When you have the CEOs of the top 300 U.S. Companies making, on average, 700 times the median salary of their employees, you have a system that is seriously flawed,
You may recall the case of Martin Shkreli, that disgusting kid who, at the age of 32, after leaving his job as a hedge fund manager and obtaining the exclusive rights to make and sell a lifesaving drug that had been on the market for more than 60 years, decided — in his capacity as CEO of the pharmaceutical company he founded, to jack up the price from $13.
The fact that I reference this one man and this one case, knowing that many who read these words will immediately recall who I’m talking about, suggests that, I, and likely, “we,” regard it as an isolated incident and a noteworthy exception. Unfortunately, I’ve come to the conclusion that it is neither rare nor exceptional.
When you have board members choosing to respond to global supply shortages and health and safety concerns and labor shortages — not by increasing production, or implementing testing procedures, or upgrading equipment, or investing in research and development, or even raising workers’ pay, but by spending billions of dollars to buy back shares of their company stock so as increase profits for their investors, then, yeah, you’re going to have high prices at the gas pump and empty shelves at the...
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