Even when times are good, it's hard to believe that corporate CEOs can look you in the eye and tell you that they've truly earned their outrageous $10 million, $50 million, $100 million or more pay packages. And right now, times aren't good.
And right now, times aren't good.
But this week I saw another round of stories on corporate CEOs getting multi-million dollar "bonuses" even as their companies lose millions of dollars.
This is just another outrageous example of a corporate culture that is out of control and out of touch with most Americans. These corporations fight any kind of regulation designed to protect workers, the environment, or public health, yet when their irresponsible behavior bites them in the ass, they come crawling to us begging for a bailout, while continuing to lavish hefty paychecks on their top executives.
Who are these CEOs earning unfair millions and making our economy less secure? I didn’t have to look far or wide – I found one in our hometown of Denver.
The homebuilder M.D.C Holdings’ Larry Mizel last year pulled in a $2 million bonus - on top of a substantial multi-million-dollar pay package – despite driving down his company’s share price and depleting returns for shareholders like public pension plans. If that’s not enough, overbuilding of homes by M.D.C. and other homebuilders is a major cause of the current housing and mortgage crisis that’s threatening American jobs and the economy. In Colorado, many of M.D.C.’s houses are now vacant and in foreclosure.
It's time average citizens whose lifestyles have been effected in big ways by the waning economy speak out against this economic climate that favors the already well-off. That's why Progressive Future has launched its "Give It Back" Campaign, focused on targeting poor-performing CEOs who nonetheless receive exorbitant bonuses, and asking them to take these bonuses and give them back to the community. Our supporters emailed Larry and asked him to donate his undeserved bonus to a local homeless shelter, and Mizel responded by de-activating his email address.
We have since changed tactics to a petition, which will be delivered to his offices in person. Sign Progressive Future's "Give It Back, Larry" Petition, and fight for the economic security of everyday Americans, not the coddling of wealthy corporate bigwigs.