I came across this blog post by my friend Tom Gegax with regard to executive pay. This blog post was written on June 12, 2009, and I am somewhat embarrassed that I did not read this before. That being said, I think it has more relevance now, than it did when it was written. After all, just 3 quarters after Henry Paulson gave his Dr. Evil speech " I need 1 Trillion Dollars or we are all going to die," Goldman Sachs, which received 10 billion dollars of TARP money was giving out over 1000 bonuses in excess of $1,000,000.00.
Those are do not study history are doomed to repeat it, but this isn't history. For g-ds sake, it isn't even recent history. It is the present. Corporate America has an addiction, I would call it "greed" but I almost agree with Gordon Gecko in that greed is good. Greed, when properly directed, can lead to innovation, improvement of processes, advancement of technology. This isn't greed, it is a pathology need for money you aren't entitled to.
As a bankruptcy attorney, many of these businesses will no doubt wind up in my office. Maybe I should follow the pathology of the CEO's and encourage this type of behavior. Then again, it has to stop somewhere.