March 28, 2022
Biden Budget Takes a Step Toward Corralling Out-Of-Control CEO Pay
Administration proposal would restrict insider trades, and impose a tax on stock buybacks that largely benefit the fat cats.
Photo by Anna Moneymaker/Getty Images
Corporate bosses have run wild during the pandemic.
In 2020, with the economy reeling, chief executives of struggling companies got their boards to move bonus goal posts and hand out “retention” awards to protect their fat paychecks while their workers lost jobs, income, and lives.
In 2021, as consumers struggled with rising costs, executives celebrated rising corporate profits with a buyback spree. This legal form of stock manipulation artificially inflates the value of a company’s shares—and the value of executives’ stock-based pay.
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Read the full article at MarketWatch.
Originally in MarketWatch.
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