Here’s one financial figure some big U.S. companies would rather keep secret: how much more their chief executive makes than the typical worker.Of course, this has nothing to do with unchecked greed and smokescreening gross inequality.
Now a group backed by 81 major companies — including McDonald’s, Lowe’s, General Dynamics, American Airlines, IBM and General Mills — is lobbying against new rules that would force disclosure of that comparison.
The lobbying effort began more than a year ago. It involved some of the biggest names in corporate America and meetings with members of both parties on the House Financial Services Committee and Senate banking committee.
The companies and their Republican allies in Congress call comparisons between the chief and everyone else in the company “useless.”
Disclosing such comparisons “can mislead or confuse investors,” said Rep. Nan A.S. Hayworth (R[edonkulous]-N.Y.), who filed the bill to repeal the disclosure. “It creates heat but sheds no light.”Ah, I see, it's so we don't get our widdle bwains all confused.