoing when in May of 2012 JPMorgan’s stock dropped more than 10 percent in two days.
  • Despite the fact that Citigroup was in the midst of letting go of thousands of workers, it let Vikram Pandit leave his post as CEO with a hefty $6.7 million bonus in 2012.

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