September 24, 2013
today I am writing in support of a strong Dodd-Frank rule 953(b).
Disclosing corporate pay ratios between CEOs and average employees will discourage the outrageous and reckless pay practices that fueled the 2008 crash.
Executive compensation is available from public filings, but information on the "worker bees" is hard to find. And that is precisely what is needed to compare compensations. This could be done by binning rank and and file employees, e.g. Engineering, Clerical, etc., and averaging compensation within each group. This would make comparisons less blurry and more easy to relate to.
Knowing which corporations heap riches upon their executives while squeezing struggling employees also will be a useful factor for me when considering which businesses to support with my consumer and investment dollars.
Of course there are extraordinary opportunities for CEO's to enrich themselves. For instance, Conoco selling itself to Phillips, triggering a $16 million reward to the CEO - just in time for his retirement. And the employees got - laid off.
I am aware that you are under intense pressure by business interests to weaken or abandon the rule. Do not give in. Instead, weigh your duty to protect investors and the American public against the self-serving interests of those seeking to undermine this rule.
Thank you for considering my comment,
Herbert Powers Jr
Katy, TX