Pope Francis Attacks Huge Salaries for the Rich While Poor Survive on 'Crumbs'

THE INDEPENDENT: Pontiff attacks excessive bonuses, greed-based economy

Pope Francis has made yet another controversial statement on corporate greed and income inequality in the first peace message of his pontificate.

The Holy Father criticised the "gap between those who have more" and those who "must content with the crumbs", as he called on world governments to do more to close the gap between the super rich and the poor.

Pope Francis, who was recently named TIME magazine's Person of the Year, attacked excessive salaries and exorbitant bonuses as a symptom of an economy based on greed.

"The grave financial and economic crises of the present time have pushed man to seek satisfaction, happiness and security in consumption and earnings out of all proportion to the principles of a sound economy," the Pope said in a message for the Roman Catholic Church's World Day of Peace[.]

"The succession of economic crises should lead to a timely rethinking of our models of economic development and to a change in lifestyles," he added[.]

Titled Fraternity, the Foundation and Pathway to Peace, the message attacked injustice, human trafficking and organised crime as obstacles to world peace.

The message will be delivered to world governments, NGOs and intergovernmental organisations. » | Maria Tadeo | Friday, December 13, 2013

The Pay Gap Widens; Top Executives Paid More Than Ever
NEW YORK TIMES: Like most companies, Office Depot has long made sure that its chief executive was the highest-paid employee. Ten years ago, the $2.2 million pay package of its chief was more than double that of his No. 2. The fifth-ranked executive received less than one-third.

But the incentive for reaching the very top of the company is now far greater. Steve Odland, who runs Office Depot today, made almost $12 million last year, more than four times the compensation of the second-highest-paid executive and over six times that of the fifth-ranking executive in the current hierarchy.

As executive pay has surged in most American companies, attention has focused on the growing gap between the earnings of top executives and the average wage of workers in cubicles or on the shop floor. Little noticed, though, is how much the gap has also widened between the summit and the next few echelons down. More Than Ever, It Pays to Be the Top Executive (more)

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