Romney Supporter: Billionaires Have Too Little Political Influence

Ken Griffin, a Chicago-based billionaire hedge fund manager, is a Mitt Romney supporter who thinks the super-rich have an "insufficient influence" over American politics, even though he thinks politicians should pay so much attention to CEOs.  He also believes the Obama Administration is at fault for the social unrest over income inequality and that China is pulling people out of poverty by embracing policies favoring the private sector.  He also believes that there is nothing wrong with billionaires, hedge fund managers, and other super-wealthy individuals spending unlimited amounts of money to influence elections.  It took a fraction of this campaign spending to get policies that benefit only the upper part of the top 1% and these lack of spending limits are designed to keep the system from changing.  Although he thinks companies should not directly harm others, he does not want government picking which businesses succeed and which ones fail.  But, he is out of touch by applying this way of thinking to this recent Chicago coal plant closings.  In response to the overwhelming neighborhood and community pressure to shut them down, he does not believe that "the company that injures people to be shut down and for the government to start a competing enterprise."  Which must means that he want business and government to work together, even if it means screwing over other people's health.

http://thinkprogress.org/politics/2012/03/10/442067/billionaire-romney-backer-ultrawealthy-have-an-insufficient-influence-over-politics/; http://www.chicagotribune.com/business/ct-biz-0311-confidential-griffin-web-version-20120311,0,2604121,full.column

Journalists Overpaid, Says Jamie Dimon

JP Morgan Chase CEO Jamie Dimon recently said journalists make too much money, based on the amount of revenue newspapers generate and media companies' lack of profitability.  The Bureau of Labor Stastistics says journalists make $43,780 annually.  In addition to his $23 million salary last year, Dimon also justified JP Morgan Chase's average wage rates of over $340,000 per year on the basis that it, as a Wall Street Bank, has to hire the best employees.  Attitudes like this from Wall Street CEOs and others in the Top 1% explain why those in the bottom 99% distrust Wall Street Bankers.  Media companies should not be allowed to go bankrupt, but their purpose is to truthfully disseminate the news.  With the amount of money both Dimon and his bank makes, he can hire public relations specialists to help dress up the facts to present to overworked journalists and make the bank look better than it really is.  The consolidation of media companies occurred because of pressure from the banks to be profitable, leading them to pursue the most sensationalizing stories as opposed to the news stories that people need to hear.  As a result, most people do not trust network news and Jon Stewart, even as a comedian, has taken the role of America's most-trusted news broadcaster.

http://www.huffingtonpost.com/2012/02/28/jamie-dimon-newspaper-reporter-pay_n_1307989.html; http://blogs.wsj.com/deals/2012/02/28/jamie-dimon-want-to-make-sure-everyone-hears-him/?mod=wsj_share_twitter

$10,000 Mitt Romney Policy Roundtables

Mitt Romney met with wealthy supporters who last week to discuss policy ideas with those who donated at least $10,000. They talked about energy, education, international relations, and healthcare among others. In other words, he is selling policymaking to the upper part of the Top 1% and ignoring the ideas of average Americans. For example, Dominion Power CEO Thomas Farrell was present and likely discussed what American energy policy should be. L.E. Simmons, another wealthy donor, has experience with private equity investments in energy and likely gave Romney ideas on both financial and energy policy. http://thinkprogress.org/politics/2012/02/11/422858/romney-10k-policy-roundtables/ http://thecaucus.blogs.nytimes.com/2012/02/09/romney-holds-a-policy-round-table-but-attendees-must-raise-10000/

$100 Million-Plus Golden Parachutes for 21 CEOs (for 1/28/12)

GMI Ratings published a first-ever report that found 21 CEOs since 2001 took home $100 million or more of severance, often referred to as a golden parachute. Jack Welch headed General Electric for 20 years and received a golden parachute of over $400 million as his tenure as CEO ended in 2001. Exxon Mobil's Lee Raymond took home over $320 million after his 12-year tenure as CEO ended in 2005. http://news.yahoo.com/golden-parachutes-21-ceos-landed-100m-plus-123243881--abc-news.html

Stocks Fall; Bank CEO's Still Paid Well (for 12/31/11)

2011 was not a good year for bank stocks. But, their leaders still got paid lavishly. JP Morgan Chase CEO Jamie Dimon will get nearly $42 million in total 2011 pay, even has his bank's stock declined 23%. Brian Moynihan will still get $2.26 million even though his bank's stock is now only 40% what it was at the start of the year. Lloyd Blankfein, Goldman Sachs CEO, will get $21.7 million even though its stock fell nearly 50%. Stock options and the expectations of the market for the next year often explain why their pay keeps rising. http://www.cnbc.com/id/45817416

2010 CEO Pay in U.S. Up 27-40% (for 12/15/11)

American CEOs saw their pay rise between 27 and 40 percent in 2010. Meanwhile, inflation outpaced pay raises for most Americans. Median stock options profits increased from $950,400 to $1.3 million for CEOs. The ten biggest CEO paychecks amounted to over $770 million. Executives at General Growth Properties, even as this firm recovers from bankruptcy, received nearly $115 million in 2010 bonuses. http://www.guardian.co.uk/business/2011/dec/14/executive-pay-increase-america-ceos