Most people believe the American economy is being rigged by and for bankers, CEOs, and other superrich elites, because… well, because it is!

With their hired armies of lawmakers, lobbyists, lawyers, and the like, they fix the economic rules so even-more of society’s money and power flows uphill to them. Take corporate CEOs. While 2020 was somewhere between a downer and devastating for most people, the CEO class made out like bandits, with each of the three top paid corporate honchos pocketing as much as a billion dollars in personal pay!

Are they geniuses, or what? What. All three of their corporations ended 2020 with big financial losses and declining value. So how can such mediocrity produce such lavish rewards? Simple – rig the pay machine.

Today’s corporate system of setting compensation for top executives is a flimflam disguised as a model of management rectitude. On its face, it sounds good – “Pay for performance,” it’s called, meaning the CEO does well if the company does well.

But who defines “doing well?” The scam at most major corporations is that the standard of corporate performance that the chief must meet to quality for a huge payday is set by each corporation’s board of directors. Guess who they are? Commonly, board members are the CEO’s handpicked brothers-in-law, golfing buddies, and corporate cronies. So, they set the bar for winning multimillion-dollar executive paychecks so low that a sack of concrete could jump over it.

Well, insist these flimflammers, corporate shareholders are the ultimate stopgap against CEO greed. These “owners” can just vote “no” on any executive pay they consider excessive. However, even “shareholder democracy” is rigged – corporate rules decree that votes by shareholders are merely “advisory,” meaning top executives can simply ignore them, grab the money, and run. This system is fixed... and we need to break it!

Exciting news from Wall Street: Our wealth markets are booming!

Everything from the Dow Jones Average to gold prices are rocketing to new records, showering us with wealth from above. Oh… wait. Maybe you’re one of the big majority of workaday Americans who don’t own stocks or gold, so maybe you’re not celebrating Wall Street’s big boom. But just chill, because conventional corporate wisdom assures us that the wealthy will invest their good fortunes in enterprises that eventually will produce trickle-down gains for everyone.

Excuse my rudeness, but let’s take a peek at how those who’re reaping today’s big-buck bonanza are actually investing that wealth. Look at Wall Streeters themselves. The big banks have been making money like… well, like bankers, with their stock prices zooming up by 28 percent just since January. So, how are these moneyed elites spending this windfall? Not by making job-creating investments, but by simply giving the money to their big shareholders, including their own top executives – nearly all of whom are already among the richest people on Earth.

The main way they do this is through a slight-of-hand called a “stock buyback.” The honchos simply cash out the bulk of that 28 percent increase in the value of the banks’ stock price, using that money to repurchase more of their banks’ own stock from lesser shareholders. Hocus-pocus, this manipulation artificially pumps-up the value of the stock these insider shareholders already own – making each of them even richer than rich, although they’ve done absolutely nothing to earn this increased wealth.

It’s not a small scam. JPMorgan Chase is now sinking $30 billion into buying its own stock. Wells Fargo is shifting $18 billion into the scheme, and Bank of America is throwing $25 billion into its buyback. Hello – Wall Street bankers are the biggest robbers in America.

Hidey-ho, folks! Thanks for tuning in to and sharing my weekly commentaries. Also, I hope you’ll join me for a live webshow I host every other Tuesday. It’s the Hightower Lowdown Happy Hour at the Chat & Chew Cafe. You can join the action live online as I chat with grassroots leaders and progressive sparklies from around the country. Go to hightowerlowdown.org/chatnchew to find out about upcoming guests and watch past episodes.

At a recent congressional hearing on America’s so-called “labor shortage,” megabanker Jamie Dimon of JPMorgan Chase, offered this insight: “People actually have a lot of money, and they don’t particularly feel like going back to work.”

Uh… Jamie… most people are living paycheck to paycheck, and since COVID-19 hit, millions have lost their jobs, savings, and even homes. So, they’re not exactly lollygagging around the house, counting their cash.

Instead of listening to the uber-rich class ignorance of Dimon (who pocketed $35 million in pay last year) Congress ought to be listening to actual workers explain why they’re not rushing back to the jobs being offered by restaurant chains and such. They would point out that there is no labor shortage – there’s a wage shortage.

More fundamentally, there’s a fairness shortage. It was not lost on restaurant workers, for example, that while millions of them were jobless last year, their corporate CEOs were grabbing millions, buying yachts, and living large. Yet, more than half of laid-off restaurant workers couldn’t even get unemployment benefits, because their wages had been too low to qualify. Then there’s the high risk of COVID exposure for restaurant employees, an appalling level of sexual harassment in their workplace, and demeaning treatment from abusive bosses and customers.

No surprise, then, that more than half of employees said in a recent survey that they’re not going back to those jobs. After all, even a dog knows the difference between being stumbled over and being kicked!

So rather than demanding that government officials force workers to return to the old exploitative system, corporate giants should try the free-enterprise solution right at their fingertips: Raise pay, improve conditions, and show respect – create a place where people want to work!

For a straightforward view from workers themselves, go to the advocacy group, OneFairWage.site.