This is an interesting comparison to judge the runaway executive salaries in this country. It turns out that Walmart CEO Michael Duke’s $35 million annual salary constitutes an hourly wage equal to the annual salary of the average Walmart employee.
New Walmart employees are paid $8.75 an hour — a gross salary of $13,650 a year. Thus, over a single lunch, Duke makes the yearly salary of one of his workers.
Walmart director of community affairs Steven Restivo sees nothing wrong with such a hefty salary: “I don’t think Mike Duke needs, as the CEO of a Fortune 1 company, needs me to defend his compensation package.”
The Institute for Policy Studies recently released a report stating that CEOs in the country’s top 500 companies make, on average, 319 times more than the average American worker. That is up from 30 to 1 in the 1970s.
This is a video of one of The Duke’s employee picnics:
Source: ABC.
Where do I apply. But not all is good for the old CEO he go transferred to the E-commerce as people are not shopping at walmart as much. They have choices to make. Food or Housing, Gas or Insurance. Choices, real life choices…..
To quote an earlier poster from many months ago:
“Elitism works, until it doesn’t. Just ask Marie Antoinette.”
Blouise,
How would you like your cake?
Unfortunately it seems to be working for these folks still. Unions are on the decline. The Supreme Court favors corporations. The people that are in rebellion are the tea party folks who favor corporations. Their taxes are going up a little next year so they are selling the stock market and complaining but they already have accumulated so much cash that they are untouchable in many ways and they refuse to hire new workers. The new crop of republicans coming in in the fall will be even more corporate friendly than the blue dog democrats they replace.
“Hurricane GOP on the way” http://www.nationaljournal.com/njmagazine/cr_20100630_6929.php
Oooo.
I’ve been quoted.
In the words of Stimpson J. Cat, “Joy!”
But the best part is that I can stand by my statement much like Marie could stand next to her own head.
Until the the oxygen runs out.
Reason # 43 for not shopping at Wal-Mart.
And Duke keeps making this despite Wal-Mart’s weakening sales figures. The usual libertarian canard is that CEOs are the “most productive” people, except they’re not.
You all should watch John Stossel’s video segment on “Greed”.
It will enlighten you to some things about top corporate salaries you did not know.
Buddha Is Laughing
1, July 3, 2010 at 9:05 am
Oooo.
I’ve been quoted.
In the words of Stimpson J. Cat, “Joy!”
But the best part is that I can stand by my statement much like Marie could stand next to her own head.
Until the the oxygen runs out.
Reason # 43 for not shopping at Wal-Mart.
===============================================================
Thank you … I couldn’t remember who made the statement but it was pithy and on target so I should have known … my apologies for not giving you full credit.
No apology required, Blouise.
As ever, one lives to be of service.
As much as this is unfair and unwarranted, this is still better than the ‘gubmit’ telling people what and how much they can make.
Growing up, I used to think it unfair that a acid-high rocker made much more money than a dedicated brain surgeon, but I still preferred that to bureaucrats setting wage scales.
As Buddha suggests, oppose this with your wallet, although you will most likely be hurting the minimum wage ‘Mall-Wart’ worker instead.
Whatever the free-market will bear…
It is not really a free market.
“As much as this is unfair and unwarranted, this is still better than the ‘gubmit’ telling people what and how much they can make.”
the ‘gubmit’ IS telling people what and how much they can make.
It hasn’t been a free market for a long time. It is the ‘gubmit’ that squelches a lot of free trade by demanding inequity in how we do business. By laying on burdens and burdens of paperwork and requirements that are impossible to meet, lots of nurses end up working for private’ for=profit agencies or entities. The ‘oversight’ for medi-caid and medicare driven systems is ridiculous and oversight for private4profit medical anything is lacking. Add in the current fear driven litigation frenzy, WYSIWYG…our current healthcare ‘system. Seriously amok
And to just remove any and all oversight or presence is not only impossible it would be ridiculously damaging.
http://www.hillbillyreport.org/diary/1699/rand-paul-and-the-right-to-work-for-less I wonder if he is going to help or hurt his father’s presidential chances.
You do know, that the Walton Children control about 100 billon dollars between the four of them ….by them selves…what is 35 million compared to that?…but when you get unregulated markets and tariffs all your life you probably feel you are entitled to them…I can’t stand the Wal Mart Model of doing business…I will never shop in one….I have a hard time going into many of the big box stores but, Wal Mart takes the cake for me….
Hope this guy loses – another republican who wants to cut wages for the lowest paid workers http://tpmdc.talkingpointsmemo.com/2010/07/mn-gops-emmer-cut-minimum-wage-for-waiters.php?ref=fpb
We are experiencing the largest disparity in wealth in this country since the Gilded Age. With stories like this, the gap will continue to grow, and the Middle Class will continue to shrink.
I will never disparage one because of one’s wealth. However, I see nothing wrong with workers earning a liveable wage, and $13K doesn’t cut it. Without those earning $8.25/hr, Duke wouldn’t enjoy the perks he currently receives.
$8.75 an hour? Hell, when I started less than a year ago, they started me out at $8.10. I don’t think I need to say that Walmart is a real crap place to work. I am actively seeking other employment.
Notice that $13,650 is not even close to 40 hours/week. $17,500 would be pay for 2000 hours. Try as little as 22 hours/week. Try even having to be on-call. Try split-shift and part-time.
Try needing to buy groceries at your employer using a food stamp card.
Last time I shopped there was for dress shoes (emergency) Pair shoes NOT SHAPED LIKE HUMAN FEET. Shaped like a cashew instead!!!
CEO’s make 250(k) to 50 million dollars a year, not even including BONUSES!
Actually if you consider his fractional responsibility to the company his pay is quite in line with what he should be making. The idea that a CEO is overpaid because he makes 30 million and his lowest rank employee makes just 20K a year is quite irrational given the company size.
It is quite simple; the CEO of any company is ultimately responsible for everything that happens in the company, from the bottom up. Yes he delegates portions of this to his lower ranked people, so you would only hold him fractionally responsible for it.
The formula is quite simple and shows fairly how much any level within a company should make, and surprisingly Wal*Mart’s Numbers actually are in line with it.
Downtrodden started at $8.10/hour. Good luck finding another job paying that. Also they forgot to factor in, holiday pay, health and dental insurance, quarterly bonuses, 15% company match when you purchase stocks, 401k that they match dollar for dollar and you’re 100% vested from day one, paid vacations, paid sick days, paid personal days. Screw you for making me defend Walmart, but if you’re working $8 an hour jobs, good luck finding one that offers ANY benefits. Go see what Mcdonald’s will offer, bet you’re lucky if you get a free meal, and uniforms don’t count as a benefit no matter how many times they say it.
There is not a man walking around alive that actually “earns” thirty or forty million dollars a year in a salaried job. The owner or large stockholder I can understand, but not a salaried job. OK, so Wal-Mart is big–really big. The salary of the President of the United States is $400,000 per year. Convincing me that being president of Wal-Mart is worth 50 times more than the President of the United States is going to be quite a sell.
http://usgovinfo.about.com/od/governmentjobs/a/Annual-Salaries-Of-Top-Us-Government-Officials.htm
I’m curious as to how you figured up how much he makes per hour? He is on salary so with that being said, you would have to know how many hours “puts into” his job. I can assure you it’s a lot!In addition 8.75 is not the avg. rate of a Walmart employee.
Get the facts right before spouting off.
It’s difficult to find educated people in this particular topic, but you seem like you know what you’re talking about!
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