So…here’s what I wrote. It’s missing a handy chart where it depicts the average Wells employee’s hourly salary vs. the CEO’s salary, but you get the gist.
Full disclosure, I had been working here for a few months and this was to be my last week. I wouldn’t recommend anyone else do this, but I gotta admit, it felt damn good and maybe someone will step up and do something about it.
Good Morning All,
Last week a friend of mine was fired for sending an inappropriate email to pretty much the whole building. Despite the fact that it was harmless, accidental, and largely ignored message, she will now join the ranks of the unemployed. If she is your average unemployed Oregonian she will remain unemployed for at least 18 months and when/if she gets rehired somewhere it will be for less money than she was making here.
Now my friend was definitely in the wrong, and I’m not writing this email to argue her situation. However, in an attempt to hold our company to a similar standard consider the following:
We work for one of the largest financial institutions in the world, we are essential to its operations, yet economic security is completely at the mercy of its senior executives. They are squeezing our salaries, reducing our benefits, and lobbying our politicians to make it harder for us to improve our financial positions despite our contributions to Wells Fargo’s successes. It means more profits for them, but less choice, less freedom and more importantly, less money for us.
In 2010, our CEO, John G. Stumpf received $18,973,722 in total compensation. By comparison, the median worker made $33,190 in 2010. John G. Stumpf made 571 times the median worker’s pay.
Tip of the Hat to George Donnelly at Facebook.
Phi Beta Iota: We note with interest that this executive is only 220th on the Forbes executive pay rankings. We hold the corporations blameless in one sense: they get to do this because the US Government has lost its integrity and has not been in the business of the public for decades, Grover Cleveland may have been the last truly honest holistic President. What that says about the American public is for reflection. At the same time, we point to William Greider’s book Come Home, America: The Rise and Fall (and Redeeming Promise) of Our Country in which he discusses the documentations on how the financial industry (Mr. Stumpf’s industry) inflated by 17 times base value while the “real” asset-based economy inflated by five times. This means that Mr. Stumpf and his colleagues cheated the US and global customers by 12 times….and for this, the government bails them out and nobody goes to jail. See also Matt Taibbi’s Griftopia–Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America.