Today, President Obama addressed the leaders of the U.S. Chamber of Commerce, a highly ideological right-wing trade association representing mostly large international corporations. Obama urged the audience of business executives to "get in the game" and spend some of the trillions of dollars corporations have compiled in the past year on job creation. Indeed, much of the executive leadership of the Chamber has spent the past few years rewarding themselves with millions in additional compensation while eliminating American jobs.
Trucking Manufacturer Navistar Inc Is On The US Chamber's Board Of Directors:
– In 2010, Naivstar CEO Daniel Ustian increased his total compensation by 27%, from $6.64 million in FY 2009 to $8.43 million in the year that ended October 31. The company has enjoyed healthy profits: in 2009, it earned $320 million, or $4.46 a share, and in 2010, it made $223 million, or $3.11 a share.
– Navistar has slashed jobs at factories across the country. In Springfield, Ohio, Navistar laid off 250 workers from a truck assembly plant. At its plant in Arkansas, the company laid off 477 in 2009 after letting 300 workers go in 2008. Amid the layoffs and plant closures, Navistar, a major military contractor, opened a new factory in Mexico last year.
Telecommunications Giant AT&T Is On The US Chamber's Board Of Directors:
– AT&T CEO Randall Stephenson was awarded a compensation package valued at $20.3 million in 2009, a jump of 35% from 2008. Last year, AT&T devoted an extra $8.99 million into Stephenson's pension plan, ensuring that his retirement will include a pension "equal to 60 percent of his highest average salary and bonus in three of his last 10 years at the company. Although he's not currently eligible for retirement, his pension is valued at an estimated $31 million today."
– In recent years, AT&T has aggressively downsized its American workforce. In 2008, the company killed over 16,000 jobs as the recession hit. But in the last two years as AT&T enjoyed record profits, the company announced layoffs of "hundreds" in Kansas, 96 in Reynoldsburg, Ohio, 150 in Connecticut, 525 technicians in California, and 140 jobs in Oklahoma.
rest at http://thinkprogress.org/2011/02/07/chamber-ceo-jobs/
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