Most people believe the American economy is being rigged by and for bankers, CEOs, and other superrich elites, because… well, because it is!

With their hired armies of lawmakers, lobbyists, lawyers, and the like, they fix the economic rules so even-more of society’s money and power flows uphill to them. Take corporate CEOs. While the economy somewhere between a downer and devastating for most people, the CEO class made out like bandits, with each of the three top paid corporate honchos pocketing as much as a billion dollars in personal pay!

Are they geniuses, or what? What. All three of their corporations ended with big financial losses and declining value. So how can such mediocrity produce such lavish rewards? Simple – rig the pay machine.

Today’s corporate system of setting compensation for top executives is a flimflam disguised as a model of management rectitude. On its face, it sounds good – “Pay for performance,” it’s called, meaning the CEO does well if the company does well.

But who defines “doing well?” The scam at most major corporations is that the standard of corporate performance that the chief must meet to quality for a huge payday is set by each corporation’s board of directors. Guess who they are? Commonly, board members are the CEO’s handpicked brothers-in-law, golfing buddies, and corporate cronies. So, they set the bar for winning multimillion-dollar executive paychecks so low that a sack of concrete could jump over it.

This is Jim Hightower saying, well, can’t corporate shareholders just vote no on any executive excess? Yes, but corporate rules decree that votes by shareholders are merely advisory, meaning top executives can ignore them, grab the money, and run. The system is fixed and we need to break it!

Do something!

There’s a growing movement to crack down on excessive CEO pay that has us pretty excited— check out this resource guide from Inequality.org to join up!

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Why Corporations Pay Millions for Executive Mediocrity