In light of the numerous financial debacles in the past year, and the total Wall Street meltdown this week, I would argue that CEOs should no longer get huge salaries and ‘golden parachutes’ in case they screw up.
Instead, they should get a regular salary like everyone else, and performance related, commission based extras. If the company does well, they do well. If not, well, they know where the door is.
It is a disgrace that the Freddie Mac and Fannie Mae executives’ golden parachute is supposed to total $24 million dollars, and it would be a scandal to give it to them, when the taxpayer is the one footing the bill at the end of the day.
Similarly, sports stars should get performance related pay, a base salary, and a share of the profits. Again, it is the ordinary person paying through the nose for season tickets and the food at the concession stands. Why? Because the wage bills are so huge.
We understand that injury can mar a season, and would protect them with a base salary in line with what most other Americans have to make do with. But millions a year for just sitting on the bench is unacceptable.
Finally, we need to reward better the jobs that really do count, teaching, nursing, emergency services. They benefit thousands of people every year, yet are paid less than CEOs.
The greed in this country has led us to this financial carnage, and it has to not only stop, it has to be seen to be stopped in a significant way.
