Posted on 01/06/2015 11:54:49 AM PST by Kaslin
Waging class warfare can get pretty tiresome for some Democrats… Which kinda explains why they have decided to make companies wage it on themselves. As part of the regulation requirements in Dodd-Frank, publicly traded companies will soon have to spend millions of dollars, and hundreds of thousands of man-hours, to officially report how rich their CEO is compared to rank and file employees. According to the Washington Free Beacon:
The provision is backed by labor unions like the AFL-CIO, which seeks to “shame companies into lowering CEO pay.” The price tag of the regulation is expected to be “substantial,” costing more than $72.7 million and over 500,000 hours to comply.
The “pay ratio disclosure rule” will mandate that publicly traded companies report how many times more their CEO makes than the average employee in their annual report. And why? Well… I guess because the millionaires who run unions like the AFL-CIO want to “shame” CEO’s into being a little less rich.
After all, the CEO to rank-and-file ratio isn’t exactly a useful tool for evaluating the profitability of a company, or the value of its product. Unlike reporting top executive compensation (which is already required), the number doesn’t even give prospective investors an insight into the fiscal responsibility of the company’s leadership… Really, it just tells you whether or not “company x” is run by good comrades, or capitalist pigs.
“It would take global companies months and thousands of hours to come up with a completely useless number,” wrote the National Association of Corporate Directors (NACD), commenting on the proposal.
Heck, even the SEC (the group of bureaucrats and unelected regulators who will be tasked with finalizing this rule) say there will be no real use for this information, outside of beefing up Elizabeth Warren’s 2016 talking points. (Okay… I may have paraphrased a little.)
But that kinda brings us to the bigger issue, don’t ya think? Since when did making “a ton” of money (for managing the direction, vision, and operation of a publicly traded company) become a sin? Correct me if I’m wrong, but don’t most of us expect the person who “runs things” to make a bit more than the 18 year old (part time) employee who gathers the shopping carts in the parking lot? It almost seems like there’s a pretty obvious reason for most pay disparities between CEOs and average employees: Running a multi-national restaurant chain tends to demand a substantially higher level of monetary compensation than shoveling French fries into a collapsible cardboard container.
Duh.
The “Help Class Warfare Junkies Feed their Addiction” rule in Dodd-Frank (again – this is paraphrased) essentially requires businesses to spend millions of dollars so they can give the Bernie Sanders and Liz Warrens of the world a piece of useless data. In effect, it is designed to provide the progressive wing of the Democrat Party with some cute talking points, just in time for a Presidential election…
Of course, something tells me the class-warriors in the DNC won’t be in any rush to provide similar “context” to their wealth. I guess some animals are just more equal than others.
God save us from these Marxist Madmen!
Who the f()ck is JOHN GALT!
None of 0bama’s damn business.
Nor the Legislature’s.
Go Galt;
Shut down the company.
See how they like that.
Great./s More jobs going to china.
Or what? Can anyone stand up to this man?
John Galt - Atlas Shrugged/ Ayn Rand.
Why not? It’s right there in the constitution.
Article Z.
Section 1.
The president shall ensure all genders are paid equally.
Heh, GMTA.
Coincidentally, I just saw a commercial on Faux three minutes ago that the DVD for part 3 of Atlas Shrugged is out today.
I’ll pick it up, even though I expect that it will be a bigger disappointment than part 2 was.
Because forcing businesses to waste tons of money complying with a useless regulation is good for the bottom end workers. Uh huh.
Morons.
“will soon have to spend millions of dollars, and hundreds of thousands of man-hours, to officially report how rich their CEO is compared to rank and file employees”
This should be a simple db query. Why does it cost so much?
We are happy to report that our CEO only makes minimum wage. That's right, minimum wage.
He does however get to cash in his unused sick days for $25 million, but you didn't ask about that... so it doesn't count.
Signed,
The Management
When will the unions reveal how much the union bigwigs make?
HA HA HA HA.
Of course this matter is NONE of the federal government’s business.
But I laugh because this is the come uppance of the crony capitalists who hobknob with Obama and the regulators—those who conspire together to destroy SMALL business startups and those who really respect free market capitalism.
Eventually, the goal is for Obamugabe and his small inner circle (or whoever succeeds them of course) to have tighter control over all aspects of human life.
The crony capitalists are also being targeted. But right now, just like Stalin’s “useful idiots” they are relatively safe.
This is an indicator, though, just like those floating chunks in front of the Titanic, that a big ole’ iceberg is somewhere up ahead. Maybe—just maybe—a few of the Wall Street cronyists will see the warning signs.
Or, maybe they’ll go down with the ship when the federal juggernaut rams them into that mountain.
I also liken it to the frog who agrees to carry the scorpion across the stream. The frog in this case are the crony capitalists—Big Insurance, Big Box Retailers, Big Pharma, etc. all happily getting along with team Obama. The scorpion is the Alinskyites who are going to eventually sting them...because it is in their nature.
How is idiocy like that enforceable?
Another easy DB query and calculation would be to show how much each employee’s hourly earnings would rise if the CEO’s salary was divided equally between all employees. Let them see that they’d only make a couple pennies more per hour.
Oh, and show that figure before and AFTER taxes.
I actually do recall a site that had the information about them but it was in the early 2000
petulance |ˈpeCHələns| noun the quality of being childishly sulky or bad-tempered: a slight degree of petulance had crept into his voice.
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