Modified Fri, Nov 06, 2009 06:47 PM
Corporate tendencies
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close xThe I'll-pat-your-back-you-pat-mine salary inflation at the N.C. School of Science and Mathematics (news story, Oct. 25) is especially troubling in light of the severe restraints on the state budget. The behavior is not surprising, however, as it follows a pattern that permeates corporate America.
Corporate boards are loaded with CEOs and former CEOs from other companies. Instead of fulfilling their responsibilities to police executive salaries, they have allowed the ratio of CEO to average worker pay to balloon from 24 to 1 in 1965 to about 300 to 1 today.
Even at companies bailed out by the U.S. government, executives, often the very ones responsible for the financial mess, continue to receive outrageous salaries and bonuses. Kenneth Feinberg, the White House special master for executive compensation, has been forced to place restrictions on the pay of the executives of the seven companies whose continued existence owes a debt to the American taxpayer.
Gary Dudley
Raleigh
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