Executive greed shows sins of wage

Hallelujah. Top execs at those banks that received federal bailouts will be forced to take cuts that may bring their pay and perks within spitting distance of what they are really worth. The next sound you hear will be the self-righteous protests of business types who insist that you must pay competitive salaries to attract the best talent. Horse feathers.

Whatever skills those CEOs may possess, nobody is worth compensation in eight and nine figures. The big shots are able to command such obscene incomes thanks to a good old boys network in the corporate world. CEOs can name their price because their boards are composed of fellow execs who are not going to say "No." Indeed, they point to their counterparts' booty when negotiating their own annual increases. Thus does the ever-upward spiral continue.

Fellows like Bill Gates and Warren Buffett, who started up the successful companies they head, can rightfully pay themselves what they choose. CEOs of publicly owned companies are employees of the shareholders. Regardless of their leadership skills, the company's success still depends upon the dedicated efforts of middle management and working stiffs below them. When CEO incomes are 300 times that of their lowest paid full-time workers, something is critically out of balance.

Already we're hearing from some sages that, despite their disastrous recent leadership, these hotshots may leave to take higher paid jobs down the street. If anyone will have them, let 'em go. In our current recessionary climate, the search team will find dozens of equally talented job seekers happy to take their place at the reduced but more reasonable salaries.

We've all heard about the wages of sin. Executive greed personifies the sins of wage.

Dan McGuire

Bensenville