Being a defender of American capitalism, I find it impossible to defend greed especially from a public corporation that has a monopoly on life sustaining services--FPL's executive salaries and benefits are truly obnoxious.This is a main reason why liberals continue to come after big business.
There is nothing inherently wrong with executives getting bigger houses and the use of jets ($31 million went for a new jet at FPL just a few years ago) especially if they’re not gaining at the expense of others in a monopolistic business supported by government in that they are allowed to take gigantic tax breaks. When you have a company that votes to pay its top executive, Lewis Hay, $33 million in salary and benefits, it is a stark reminder of the average American worker who must have and can't live without their product. The average working stiffs' salary is $34,645 with CEO's, on an average, make a whopping 354% more than the average worker.
The Palm Beach Post reported today that FPL's CEO is the top paid utility executive in the country and he is right in our own back yard. Other utility CEO's highest paid executives:
William Johnson, Duke energey---$28.7 million
Gale Klappa, Wisconsin Energy---$26.7 million
John Rowe, Exelon--- $23 million
Anthony Alexander, FirstEnergy---$19.8 million
Sure, FPL has the lowest residential rates in Florida. Who wouldn't, when they can buy things much cheaper than can the small utility. They have the synergies that can provide efficiency and get better rates for virtually everything, even their cost of money. They buy in gigantic bulk that lowers prices. They have people in their pockets and lobbyists (5 lobbyist firms made an average of $500,000 a piece...source Wikipedia) up the wazoo and they are driving out competition with their advantages. With money, especially the rate payer's, you can do just about anything. Hell, they even have some Lake Worth residents pushing for FPL to buy our Lake Worth utility. They continually ask for rate increases, all in the name of long-term investment. FPL continues to rake in the profits while those who need their product can't find jobs or feed their families and many have lost their homes. Last year FPL reported $14 BILLION in revenue.
Florida Power & Light, whose service territory stretches from South Florida to the southern borders of Pinellas and Hillsborough counties, charges just $93.23--add on the 6% franchise fee and it brings up the residential rate to $98.82 for 1,000 kilowatt hours of electricity, 1000 kilowatt hours used as a benchmark of what a small residence uses in an average month. Lake Worth's comparable rate is $119.55 but we need to charge $20 more in order to operate our city and to fill in the pot-holes.
Click here to read about the obnoxious corporate CEO salaries of greedy executives, the only real winners, along with their shareholders, of these companies.
What a sin! And Greg Rice wants to turn our city owned utility company over to FPL? What is his motive? His he nuts? His greed???/ Is he in cahoots with them or what? No to big business controlling this city and company. I will not use FPL and I will not use Hulett! NO No no to big business taking over our public owned city gem. Lynn you said, "Lake Worth's comparable rate is $119.55 but we need to charge $20 more in order to operate our city and to fill in the pot-holes." I would rather pay a little more to keep it in our control, no more power to big business or slum property owners who like to keep boarded up buildings in our beautiful little city by the sea. No to all these greedy businesses and people.
ReplyDelete12:21 he makes too much so we will punish ourselves and pay more. your light upstairs seems dim.
ReplyDeleteDo principles and morals count for anything? It is why this country is in the shape it's in.
ReplyDeleteHe makes too much? Whatever gave you that idea? Number one in the country for CEO's of utility companies. Now what does Clay make? We keep Obama in power because he gives away free stuff too. Good thinking...forgot all about that one. Turn out the lights.
ReplyDelete4:13 I want to buy a new car from your dealership because you have the best price but I cannot because your CEO makes to much money. So I am going to pay to much because I love to hate rich people and I have principals.
ReplyDeleteLynn, calling yourself a defender of capitalism and then going on a diatribe about executive compensation for something that is 20% cheaper, even according to a pundit's numbers, is absolutely ridiculous. I neither work for FPL ir support executive comoensation to the level it has become, but theres a reason why Lew is compensated the way he is, Next Era is a behemoth that he in large part created. You, like myself and many other locals, should be grateful that this juggernaut producing over $15billion in revenue is located in not only our country, not only our state, but our county. Take a business course or quit calling yourself a defender of capitalism because you two do not work well together and sound absolutely foolish.
ReplyDeleteLOL. The ONLY one sounding foolish is YOU!
ReplyDeleteMaking a good compensation is great. This is NOT his business and he did NOT create it. He is NOT Bill Gates or the late Steve Jobs.
He has "made" it thanks to government and no competition and the shareholders of the corporation that have allowed the board of directors to grow the corporation.
God, please take your own advice, stop being insulting...your point got lost in trying to slap me down the way you always do-- and YOU take that business course. I abhor greed, not success or a successful corporation. This blog is about GREED, one of the 10 deadly sins. 33 million dollars indeed!
I have worked for two public companies traded on the stock exchange--have you? If so, what did you do for them? Give them stock option advice?