Friday, August 21, 2009
It's all relative
If you ever wondered just what that means, consider these remarks by NY Mayoral strongman Michael Bloomberg.
Billionaire Mayor Michael Bloomberg defended multibillion-dollar pharmaceutical companies and their chief executives on Friday, declaring that they "don't make a lot of money" and shouldn't be scapegoats in the health care debate.Those of us with a not worth far, far less than His Gracie the Mayor generally take a different view of insurance CEO compensation. It's all a matter of looking up or looking down.
The mayor – and wealthiest person in New York City with a fortune estimated at $16.5 billion – made the comments on his radio show Friday during a discussion about health care.
"You know, last time I checked, pharmaceutical companies don't make a lot of money, their executives don't make a lot of money – not that they couldn't be better," Bloomberg said.
Pharmaceutical CEOs are known to make millions, with generous salaries, stock options and other perks.
Abbott Laboratories Inc. Chairman and Chief Executive Miles White's compensation was $25.3 million in 2008. The North Chicago, Ill.-based company saw profit rising 35 percent to $4.88 billion.
Merck & Co.'s chief executive, Richard T. Clark, received a $17.3 million compensation package for 2008. The company's profit more than doubled to $7.8 billion.
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