Raimondo pushes pension cuts to Bay Area CEO’s


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gina manhattan instituteThe Providence Journal reports that Gina Raimondo was in San Francisco recently selling her pension cutting playbook to a group of San Francisco business leaders.

The Bay Area Council, which bills itself on its website as a “a business-sponsored, public policy advocacy organization for the nine-county Bay Area. The Council proactively advocates for a strong economy, a vital business environment” and on its YouTube channel as a “CEO-led public policy and advocacy group working to improve the business climate and promote economic growth in the San Francisco/Silicon Valley Bay Area and California.”

The CEO advocacy group is led by the leaders of the biggest corporations in the Bay Area; it’s chairwoman is from Bank of America and its treasurer from Wells Fargo. Other companies represented by corporate bosses include accounting powerhouses, giant local real estate firms, the 49ers, the Giants, oil and gas conglomerates, communication giants like AT&T and credit card companies and tech giants.

The CEO advocacy group is probably best known for organizing and helping to fund Gov. Jerry Brown’s recent trip to China and pushing for greater trade with that country.  It boasts a pretty diverse list of issues it chimes in on – including climate change and healthcare. A big focus of the CEO advocacy group is in the area of “education reform.” Here’s how it describes this effort: “The Bay Area Council is working to reform California’s education system by creating a strategic plan to put in place a data system and reform finance and governance.”

According to the Providence Journal, Raimondo’s staff chose not to discuss who raised money for her.

RI CEO Paywatch


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The AFL-CIO released its annual Executive Paywatch website for 2011 yesterday and it shows that the average CEO in American makes 380 times what the average worker earns. In 1980, the ratio was a much more reasonable 42 times as much. Similarly, it also shows that in 2009 – 2010, the average income of the richest 1 percent pay increased 11.6 percent while the 99 percent pay increased by only .2 percent.

The site also lists some CEO salaries by state. Here’s their list for Rhode Island:

  • Brian Goldner, Hasbro: $23,153,471 (2010)
  • Larry J. Merlo, CVS: $14,074,790 (2011)
  • Scott C. Donnelly, Textron: $11,519,177 (2011)
  • Vincent L. Sadusky, Lin TV: $5,490,264 (2010)
  • David G. Whalen, A.T. Cross: $2,613,365 (2010)
  • Merrill W. Sherman, BankRI: $1,580,849 (2010)
  • Martin A. Kits Van Heyningen, KVH Industries: $1,373,559 (2010)
  • Joseph J. MarcAurele, Washington Trust: $1,098,788 (2011)

Goldner, of Hasbro, is the only Rhode Island CEO to make the list of top 100 CEO earners. He’s number 52 on the list, just ahead of the CEO’s of Verizon, American Express and Boeing.