Note: This post was written back on 19 August (the last picture was added this morning, though), when this malarkey ad appeared in the Wall Street Journal. Nothing has happened to change my reaction, for which I decided Labor Day was the proper day for my response to be made public.This great proclamation, all of 300 words, is primarily window dressing. Nowhere will you find the one promise that is needed- to cut executive pay and use those funds to raise worker pay. Just 7 CEO’s refused to sign, but that means that 181 of the Business Roundtable’s 188 members did.
Tag Archives: executive compensation
A turning point?
Way back in 1970, Dr. Milton Friedman postulated an heretical (at least for then) idea in the New York Times Magazine. (The Social Responsibility of Business is to Increase its Profits, 13 September 1970. There is no link, because it predates the internet.) The fact that it took hold over corporate thinking was, to me, amazing.
300 to 1?
So, Hilary told us last week that CEOs of US companies are making 300 times what their workers make. Of course, that sent certain folks screaming that it was inaccurate.