Former Disney CEO Michael Eisner took home $1.4 billion between 1993 and his retirement, a pay rate of $9.54 a second. Today Disney leaders are working to block a minimum-wage hike that would require them to pay in an hour what Eisner made in a second.
Corporate execs resisted pay disclosure when the Securities Exchange Act of 1934 first required public companies to report CEO compensation. The Act helped establish norms that held executive pay to a modest multiple of employee pay. Those norms, weakened through time, could be reinforced with the pay gap disclosure the 2010 Dodd-Frank Act requires.
As you ponder the meaning of work this Labor Day, and the fact that you haven’t had a raise in more than five years, take a moment to think about the guys who make it possible, the CEOs, the captains of this Titanic we call the American economy.
A look at a sobering new documentary on the impact of New Zealand’s striking inequality.
Political choices, not some neutral technological progress, are driving America’s concentration of wealth and income.
Nearly 40 percent of the slots on the best-paid CEO lists of the past 20 years have been filled with chief execs who went on to be fired, subsidized by taxpayers, or penalized for fraudulent practices.
New research on colonial America shows that “no documented place” on the planet had a “more egalitarian distribution” of income.
Among the stats: The world’s richest 300 persons, about a third of them Americans, hold more wealth than the world’s poorest 3 billion.
An eclectic but still useful list.
After three years of delay, the top federal watchdog over Wall Street finally appears ready to release regulations that will put into effect the Dodd-Frank Act CEO-worker pay ratio disclosure provision.