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You might have missed the story on pay for CEOs of big companies. It hit the news during the long Memorial Day weekend when you likely were busy with burgers and barbecues.
If you missed it, be thankful. It would have ruined your appetite.
According to the Associated Press, the head of a typical U.S. company made $9.6 million in 2011, just slightly more than I landed in dog food endorsements (kidding!). Cash bonuses got smaller but stock options improved as profits broke records, the wire service reported.
That average of $9.6 million is lunch money compared to what the highest-paid CEO earned last year. David Simon, CEO of mall operator Simon Property, which owns Crystal Mall in Waterford, made $137 million. Notice that I said “made” not “earned.” I don’t think it’s humanly possible to earn that much money, you're simply paid it.
But here’s the item from the story that stuck in my paw, General Dynamics, which owns Electric Boat in Groton, stopped paying for the country club memberships for its top executives. However, it paid them the equivalent of three years of club fees to ease “transition issues.”
We've got a country full of people with "transition issues" that need easing. Wonder if GD can do something about that.