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Bill Moyers & Michael Winship
Michael Winship is senior writer of the new weekly public affairs program, "Moyers & Company," airing on public television.
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By Bill Moyers & Michael Winship:
The One Percent
If you’re part of the 1 percent, even getting fired comes with a cushion made of eiderdown. GMI, a research company that gets paid to keep an eye on such things, just issued a study headlined, “Twenty-One U.S. CEOs with Golden Parachutes of More than $100 Million.” That’s each.
The report’s authors, Paul Hodgson and Greg Ruel, write, “These 21 CEOs walked away with almost $4 billion in combined compensation. In total, $1.7 billion in equity profits was realized by these CEOs, primarily on the exercise of time-vesting stock options and restricted stock.”
This news came the same day as another report, this one from Indiana University, titled, “At Risk: America’s Poor during and after the Great Recession.” Its researchers conclude, “The number of people living in poverty is increasing and is expected to increase further, despite the recovery. The proportion of people living in poverty has increased by 27% between the year before the onset of the Great Recession (2006) and 2010 … Poverty is expected to increase again in 2011 due to the slow pace of the economic recovery, the persistently high rate of unemployment, and the long duration of spells of unemployment.”