In a very symbolic move, Citigroup shareholders voted against the executive compensation package for their CEO, Vikram S. Pandit. Such non-binding votes were mandated as part of the Dodd-Frank financial reform law, and are likely to dominate discussions at shareholder meetings during this 99% spring.
This morning, MSNBC’s Morning Joe guest Mark McKinnon highlighted an Institute for Policy Studies chart from our report, “Executive Excess 2011: The Massive CEO Rewards for Tax Dodging.” McKinnon was making the point that presidential decision-making has not been a factor in the rising gap between CEO and worker pay. While refuting each other’s arguments about whether Obama or Bush had done more to tackle greed in America, the guests all seem to agree that the tidal waves of globalization have hurt the American middle class, while vastly enriching the executive few.
Ending obscene inequality is an idea whose time has come. Who would have thought a former Republican congressman would have a moderate pundit on his TV show discussing how inappropriate wealth inequality is in America today?