Following Big Money Sweep, Swiss Bid Against Income Inequality Voted Down

http://www.commondreams.org/headline/2013/11/24-1



A poster reading '1:12' (R) hangs next to a poster with a slogan in German reading: 'Stop con artists - yes!'

Following Big Money Sweep, Swiss Bid Against Income Inequality Voted Down
- Common Dreams staff
Published on Sunday, November 24, 2013 by Common Dreams

Following a flood of corporate cash in a campaign against a Swiss referendum that would have limited CEO pay in the country, the referendum, which had gained international attention for its critique of vast income inequality, was voted down on Sunday.

The "1:12 Initiative for Fair Play" would have limited the income of high earning CEOs to no more than 12 times more than the lowest-paid employees at their companies.

The group who spearheaded the initiative, the youth wing of Switzerland's Socialist Party (JUSO), had gained mass support in the early part of their campaign until big money donations to the 'no' vote camp started pouring in, toppling 'yes' vote spending by up to 50 times the amount.

The rush of money worked. 65% voted against the referendum Sunday, as opposed to the 46% who were against it from the start, according to estimates by Gfs.bern, a Swiss polling firm.