Only in America

Posted: 27 May 2016 in Uncategorized
Tags: , , ,

forbes wells_fargo_protest_web_04_25_12

A week ago, I wrote about the fact that the United States’ top 500 chief executive officers managed to capture 335 times the average worker’s wage last year, taking home $12.4 million on average.

But I didn’t make this calculation for the top 200 CEOS, including Wells Fargo’s chief executive, John G. Stumpf, who was awarded $19.3 million, “making him perfectly representative of the best-paid chief executives in the country”:

According to Bureau of Labor Statistics data compiled by the A.F.L.-C.I.O., the average worker in the United States who doesn’t have management responsibility earns $36,875 a year. . .

A bank teller at Wells Fargo making that average wage would have to work more than half a millennium, until 2539, to earn what that company’s chief executive, Mr. Stumpf, who made the average among chiefs on the Equilar list, earned last year.

That’s right: the average American employee would have to work until 2539 to earn as much as the average of the 200 highest-paid American CEOs did just in one year.

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