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Thu Mar 7, 2019, 03:08 PM

Disney heiress slams CEO pay, says 'Jesus Christ himself isn't worth 500 times' worker salaries

Heiress Abigail Disney thinks corporate America is being paid too much.

The granddaughter of Roy Disney, co-founder of The Walt Disney Company with brother Walt Disney, said she thinks "CEOs in general are paid far too much," on CNBC's "Squawk Box" Thursday.

Disney refused to comment on whether she thinks Disney CEO Bob Iger is paid too much. But she did say, "If you're CEO salary is at the 700, 600, 500 times your median workers pay, there is nobody on earth, Jesus Christ himself isn't worth 500 times his median workers pay."

On Monday, Iger agreed to a new compensation contract that cut his maximum potential annual pay by $13.5 million.

He was awarded $65.6 million for his performance last fiscal year, the result of a pay bump for extending his tenure at Disney through 2021 and stock awards in excess of $35 million.

https://www.msn.com/en-us/money/companies/disney-heiress-slams-ceo-pay-says-jesus-christ-himself-isnt-worth-500-times-worker-salaries/ar-BBUupdK?li=BBnb7Kz

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Reply Disney heiress slams CEO pay, says 'Jesus Christ himself isn't worth 500 times' worker salaries (Original post)
Yo_Mama_Been_Loggin Mar 7 OP
PSPS Mar 7 #1
BSdetect Mar 7 #2
Hermit-The-Prog Mar 7 #3
theophilus Mar 7 #4
JHB Mar 7 #5

Response to Yo_Mama_Been_Loggin (Original post)

Thu Mar 7, 2019, 03:13 PM

1. Every dollar over $1 million should be taxed at 90%.

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Response to PSPS (Reply #1)

Thu Mar 7, 2019, 03:32 PM

2. Could backfire by raising compensation.

If CEOs and others were paid far less to begin with we would all be better off.

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Mar 7, 2019, 03:42 PM

3. pay ratio, 1980 - 2016


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Response to Yo_Mama_Been_Loggin (Original post)

Thu Mar 7, 2019, 03:43 PM

4. Bad example, imo, but I very much agree with the premise. Back when America was great, for some

people, the average owner/CEO made, what, 20 or 30 times the average worker. It was way less than today, anyway. All this shareholder crap is why we are boned. These salaries for the top shirkers who spend much of their time jawing on the golf course is killing us regular working types. Greed and worship of Mammon. Jesus would have said the same, and in fact, He did.

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Mar 7, 2019, 04:04 PM

5. Once upon a time, we had mechanisms that worked against shooting money skyward

https://www.nytimes.com/2017/09/05/opinion/rich-getting-richer-taxes.html
A half-century ago, a top automobile executive named George Romney — yes, Mitt’s father — turned down several big annual bonuses. He did so, he told his company’s board, because he believed that no executive should make more than $225,000 a year (which translates into almost $2 million today).

He worried that “the temptations of success” could distract people from more important matters, as he said to a biographer, T. George Harris. This belief seems to have stemmed from both Romney’s Mormon faith and a culture of financial restraint that was once commonplace in this country.

Romney didn’t try to make every dollar he could, or anywhere close to it. The same was true among many of his corporate peers. In the early 1960s, the typical chief executive at a large American company made only 20 times as much as the average worker, rather than the current 271-to-1 ratio. Today, some C.E.O.s make $2 million in a single month.

The old culture of restraint had multiple causes, but one of them was the tax code. When Romney was saying no to bonuses, the top marginal tax rate was 91 percent. Even if he had accepted the bonuses, he would have kept only a sliver of them.

We used to change the incentives, making it less attractive for those already in the economic stratosphere to grab every last buck they could. Some still did, but they were farther out on the end of the bell curve. Then these mechanisms were recast as "punishing success", and now maximizing profit -- shooting money skyward, as much as possible, as fast as possible, as high as possible -- is treated as the highest economic virtue.

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