CEOs of the 50 corporations that cut the most jobs over the last two years received average bonuses higher than those paid to CEOs of the largest 500 businesses. You follow that? The CEOs who cut jobs got the largest rewards.
Our current unemployment trough directly violates the social compact that glues together modern industrial societies -- the tacit commitment that business and government will produce a full-employment economy.
The day when the Federal Reserve began to lower interest rates to address a looming economic downturn, the New York Times ran a Tiffany & Co. ad on page three. The ad featured a lovely pair of diamond teardrop earrings for $230,000.
The same people who told us the market would deal efficiently with subprime mortgages and credit default swaps are throwing up their hands and saying that the market will deal efficiently with CEO pay. But it doesn't, and it won't.
Even by the standards of people who believe that it's okay to do just about anything to make money, WellPoint consistently goes too far. Their turbo-charged greed is out of control, and their lack of any moral compass is shocking.