BOSTON (Reuters) – As U.S. companies shed millions of workers during the recession, the CEOs who laid off the most people brought home pay that was significantly higher than that of their peers, a study released on Thursday found.
The CEOs of the 50 U.S. companies that laid off the most workers between November 2008 and April 2010 were paid $12 million on average in 2009, or 42 percent more than the average across the Standard & Poor's 500, according to a study by the Institute for Policy Studies, a Washington think tank.
The companies in the list range from ones that were hard hit by the slump, such as General Motors and Citigroup Inc, to better-positioned businesses including Verizon Communications Inc and Caterpillar Inc.
The cuts also came at a time when the companies were increasing profit -- 72 percent of companies announced planned layoffs even while earnings were rising, the study found.
"There is still this general notion that when CEOs slash a lot of jobs they are being the tough guy, making the hard decisions necessarily to make their company lean and mean and that it's going to be a good thing for the bottom line," said Sarah Anderson, global economy project director at IPS and the study's primary author.
"We are trying to encourage people to think long-term, that there are all kinds of costs to mass layoffs, in terms of morale problems with remaining workers, in terms of when you may have to rehire and train workers if conditions improve ... It was more a way to boost their profits in the short terms and line the pockets of their CEOs," she said.
Who's your daddy now bitches?
Seriously, they had to commission a study?
Does the study's author really believe that CEOs aren't aware that there are "all kinds of costs to mass layoffs?"
Do they print these articles for the same reason Wal-Mart has 20 check-out lanes but only opens 3 at a time? So we can silently stew in our own juices?
On a lighter note, it looks like my old neighborhood hasn't lost any of its charm:
Two arrested in Lawrenceville drug bust
Thursday, September 02, 2010
By Moriah Balingit, Pittsburgh Post-Gazette
Two people were arrested last night after Pittsburgh police said they discovered $9,000 worth of heroin in their Lawrenceville home.
Police said Freddrick Gravely, 31, and Malika Roebuck, 35, will be charged with possession of a controlled substance, possession with intent to deliver and criminal conspiracy.
Plainclothes detectives from the Zone 2 police station executed a search warrant at the pair's home in the 100 block of Almond Way around 5 p.m. Wednesday. There, they found 900 stamp bags of heroin with an estimated street value of $9,000, three cell phones and $526 in cash. They also found evidence that tied the two to the residence.
Both were being held at the Allegheny County Jail Wednesday night awaiting arraignment.
That would be 1/2 block from my mom's house/my brother's house/soon to be Bank Of America's house. I hope the BOA folk enjoy it there as much as I did.