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Reply #1: From a recent Christian Century [View All]

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duhneece Donating Member (967 posts) Send PM | Profile | Ignore Mon Nov-28-11 09:10 PM
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1. From a recent Christian Century
William J. McDonough, who at one time was CEO of one of Chicago's largest banks. After the Enron accounting scandal and the collapse of the corporation as a result of executive mismanagement and deception, McDonough left banking and became chairman of the Public Company Ac¬counting Oversight Board. In an address titled "The Challenge for Private Sector Leaders," McDonough said that the accounting scandals of the 1990s happened because "many American business leaders got confused and their moral compasses stopped working."
Then, in front of a gathering of Chicago's business and corporate leaders, he addressed the topic of executive compensation. "In 1980, the average large company chief executive officer made 40 times more than the average employee in his or her firm." By 2000, the multiple had risen to at least 400 times. In other words, over the course of 20 years, the CEO pay multiple went up by about 1,000 percent. "There is no economic theory, however farfetched, which can justify that increase," said McDonough. "It is also grotesquely immoral." These would be strong words coming from a theology professor or preacher. They came from a former bank CEO.

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