This is a classic of how corporations behave. The skyrocketing pay of CEOs is hurting corporations and making them less competitive. What would happen if Verizon took $50M of the $350M they paid their CEO and reinvested in their company?
Furthermore, as a customer of Verizon this is disgusting.
America's largest wireless service provider plans to cut 1,700 jobs by offering its technicians and call center employees buyouts. Verizon Communications announced last week that it would reduce its nationwide workforce by 1 percent, and if enough workers don't accept the buyouts, it will resort to involuntary layoffs.
Verizon paid chief executive Lowell C. McAdam more than $22.5 million in 2011, according to a Wall Street Journal analysis of executive compensation. The company has paid its top five executives more than $350 million in the last five years, according to the Communications Workers of America, the union that deals most directly with Verizon:
When my contract is up and I can find a viable alternative for my iPhone, I'll switch.