Friday, February 6, 2009

Fun numbers from the NYT

Wall St. Pay Is Cyclical. Guess Where We Are Now.
Published: February 4, 2009
"... In their National Bureau of Economic Research working paper, Thomas Philippon of New York University and Ariell Reshef of the University of Virginia found that the difference in pay between finance and the rest of industry was slight, if any, except in the late 1920s to 1930 and then again from the mid-1990s to 2006. In those boom years, compensation in finance was 30 percent to 50 percent higher than in the rest of industry.
In 2007, the total compensation of chief executives in large American corporations was 275 times that of the salary of the average worker, estimates the Economic Policy Institute in Washington. In the late 1970s, chief executive pay was 35 times that of the average American worker."

[emphasis added]

Hmmm... pre-Great Depression looks like W's tenure.
... and from Saint Reagan till now, CEO pay has sky-rocketed relative to the rest of us!

Yes - let's talk about the redistribution of wealth in America!

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