Ralph dissects how your boss makes 500 times more than you do with Steven Clifford, author of The CEO Pay Machine: How it Trashes America and How to Stop It. And the President of the progressive Amalgamated Bank, Ken Mestrich, joins us to discuss why small banks like his are where you should putting your money. Plus, David, Steve and Ralph talk about the late great comedian, Dick Gregory.
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Steven Clifford served as CEO for King Broadcasting Company for five years and national Mobile Television for nine years. He has been a director of thirteen companies and has chaired the compensation committee for both public and private companies. He holds a BA from Columbia University and an MBA from Harvard Business School. He is the author of The CEO Pay Machine: How it Trashes America and How to Stop It.
“We’re always hearing about how you can’t regulate drug prices because ‘we need that money to pour back into research and development of new drugs.’ Well, the eighteen companies in the pharmaceutical industry in the S& P 500: last ten years, 50% of their profits have gone for stock buybacks, 49% of their profits have gone for dividends. Basically zero re-invested.” Steven Clifford, author of The CEO Pay Machine: How it Trashes America and How to Stop It
Keith Mestrich is the President and Chief Executive Officer of Amalgamated Bank, a progressive bank (http://www.gabv.org/) headquartered in New York City. Mr. Mestrich is a 25-year veteran of the labor movement and prior to joining Amalgamated Bank served as the Chief Financial Officer and Deputy Chief of Staff for the Service Employees International Union (SEIU).
“We’re making sure we don’t use any of our balance sheet to finance companies that are contributing to the adverse impact on the climate. So, we will never make loans to fossil fuel companies or other companies that are damaging the quality of our air.” Keith Mestrich, President & CEO of Amalgamated Bank
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6 Comments
It’s always an education listening to your program. Thank you very much, I admire your work.
I enjoy all the shows, but especially the recent one on executive pay. The explanation about corporate stock buy-backs was very enlightening. Then I read this article (link below) which made me realize there is an additional, very important, reason why companies are buying back their stock. https://www.counterpunch.org/2017/08/24/alinskys-last-passion/
This show was an excellent show. I liked Ralph’s idea of a penny per share collection to keep these companies honest. Wouldn’t it be great to strike back of the billionaire class. I am so impressed with every show that comes out of this series. Ralph is so organized and directed and he always drives the conversation to the important themes and information. Thank you so much!
Amalgamated Bank, despite promoting itself to progressives, is no safer than most other banks and perhaps worse due to its commercial real estate loans in NYC. When the next meltdown occurs, this bank will be especially vulnerable to losses, with very possible recapture of depositor’s funds via bail-in.
http://www.bankrate.com/rates/safe-sound/memorandums-memos.aspx?fedid=661308
I was not impressed by this interviewee.
Same question … why are my comments not getting published?
Dick Gregory’s remembrance was too short. He did so much for all working and fair minded people!