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Today’s Proof Corporate Pay is Nonsensical: Rupert Murdoch

Today’s Proof Corporate Pay is Nonsensical: Rupert Murdoch

September 3, 2011

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In 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).

In 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).