Wednesday, August 30, 2006

The clash of civilizations is our business -- and business is good:

Defense Contractor CEOs' Pay Doubles

The chief executives of corporations making big profits from the war on terror are enjoying far bigger pay increases than CEOs of nondefense companies, according to a study by two liberal groups.

The study, conducted by the Institute for Policy Studies and United for a Fair Economy, found that, on average, CEOs of corporations with extensive defense contracts are getting paid about double what they made before Sept. 11, 2001.

CEOs of other large corporations -- without big stakes in the war -- have averaged pay gains of 6 percent during the same period, the study said....

The study focused on the pay of the CEOs of the 34 publicly traded U.S. corporations that were among the top 100 defense contractors in 2005 and for which defense contracts made up more than 10 percent of revenues....

Between 2001 and 2005, the profits for the 34 companies have climbed 189 percent. Profits for U.S. corporations as a whole rose 76 percent.

Stock price gains for defense contractors have averaged 48 percent while the overall stock market has remained flat....

(Via DU.)

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