RK ARCHIVE - The Rich Get Richer, We Get Poorer

Well, in 2006, Rittenmeyer received a salary of $770,000 plus a bonus of $310,000. Salary and bonus for CEO Rittenmeyer in '06 was $1,080,000 -- over a MILLION dollars. But that's not all: there's this "Latest FY other long-term comp." item totaling over FOUR MILLION DOLLARS: $4,318,694. The real total 2006 compensation for the cost-cutting CEO of EDS is $5,399,527. Look at that number real hard. That reads FIVE MILLION, THREE HUNDRED, NINETY-NINE THOUSAND DOLLARS.

Of course in 2006, Rittenmeyer was just a peon at EDS, merely the "President/COO/Director" -- not the "CEO"...
The CEO of EDS in '06 was Michael H. Jordan who received total cash compensation from EDS of $13,639,711 and stock options of $11,007,630. (Total: $24,647,341)

So, look what Rittenmeyer has to look forward to: there's some real room for income growth between $5,399,527 and $13,639,711. Hmm... if Rittenmeyer replaces enough American workers with cheaper workers in India, he can make a good case for pushing close to that THIRTEEN MILLION DOLLAR figure. And don't forget the ELEVEN "MIL" in stock...

EDS plans to hire lower cost workers in, among other places, India to replace the expensive middle class American workers. This is a well known situation: American middle class jobs being destroyed and American middle class workers without comparable job opportunities. This is how "free trade" really works. Corporations eliminate jobs and job opportunities for Americans until Americans are willing to accept the same Third World wages that Indians and others in low labor cost nations are willing to accept. Supporters of "free trade" and unrestricted offshore outsourcing (like Sen. Hillary Clinton) have publicly dismissed this as merely the workings of the "global competition".

I note the peculiar injustice and hypocrisy of CEOs like Ronald Rittenmeyer and politicians like Hillary Clinton acquiring tremendous wealth while millions of middle class Americans face an endless "Race to the Bottom" in wages and living standards. While most business leaders and many political leaders claim that free trade is good for America, I think the truth is that offshore outsourcing American jobs is good for them and bad for us.

Comments

H. Clinton is not the right person for the job for fixing America. (loboforestal - 9/20/2007 3:11:43 PM)

Yes, Hillary's trying to finesse her support for India and opposition to American labor.

She can wiggle and zig zag and triangulate all she wants, labor should not support her unless she actually comes over to our side.

Killing our middle class and "working joe" jobs and then saying "don't worry the nanny state will take care of you" is not going to cut it, Mrs. Clinton. American needs to produce and save a little more and consume a little less.

Hillary's looking out for her former "employers" : Tyson Foods and Walmart and Tata Consulting.

call me chicken little, but.. (accidentalwoman - 9/21/2007 12:29:42 AM)

outsourcing is destroying the infrastructure of our economy. failure to nurture and protect the middle class may result in the total collapse of the economy of this country. of course the golden parachutes are allready in place for the top 10 %. outsourcing continues to be the greediest and most short sighted practice of corporate management and compromised politicians. our security is threatened just as surely by economic mismanagement as it is by terrorism. i will vote for hillary clinton if she is the nominee but i sincerely hope that the democratic candidate will not be hillary clinton.john edwards does not seem to be getting much traction but he does seem to "get it". i love obama because of the sense of optimism that he gives me but racism is alive and well in this country. i wish i knew how to stop it but i don't.

Not Even 10% (Matt H - 9/24/2007 12:19:14 PM)

When the toilet flushes, it will take down a lot more than 90% of us. We are all very dependent on the welfare of each other. As goes the middle-class, so goes many of the small businesses.

I agree with your perspective on this (relawson - 9/22/2007 1:33:25 PM)

Our trade policies are destroying middle class jobs. And, unfortunately, the politics of Hillary Clinton aren't going to fix the problem. In truth, they will be more of the same.

Not that I can vote in the primaries because I am from Florida and being wrongly denied a vote, but if I could vote I would probably lean John Edwards.