Thursday, September 23, 2010


I took this right from the AFL-CIO website to let more of us see who's looking out for the rest of us.

A chief executive officer of a Standard & Poor’s (S&P) 500 index company was paid, on average, $9.25 million in total compensation in 2009. At the same time, millions of workers lost their jobs, their homes and their retirement savings in the worst financial crisis since the Great Depression.

Executive pay has taken center stage since the $700 billion government bailout of financial institutions. Americans expressed outrage as big banks helped create the financial crisis, took billions in taxpayer bailouts, paid out billions in pay and bonuses and are now lobbying on financial regulatory reform.
The case studies here focus on executive pay at six of the biggest banks that received government bailout funds and their multimillion-dollar lobbying efforts. Also in Executive PayWatch, you can find CEO compensation data for some of the country’s largest companies; learn how you, as a shareholder, can have your "Say-on-Pay"; and find out what you can do to ensure re-regulation of the financial system.


Anonymous said...

BOCES chief pulls in $400K
Supporters say he fills two positions
By John Sullivan
Times Herald-Record
Published: 2:00 AM - 09/21/10
Goshen — Long Island has traditionally been the focus of eye-popping salaries in education. But the highest earning BOCES administrator in the state works right here in Goshen.

According to the 2010-2011 work contract for Terrence Olivo, the chief operating officer for Orange-Ulster BOCES will get $233,350, the second highest pay for a BOCES chief in New York. That comes on top of a $168,783-per-year pension, as well as health and other benefits connected to his retirement as superintendent of Monroe-Woodbury School District in 2004.

The latest salary figure comes after the Orange-Ulster BOCES Cooperative Board approved a 2.5 percent raise for Olivo, who runs the 9,000-student agency and carries out a good amount of the work required of the agency's interim superintendent, John C. Pennoyer.

Olivo was hired in 2007 to find replacements for outgoing Superintendent Robert Hanna. After two failed searches, BOCES decided to retain Olivo, instead. His salary contains no health benefits but does include payouts for unused accumulated personal time, as well as costs for attending meetings and other expenses related to the performance of his duties.

Carl Onkin, president of the Orange-Ulster BOCES Cooperative Board, which negotiated Olivo's salary, did not return calls.

Pennoyer, however, defended Olivo's salary, describing the executive as "invaluable" to BOCES, which serves a 17-school district region and has a budget of $100 million.

"Historically, there have not been many who could fill this post," Pennoyer said.

Olivo's salary draws attention as the state cuts aid to local school districts and tightens rules for pension-earners, making it harder for retired officials to take on second public sector jobs that could be performed by other qualified candidates. Because Olivo is over 65 years old — he will be 69 in November — he is exempt from the state law requiring a waiver to make more than $30,000 per year at a second public sector job after retiring.

His high salary also challenges a salary cap on the top BOCES seat, which education officials blame for the lack of candidates filling vacancies for top BOCES spots throughout the state. To attract qualified candidates, several BOCES have divided chief administrative duties between a superintendent, who is subject to the cap — set at $166,762 — and an administrative executive — titled either "chief operating officer" or "deputy superintendent."

"Mr. Olivo, for all practical purposes, is the BOCES superintendent," said Lisa Bang-Jensen, a senior policy analyst for the Empire Center for New York State Policy. "The BOCES board circumvented the law by giving him a different title."

Olivo said his 30 years of experience, the majority of them in central administration at Monroe-Woodbury, qualifies him to make the kind of money he does. He also took the BOCES post after its deputy superintendent left, requiring him to fill two positions at once, he said.

"Basically you're seeing a savings (to BOCES) of about $200,000," he said of his employment.

Anonymous said...

Boces head makes $400,000