Wednesday, 23 November 2011

Jonathan Freedland, The Guardian: "Our anger over runaway top pay is more about merit than money"

Link above to The Guardian: Jonathan Freedland.

How the other half lives: wartime cartoon by David Langdon, 1914-2011.
Link to today's Guardian obituary here.

"Ask people to pinpoint the problem and they might struggle to be specific. They just find it appalling that, as the commission found, today's CEO is often paid 70, 80 or over 100 times the salary of their average worker, when three decades ago the ratio usually stood at 13 to 1. A gap has turned into a vast, ever-widening chasm.

"... Strikingly, the commission found that even the mega-earners do not kid themselves they deserve their pay. They admitted that they had got lucky, that they worked no harder and risked no more than those earning much less. But they did think they were 'entitled' to what they got. Hargreaves draws no parallel with the August rioters, except that they 'showed that same sense of entitlement, that they could take trainers or a TV, as those bankers who thought they could take a bonus, even if they had brought a bank to its knees'."

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