Archive for May 12th, 2012

12/05/2012

U.S. – Largest Corporations Post Record Profits Amid Mass Unemployment

Human Wrongs Watch

By Andre Damon (WSWS)* – Amid deepening poverty and unemployment for masses of American working people, the largest US corporations once again posted record profits last year.

**The New York Stock Exchange. Photo by: Arnoldius | Wikimedia Commons

Fortune magazine released its ranking of the 500 biggest US corporations Monday, which showed that they received a record-breaking $824 billion in combined profits in 2011, up 16 percent from 2010.

But despite having more money than ever, companies are refusing to invest and hire. Instead, they are paying out record bonuses to executives and hoarding what remains in cash.

The average CEO took home $12.14 million in 2011, up from $12.04 million in 2010 and $10.36 million in 2009, according to a report by the Economic Policy Institute published earlier this month.

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