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American Pastime, Overpaying CEOs

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Barry Ritholtz is fed up with excessive executive pay and notes that is far more egregious in the U.S. than in Europe. "There are numerous enablers of this terrible comp system: Crony boards rubber stamp what turns out to be outsized — and oft guaranteed — pay packages for under-performance. An entire class of consultants somehow blesses these absurdities, giving the boards cover for their theft of shareholders. Third, large mutual funds remain mute, failing to fulfill their obligations as stewards of their investors’ stock shares. Instead, their silence is bought with 401k business and syndicate shares (IPOs, secondaries)."
SOURCE:   The Big Picture