[Marxism] CEOs “cashed out” prior to economic crisis

Dbachmozart at aol.com Dbachmozart at aol.com
Tue Dec 2 21:04:52 MST 2008


     

by Tom  Eley
 
_Global Research_ (http://www.globalresearch.ca/) , December 1,  2008
_World Socialist Web Site_ (http://www.wsws.org/)  -  2008-11-28

Balzac’s maxim that “behind every great fortune lies a great  crime” may yet 
prove a fitting epitaph for American capitalism. A recent survey  by the Wall 
Street Journal reveals that CEOs at major US financial and real  estate firms 
converted tens of millions of dollars of overvalued stock into cash  prior to 
the eruption of the current financial crisis, even as many of their  
corporations approached the precipice. 
The Journal analyzed the fortunes of CEOs from 2003 to 2007  based on 
executive compensation and stock sale data. Fifteen of these CEOs took  home more 
than $100 million in cash during this period. At the high end was  Charles 
Schwab, who made over $816 million from his self-named accounting firm,  almost all 
of it from stock sales. 
Of the 120 publicly traded firms the Journal analyzed, CEOs  cashed out a 
total of more than $21 billion. However, data was gathered only  from publicly 
traded companies, and thus does not include similar fortunes that  have been 
made by “hedge fund chiefs, Wall Street traders, and executives who  sold their 
companies outright.” Nor did it include data related to exit  packages, the 
multimillion-dollar “golden parachutes” awarded to retiring or  fired 
executives. 
full  --   <_http://www.globalresearch.ca/index.php?context=va&aid=11229_ 
(http://www.globalresearch.ca/index.php?context=va&aid=11229) >
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