Richest CEOs led taxpayer-subsidized companies

Report: More than one-third of the nation's highest-paid CEOs from the past two decades owe fortunes to taxpayers

Topics: CEO, bailouts, taxpayer, government funding, Banks, Wall Street, ,

Richest CEOs led taxpayer-subsidized companies (Credit: Shutterstock)

Taxpayers have subsidized the fortunes of one third of the country’s wealthiest CEOs, according to a new report from liberal think tank, the Institute for Policy Studies.

More precisely: Over one-third of the nation’s highest-paid CEOs from the past two decades led companies that were subsidized by American taxpayers via government bailouts and contracts.

Of the 500 total companies boasting the country’s highest paid CEOs, “103 were banks that received government bailouts under the Troubled Asset Relief Program, while another 62 were among the nation’s most prolific government contractors.”

IPS noted, “Sky-high CEO pay purportedly reflects the superior value that elite chief executives add to their enterprises and the broader U.S. economy But our analysis reveals widespread poor performance within America’s elite CEO circles. Chief executives performing poorly — and blatantly so — have consistently populated the ranks of our nation’s top-paid CEOs over the last two decades.”

Natasha Lennard

Natasha Lennard is an assistant news editor at Salon, covering non-electoral politics, general news and rabble-rousing. Follow her on Twitter @natashalennard, email nlennard@salon.com.

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    On Wednesday, September 10th Amanda Stern partnered with Salon to relaunch The Happy Ending Music and Reading Series. We had the pleasure of hosting authors Leslie Jamison, Zadie Smith, and Matthew Thomas, artist Edwina White, and musician Emily Wells. Moleskine, Greenlight Bookstore, and Plymouth Gin were event partners.

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