Bloomberg: Pharmaceutical Companies, CEOs Don't Make Much Money

NEW YORK — Billionaire Mayor Michael Bloomberg defended multibillion-dollar pharmaceutical companies and their chief executives on Friday, declaring that they "don't make a lot of money" and shouldn't be scapegoats in the health care debate.

The mayor – and wealthiest person in New York City with a fortune estimated at $16.5 billion – made the comments on his radio show Friday during a discussion about health care.

"You know, last time I checked, pharmaceutical companies don't make a lot of money, their executives don't make a lot of money – not that they couldn't be better," Bloomberg said.

Pharmaceutical CEOs are known to make millions, with generous salaries, stock options and other perks.

Abbott Laboratories Inc. Chairman and Chief Executive Miles White's compensation was $25.3 million in 2008. The North Chicago, Ill.-based company saw profit rising 35 percent to $4.88 billion.

Merck & Co.'s chief executive, Richard T. Clark, received a $17.3 million compensation package for 2008. The company's profit more than doubled to $7.8 billion.

The mayor, a Republican-turned-independent who already has spent more than $36 million on his re-election campaign this year, often battles criticism that he is out of touch with regular people. He built his fortune after founding the financial information company that bears his name.

Earlier this year he declared "we love the rich people" while arguing against raising taxes on the wealthy, and said recently that President Barack Obama, who earns $400,000 a year and has made millions from book sales, "doesn't get paid that much" and is "on a budget" like millions of Americans.

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Portraying Bloomberg as out of touch is a tactic often used by the Democratic frontrunner in the race, City Comptroller William Thompson Jr.

Thompson's campaign said in a statement Friday that Bloomberg "needs a dose of reality."

"Once again, Mike proves that he just doesn't get it," the statement said.

It was clear that Bloomberg or one of his aides realized his gaffe while he was still on the air Friday.

The mayor, who has sought to cast himself as a financial and business expert, came back from a break and said he had looked up the pay of some pharmaceutical executives.

"Some of them are making a decent amount, more than a decent amount of money," he said.

Either way, Bloomberg said, it doesn't solve anything to beat up on pharmaceutical companies while trying to come up with health care solutions.

Comments

[effitol]

Enron (2001). That was 8 years ago. Ya'll want to play catch-up here?

The info has always been available to you.

How can you complain that you didn't see this coming?

[AceInTheHole]

WEWELL WE KNOW THAT MONEY CAN'T BUT TRUE LOVE AND HAPPINESS, BUT NOW WE NEED TO ADD SANITY TO THE LIST OF THINGS THAT MONEY CAN'T BUT. lol

[hereyescio]

The problem is that this clown, like all who are in that income bracket, don't have to have sanity, sensitivity, common sense, nothing! They don't need it ! They can buy anybody they want, any reality they need and for that they start by buying other politicians ! What's the problem?

[Philosopher-king]

Is he serious? This must be a joke son!

[Flavor]

The bottom line here is Mr. Bloomberg, must think he has made this statement to idiots. Even a kindergardener knows that wasn't true. We have the largest prescrition drugs being given out right here in america it is a billion dollor industry and to make a statement such as that makes one believe that he has some kind of connection. To all politicians, who are in any office most of us all played the game monoply growing up and the more you own the more you can demand, that is a fact. We have been allowing you who are in leadership positions to go along to get along to looooooong and you forget about the people you represent soon it will be time to go the polls and the people will get to speak, I don't think it will be buisness as usual because it appears once you all get in office the fight is about you and not what (we) the people want. Just my view.

[JackHall]

It's true! Compared to Mike Bloomberg these CEOs don't make much money. A conservative estimate of Bloomberg's net worth is $16.5 billion. If only $10 billion were earning 4% interest annually that would be equal to $400 million in earnings every year in perpetuity without Mr. Bloomberg doing anything.
He already has more money than he could count in a thousand years. He could start a $400 million charity foundation every year to relieve social problems and never touch the principal investment. That would be far more fruitful than being Mayor of New York City a 3rd time.

[powerlift2201]

I guess when you are a billionare, millionares would seem like poor people. I guess actual poor people would seem like what, ants? Because they are hard to see from a sky scraper penthouse.

[live by the golden rule]

Yes, they don't make a lot of money, in the world of media mogols, investment banks and hedge funds, mineral extractors and insurance executives, tens of millions of dollars is off the radar. These guys are merely very well paid. This is the one vacation home lifestyle, not villas all around the world.

Bloomberg means well but from his smug billionaire helping the masses perch he is entirely clueless about how the rest of us live. He let one of NYC's middle class jewels, Stuyvesant Town, be sold to the highest bidder, taking a housing development that more enlightened city leadership had created for the middle class and allowing it to be used as an asset, driving the middle class out of Manhattan-- he was the only political leader who did not defend the residents who wanted to prevent the rents from skyrocketing [in some apartments $24K/year MORE than before], saying that the middle class can find housing in Queens.

[DeeDubya]

I feel so sorry for these rich people. How sad. /srcsm

[tuka1405]

Bloomberg, I am a teacher. Can I please make what they make?!!!

[hippynanainblingland]

Good one!

[EminemsRevenge]

Mayor-for-Life Bloomberg better PRAY that Andrew Cuomo doesn't investigate HIS finances. i still find it unbelievable that HE was the only one whose fortune nearly quadrupled whilst the rest of the world's billionaires LO$T MONEY!

http://www.examiner.com/x-1172-Progressive-Politics-Examiner~y2009m4d6-United-States-health-care-well-below-average-but-costs-more

Bloomie's beloved pharma-execs are one of the main reasons america is a Second World country now...and Third World by the end of the century...but HE won't be around to see it.

[mvny]

The New York Times, which gives Bloomberg fawning coverage, did not even mention this story today. But there are more than 1,000 posts attached to this story, when a typical Bloomberg Huff Post story usually gets about 20 posts. People are sick of this guy. But the New York Times does not seem to understand that.

[morristhecat]

Take one million dollars and divide it by thirty thousand dollars ( a pretty average income, not the best and not the worst ) How many average Americans income is that?? Multiply the by Seventeen million for one years compensation in 2008!

[hippynanainblingland]

$30,000 an average income? Are you aware that this is barely minimum wage? And that after taxes, (and more likely than not, childcare, as well . . . and no health insurance, to boot--minimum wage jobs do not cover that, alas) it isn't really a living wage?

Yet, sadly, that is what we seem to be headed to. 30g is, after all, better than nothing, even if you still can afford nothing.

[artsboy]

Just as a comparison, at $25.3 million, Abbott Labs CEO Miles White is being paid almost exactly 100 times as much as General Petraeus. And about 16 times as much as the amount split among the three winners of the 2008 Nobel Prize for Medicine.

[powerlift2201]

How many of these Nobel Prize winners have gone on to fund this man's millions? It is a very sad illustration.

[Prakosh]

Let's ask anyone but millionaires and billionaires and see what they think??? I can't blame Bloomberg though from his view with his billions a mere ten to twenty million a year probably does seem lie peanuts.

[northstar11]

out of touch

and

out to lunch

vote for me for mayor

[BittenByAZebra]

Obviously, Bloomberg is in bed with the pharmaceutical companies and has some major reality issues.

In January 2006 Michael Bloomberg stripped full prescription drug benefits from retired, disabled non-union NYC employees. My partner, who is retired and disabled and receives a $20,000/year pension, spends up to $900 (cash) per prescription for live-saving medications.

My partner contacted Bloomberg's office for help. Bloomberg's cronies told my partner that the proper term for Bloomberg’s new plan is "ehanced” (translation: “Stick it to the disabled!”).

Several months later, I personally had the opportunity to ask Michael Bloomberg at a public "hearing" about why Bloomberg stripped full prescription drug benefits from the disabled. As I spoke to Bloomberg, he scowled and sneered. He didn't offer a response. It could be my imagination but I could have sworn that he spit out of the corner of his mouth.

So, let me get this straight: Bloomberg has compassion for drug executives making $30 million/year but doesn’t give a rat’s ass about disabled individuals who make $20,000/year and have to pay up to $900 per prescription?

Bloomberg needs some serious psychiatric help. Perhaps his pharmaceutical buddies can recommend a treatment and drugs for “Totally-Out-Of-Touch Syndrome.”

Working people vote. Poor people vote. Disabled people vote. I certainly hope they all vote for the Naked Cowboy, who certainly must have more compassion for real people than Bloomberg ever has or ever will.