No Economic Recovery for You

if you're not part of the financial elite:

The “success” of these corporations, and of their chief executives, was due overwhelmingly to cost-cutting measures that, even in the face of reduced revenues and income, drove up the firms’ share value. This provides a snapshot of the degree to which the “recovery” has been based on ruthless downsizing, wage-cutting and speedup.

To give a few examples:

* The third highest-paid CEO, Ray R. Irani of Occidental Petroleum, received $31.4 million, an increase of 39 percent. His firm suffered a 37 percent decline in revenue, a 57 percent decline in net income, but a 38 percent increase in total return.

* Susan M. Ivey, number 27 on the list, got an 84 percent increase in pay to $16.2 million. Her company, Reynolds American, recorded declines in revenue and net income of 5 and 28 percent, respectively, while its total return soared by 40 percent.

* Andrew N. Liveris of Dow Chemical, number 28 on the list, received $15.7 million, a pay hike of 23 percent. His company’s revenue fell 22 percent, its net income fell 61 percent, but its total return jumped 87 percent.