In other words: A discussion of The Bush Administration
Another fine Krugman: Acid Test
Warren Buffett has called C.E.O. compensation the "acid test" for reform. Between 1970 and 2001, in an orgy of mutual back-scratching by C.E.O.'s and their boards, median pay among the top 100 executives soared from 35 times that of the average worker to more than 500 times as much. So what happened in 2002, as unemployment rose, wages failed to keep up with prices and stocks declined — and stories of corporate malfeasance filled the news? Nothing. O.K., not exactly nothing: some of the huge options grants at the top went away, reducing the average among the top 100. But according to Fortune, which put a pinstripe-clothed pig on its cover, median pay among top executives rose another 14 percent.
Last summer it seemed, briefly, as if the torrent of scandals — and the revelations about how closely some of our politicians were tied to scandal-ridden companies — would bring about a public backlash against corporate malfeasance. But then the topic largely vanished from the news, driven out by reports about Iraq's nuclear weapons program and all that.
- rob 5:41 PM - [PermaLink] -
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