September 4, 2005 10:27 am
FairEconomy.org reports that the CEO-to-worker pay ratio has shot up to 431 : 1!
Just how egregious are CEO compensation packages getting anyway? Employees at Oracle’s — the self-proclaimed “second-largest software company in the world” — Applications division will not get bonuses this summer. But hotshot [not] CEO Larry Ellison still deserves $7.5 million in bonus and salary. In addition, Oracle spent $922,845 on “home security” for him during fiscal 2005. Now that’s a lot of Dobermans!
While Mr. Ellison squanders company cash on guard dogs, a large fraction of his employees haven’t had a raise in years due to “negative market conditions.”
Last year, the company spent $531,000 on Ellison’s home security. So what accounts for the half-million dollar spike? Did Oracle deploy a missile defence shield for him? More importantly, can Oracle employees get vicious attack dogs and justify it as a work-related expense?