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Authors, sign in!The AFL-CIO has released a new Executive PayWatch website, linking the compensation schemes for top executives at financial companies and the sub-prime mortgage crisis. The website also unveils a comprehensive database of brand new CEO pay figures.
The CEO of a Standard & Poor’s 500 company averaged $14.2 million in total compensation in 2007. By comparison, the median pay for workers rose only 3.5 percent to $36,140 in 2007, according to the U.S. Bureau of Labor Statistics.
"This year's site drives home how outrageous CEO pay isn't just a moral issue for America's working people -- it's a financial one, too," AFL-CIO Secretary-Treasurer Richard Trumka said. "When CEOs are paid obscene amounts to make bad decisions, it hurts average Americans who hold mortgages, have bank accounts and who are invested, such as through their pensions."
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