Tag Archives: pay

Switzerland limits CEOs one month pay

A Proposal To Limit Swiss Executive Pay To 12 Times That Of Low-Paid Employees Has Fat Cats Worried

By Adam Taylor

On Nov. 24, Swiss voters will go to the polls to vote on a radical new idea — limiting the monthly pay of the highest earners in Swiss firms to no greater than the yearly pay of the lowest earners. It’s being called the 1:12 Initiative — and it sure has some people worried.

To understand the context of the vote, you need to know two things about Switzerland. First, the country has a relatively unique system of direct democracy — if 100,000 people sign a proposed change to the constitution, or “popular initiatives,” a referendum is held. If a majority of voters and cantons (Swiss states) agree with the proposal, the change can become law.

The second factor is how these Swiss initiatives have been used recently. Earlier this year Swiss voters agreed to an idea proposed by entrepreneur Thomas Minder that limited executive (in his words, “fat cat”) salaries of companies listed on the Swiss stock market. On the other end of the spectrum, a proposal to give every Swiss adult an unconditional income of $2,800 a month recently gained enough signatures to be voted on.

The 1:12 Initiative lies somewhere between these two extremes in terms of its radical ambition, but its core idea comes from the same place — an angst in Switzerland, a country most famous for centuries of private banking, that executive pay and income inequality are out of control.

To understand the thought process, Business Insider called David Roth, the leader of the youth wing of Swiss party the Social Democrats, and one of the architects of the plan. Roth explained that high executive salaries only became a big issue in 2002 or so, and by 2006/7 they became a public issue. The preparation for the 1:12 Initiative began in 2009.

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Kerry: Arab countries offered to pay for invasion

By Aaron Blake

Secretary of State John Kerry said at Wednesday’s hearing that Arab counties have offered to pay for the entirety of unseating President Bashar al-Assad if the United States took the lead militarily.

“With respect to Arab countries offering to bear costs and to assess, the answer is profoundly yes,” Kerry said. “They have. That offer is on the table.”

Asked by Rep. Ileana Ros-Lehtinen (R-Fla.) about how much those countries would contribute, Kerry said they have offered to pay for all of a full invasion.

“In fact, some of them have said that if the United States is prepared to go do the whole thing the way we’ve done it previously in other places, they’ll carry that cost,” Kerry said. “That’s how dedicated they are at this. That’s not in the cards, and nobody’s talking about it, but they’re talking in serious ways about getting this done.

Read more » The Washington Post
http://www.washingtonpost.com/blogs/post-politics-live/liveblog/the-houses-syria-hearing-live-updates/?id=e68f139f-e012-476c-876e-2467ba30e5e3

Mansoor Ijaz ordered to pay $1.4m to bank in fraud case

NEW YORK: The credibility of Mansoor Ijaz, the principal instigator of the memo scandal, came in for another hit with the surfacing of court documents that show a European Bank accusing him of running a one-man business operation and obtaining loans that he was later unable to pay back on time.

Documents show that the Supreme Court of the State of New York Judge Charles E Ramos issued a judgement against Mansoor Ijaz on September 25, 2010, after Banca Sammarinese di Investimento (BSI) of San Marino filed a suit for the recovery of a loan obtained by Ijaz.

The suggestions of financial impropriety follow the emergence last month of a video in which Mansoor Ijaz acted as a commentator on nude women’s wrestling. These scandals are in addition to his contradictory claims about the memo and his inability to produce any email or BBM message that directly links any Pakistani official to the memo he admits to have drafted and sent to US officials on May 9, 2011. ….

Read more » Daily Times

Impact of OWS

– Finally, Higher Taxes for the 1% — Is Occupy Behind Governors’ Moves to Make the Wealthy Pay Their Share?

By Sarah Jaffe

Is the narrative around taxes finally shifting? Thanks to heavy public pressure, Governors Cuomo and Brown propose taxing their states’ ultrarich. …

Read more » AlterNet

Sindh Assembly condemns Bhatti’s assassination

by Imtiaz Ali

Karachi : The Sindh Assembly unanimously passed a resolution on Friday to pay tributes to the slain federal minister Shahbaz Bhatti who was assassinated in Islamabad on March 2.

The resolution was moved by power minister Shazia Marri and was supported by MQM’s Izharul Hasan and Abdul Moeed Pirzada, PML-F’s Nusrat Abbasi and PPP’s Pitanber Sewani and Dr Sikandar Mandhro.

“This assembly strongly condemns the assassination of federal minister for minorities’ affairs Shahbaz Bhatti, a man of courage and a symbol of equality in Pakistan,” the resolution reads.

The assembly considered Bhatti’s assassination as yet another attack on the peace and progress of Pakistan. …

Read more : The News