In a stunning report that will give every fired Joe and failed small businessman pause, a new Public Citizen review shows that the CEOs of 10 failed Wall Street firms were paid an average of $28.9 million per year in the years leading up to the Wall Street meltdown.
"Fat cat compensation has nothing to do with good corporate performance," said Public Citizen President Robert Weissman about the report entitled Rewarding Failure. "These CEOs were exorbitantly compensated for driving their companies off the cliff. At a minimum, Congress must ensure that corporate leaders are paid for long-term performance, not short-term illusions."
With Wall Street compensation slated to top $150 billion this year it looks like little has changed with the tails you win, heads you win culture on Wall Street. The House recently passed a bill giving shareholders a "say on pay." Now it's time for responsible shareholders to step up and clamp down for the good of us all.