Denny’s Daily Zinger: When the Boss Is Wildly Overpaid
I saw it last week on TV and ran across it online:
Median CEO pay is 257 times the average American worker’s pay.
The usual scenario: head honcho packs the board of directors with buddies who return the favor by voting higher salary and more shares of stock.
According to the AP, the highest paid CEO in the country is:
Anthony Petrello, Nabors Industries, $68.2 million, up 246 percent.
If I were Anthony Petrello, I would send the following personal letter to every one of the people who work for me:
My pay package of $68.2 million has been well-publicized.
Nobody needs that kind of money.
So I am peeling off $50 million and sending an equal share to you and your 29,000 co-workers.
Enclosed is my personal check for $1,725.00—my thanks for your contribution to Nabors’ $6.5 billion revenue this year.
Thank you again for all you do.
/s/ Tony Petrello
That would leave me with $18.2 million for the year.
I think Peggy and I could scrape by.
And wouldn’t it be a morale-booster Nabors-wide?
Of course, I would make a slew of enemies—all the other greedy bankers, lawyers, CEOs and fund managers around the world who have obscene incomes and rhinoceros hides.
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