"$500,000 is not a lot of money"
If you don’t believe there are two Americas, consider this comment on President Obama’s plan to cap executive compensation at firms receiving government bailout money:
“That is pretty draconian — $500,000 is not a lot of money, particularly if there is no bonus,” said James F. Reda, founder and managing director of James F. Reda & Associates, a compensation consulting firm.
Leaving aside the moral/political question of whether CEOs of corporations that have lost so much money that they require taxpayer bailouts should earn more than $500k, few Americans consider $500,000 a year “not a lot of money.” By large corporation standards, it’s a true statement, proving how lopsided our economy has become.
Posted by James on Wednesday, February 04, 2009