Signs of Economic Recovery: Big, Bouncy Executive Bonuses
You know our economy is rebounding when the rich are getting richer without the government’s help. Bonuses for the chief executives at 50 major corporations jumped a median of 30.5 percent for 2010 — the biggest gain in at least three years. Under new disclosure rules, businesses with stock-market value exceeding $75 million must let investors weigh in on executive bonuses in annual meetings. Some corporate heads got the thumbs down. Others were handsomely rewarded for increasing returns. Starbucks CEO Howard Schultz received his biggest bonus ever, $3.5 million up from $1 million the year before. Shareholders probably wanted to acknowledge Schultz’s visionary refusal to be constrained by the limitations of the human stomach.