Meanwhile in Australia: "Business fat cats lashed over pay."

[denem]

Sydney Morning Herald, August 6, 2009.

The cycle of excessive reward for private sector executives has been lashed by the body that sets pay for judges and politicians, which says top public servants work just as hard for much less.

The Remuneration Tribunal, which decides the salaries of defence force chiefs, judges, politicians and public servants has weighed into the debate on corporate salaries, claiming increased financial reward does not lead to better performance...

It also takes aim at professional remuneration consultants used by corporate boards.

In making recommendations, these consultants often refer to advice given by other consultants. ‘‘Such ‘self-referencing’ is a recipe for movements in one direction only – upwards – or, even worse, leapfrogging,’’ the tribunal says.

The Prime Minister, Kevin Rudd, has characterised exorbitant pay-packets in the banking sector as a key part of the ‘‘extreme capitalism’’ that led to the financial crisis

http://business.smh.com.au/business/business-fat-cats-lashed-over-pay-20090805-ea4g.html

Both a Senate and an independent inquiry are currently taking submissions on executive salaries in all business sectors. It should be noted that CEO pay rates in Australia are about one eight of their US counterpart, including CEOs of wholly owned US subsidiaries.

[redqueen]

1. One eighth. *sigh*

Wouldn't it be nice if idiots in this country weren't all so blinded by their own lust for money that they automatically jump to the defense of these bloodsuckers.

[denem]

2. Including the CEOs of US Subsidiaries!

[redqueen]

3. It's truly depressing. (nt)

[rve300]

5. Which is why the most talented Australian business leaders

are in London and New york.

[redqueen]

6. Then we should fix this, so that this isn't a magnet for the greediest people in the world. (nt)

[Laelth]

4. We need to do much better here. k&r n/t

:dem:

-Laelth

[redqueen]

7. ....

:kick: