Which would you rather be? A stagehand at Carnegie Hall, or the CEO of Citicorp? Hint: one pays a LOT better than the other, and it’s not the one you’d think.
First, for the five biggest recipients of TARP aid, the Pay Czar has decreed massive pay cuts. See
At the financial products division of the insurance giant, A.I.G., the locus of problems that plagued the large insurer and forced its rescue with more than $180 billion in taxpayer assistance, no top executive will receive more than $200,000 in total compensation, a stunning decline from previous years in which the unit produced many wealthy executives and traders.
Now check this out, from Zerohedge, a very interesting financial blog, quoting a Bloomberg story:
Carnegie Hall Stagehand Moving Props Makes $530,044
Oct. 20 (Bloomberg) — After you practice for years and get to Carnegie Hall, it’s almost better to move music stands than actually play the piano.
Depending on wattage, a star pianist can receive $20,000 a night at the 118-year-old hall, meaning he or she would have to perform at least 27 times to match the income of Dennis O’Connell, who oversees props at the New York concert hall.
O’Connell made $530,044 in salary and benefits during the fiscal year that ended in June 2008. The four other members of the full-time stage crew — two carpenters and two electricians — had an average income of $430,543 during the same period, according to Carnegie Hall’s tax return.
At Carnegie Hall, which has featured on its three stages such varied musicians as Duke Ellington, Bob Dylan and the Berlin Philharmonic, only Artistic and Executive Director Clive Gillinson makes more than the stagehands.
Gillinson earned $946,581 in salary and benefits in the fiscal year that ended in June 2008. Chief Financial Officer Richard Matlaga made $352,139, while General Manager Anna Weber received $341,542.
Full blog is at http://www.zerohedge.com/article/whats-wrong-america-part-i
I guess that now we need a Folding Chairs Czar…