Home Budget, Economy Today’s Proof Corporate Pay is Nonsensical: Rupert Murdoch

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).

  • Will Radle

    He destroyed one of Europe’s oldest newspapers and was rewarded $12.5 million in one year.  Meanwhile, Fairfax County firefighters and paramedics hurt on the job still have to take a reduction in pay when they reach age 62.

    That’s not right!  Don’t you think we should take action?

  • Will Radle

    Terry,

    As a candidate for chairman of the Fairfax County Board of Supervisors, I have made a commitment in writing that we will keep our promise to firefighters and paramedics disabled in service to our community.

    In FY2008, the Fairfax County Board of Supervisors unanimously voted by 2009-2010 to eliminate the reduction in benefits that takes place when firefighters and paramedics with a service-connected disability reach age 62.

    The incumbent has failed to keep the commitment during her term as chairman.  As chairman, I will ensure we keep our commitment and provide firefighters and paramedics who are disabled in service, and their families, the support they deserve on behalf of a grateful community.