I was ruminating on the angry, righteous remark by the CEO of BP about
wanting to get back to his insulated life, while standing amidst the devastion his company brought to the Gulf, and I remembered the following article by Thom Hartman. At first reading I remember being struck by
the thought that such a small percentage of people were making huge decisions for the rest of us and the nation, and even more disturbing....just how sick of mind that small pool tended to be.
I mean, if we had to determine the best course to take to save our dying mother, would we seek out a sociopath for advice? Ludicrous!
And yet that is who we are entrusting with our children's future well being and that of the planet. Who's the insane one!?
However as I think about it, in truth there certainly seems to be plenty of evidence to suggest that this 'pool' is much larger and not as exclusive as we'd like to believe. Rather than these sociopathic tendencies being strictly symptomatic of a handful of CEOs and contained within a rarified corporate culture, it seems to me to be a systemic problem within our entire culture. What is the cause? Or perhaps even more pressing, what is the cure? Some more thoughts about that later. For now, here is Hartman's article:
Profiling CEOs and Their Sociopathic Paychecksby Thom Hartmann
The Wall Street Journal reported last week that "Executives and other highly compensated employees now receive more than one-third of all pay in the US... Highly paid employees received nearly $2.1 trillion of the $6.4 trillion in total US pay in 2007, the latest figures available."
One of the questions often asked when the subject of CEO pay comes up is, "What could a person such as William McGuire or Lee Raymond (the former CEOs of UnitedHealth and ExxonMobil, respectively) possibly do to justify a $1.7 billion paycheck or a $400 million retirement bonus?"
It's an interesting question. If there is a "free market" of labor for CEOs, then you'd think there would be a lot of competition for the jobs. And a lot of people competing for the positions would drive down the pay. All UnitedHealth's stockholders would have to do to avoid paying more than $1 billion to McGuire is find somebody to do the same CEO job for half a billion. And all they'd have to do to save even more is find somebody to do the job for a mere $100 million. Or maybe even somebody who'd work the necessary sixty-hour weeks for only $1 million.
So why is executive pay so high?
I've examined this with both my psychotherapist hat on and my amateur economist hat on, and only one rational answer presents itself: CEOs in America make as much money as they do because there really is a shortage of people with their skill set. And it's such a serious shortage that some companies have to pay as much as $1 million a day to have somebody successfully do the job.
But what part of being a CEO could be so difficult-so impossible for mere mortals-that it would mean that there are only a few hundred individuals in the United States capable of performing it?
In my humble opinion, it's the sociopath part...cont'd
http://www.commondreams.org/view/2009/07/27------