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Today’s Proof Corporate Pay is Nonsensical: Rupert Murdoch

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Rupert MurdochIn the last year, Rupert Murdoch’s News Corp. (owner of Fox) has seen its reputation destroyed by a phone hacking scandal, lost half a billion dollars on its MySpace gamble, and its stock sit down 17% from 5 years ago.

So in a true free market, its executives would get nothing, right? Maybe a note saying “be glad we didn’t fire you” and a coupon for a free breakfast at Biscuitville? Instead, here’s how our corporatocracy reacts:

Rupert Murdoch, the chairman and chief executive of News Corporation, received a $12.5m (£7.7m) cash bonus for the last financial year, while his total remuneration rose 47% to $33m, according to the company’s annual statement to shareholders.

His son James Murdoch – who is deputy chief operating officer, with responsibility for News Corp’s business in Europe and Asia – was awarded a $6m cash bonus as part of an $18m pay package – a 74% rise on his 2010 take-home pay.

For more on how Wall Street rewards its executives at the expense of the middle class, read the Center for American Progress report, Supersize This (PDF).