About $98 million, it seems.
Barack Obama: “I believe in the free market. I believe in entrepreneurship. I believe in capitalism … But when CEOs are making more in ten minutes than ordinary workers are making in an entire year and the CEOs are getting the tax breaks, something is wrong.”
Federal minimum wage = $5.85 per hour
Average work year = 2200 hours
Ordinary Worker’s minimum annual wage = $12,870
Obama’s CEO wage for 10 minutes > $12,780
Obama’s CEO wage > $77,220 per hour
Obama’s CEO annual wage > $169.9 million
Actual wage of Terry Semal, CEO of Yahoo! and AP’s “highest paid CEO” in July 2007 = $71.7 million
Has he been extrapolating from his consultants’ bills?
