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Hullabaloo


Tuesday, April 15, 2014

 
Factoid 'O the Day

by digby

Via the AFL-CIO's awesome web-site called "Executive Paywatch":

In 2013 the CEO to worker pay ratio was 331:1 and the CEO to minimum wage worker pay ratio was 774:1. America is supposed to be the land of opportunity, a country where hard work and playing by the rules would provide working families a middle-class standard of living. But in recent decades, corporate CEOs have been taking a greater share of the economic pie while wages have stagnated and unemployment remains high.

So what's the point? This just means that the CEOs work 774 times harder than a janitor or a waitress. Obviously. Also too, they have better character and higher morals. Otherwise, this might be seen as a self-dealing system of exploitation. And it can't be that. Because if God didn't think rich people were simply worth more he wouldn't make it so they could keep all the money.


Is it possible to make too much money? “Is it possible to have too much ambition? Is it possible to be too successful?” Blankfein shoots back. “I don’t want people in this firm to think that they have accomplished as much for themselves as they can and go on vacation. As the guardian of the interests of the shareholders and, by the way, for the purposes of society, I’d like them to continue to do what they are doing. I don’t want to put a cap on their ambition. It’s hard for me to argue for a cap on their compensation.” 
So, it’s business as usual, then, regardless of whether it makes most people howl at the moon with rage? Goldman Sachs, this pillar of the free market, breeder of super-citizens, object of envy and awe will go on raking it in, getting richer than God? An impish grin spreads across Blankfein’s face. Call him a fat cat who mocks the public. Call him wicked. Call him what you will. He is, he says, just a banker “doing God’s work”



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