If the corporate world functioned fairly, pay would be commensurate with the amount of experience and ability employees have. But fairness has little to do with the way pay scales tip. Factors such as nepotism, politics and timing can all add up to confirming your fear that your cubicle neighbor makes more than you do, and will probably always out-earn you unless you try to dare to make a power play. [More]
Could it be that tech heavyweights including Apple, Google, Intel, Intuit, Adobe, Pixar and Lucasfilm were entangled in a nefarious plot to keep employee wages down and profits up? That’s the allegation brought forth by a lawsuit filed in a California Superior Court, alleging antitrust violations among the companies, as well as “no solicitation” agreements that kept companies from poaching employees. [More]
Being POTUS makes you age prematurely, and Lady Gaga is stuck in a 360 deal that takes a cut of everything she does. Screw that, I wanna be CEO. The Wall Street Journal has listed the top paid CEOs of the last decade, which is topped by Oracle CEO Larry Ellison at $1.84 billion. Steve Jobs comes in fourth with $749 million, and Capital One’s Richard Fairbank is fifth at $569 million. The WSJ also notes that “four of the top 25 CEOs worked at financial companies, two on Wall Street.” [More]
Wired has put together a Wiki called a
Obviously a lot of preparation goes into being an athlete, but let’s ignore all of that and focus on the gory numbers.
The AP is reporting that Citibank will be raising salaries for certain employees by as much as 50% in order to offset the new bonus restrictions. The company faces the restrictions because it took bailout money.
President Obama and Treasury Secretary Tim Geithner have announced a $500,000 maximum wage for employees of companies that receive taxpayer support. The rule will only apply to companies that receive future bailout funds. Oh, also, you’re going to be bailing out more companies.
This is rumor only, folks, but a tipster tells us that JC Penney plans on closing 11 stores this year, and that they’re freezing salaries on all employees. The retailer isn’t doing as badly as some of its competitors—it has no debt maturing in 2009, for example, and plans to have $2 billion in cash on hand at the end of this month—but considering CEO Mike Ullman has said he’s planning business conservatively for 2009, it wouldn’t be that surprising if it turns out to be true.