THIS IS A GREAT POINT...

Do you ever wonder why executives of public companies fight against allowing the owners a say in their compensation? Could it be because they know they are vastly overpaid?

William D. Cohan asks this question in a NYT op-ed:

For starters, where is it written in stone that bankers and traders have to be paid millions of dollars for their services? The gibberish about needing to pay that much just to keep superstars from fleeing to private-equity firms or hedge funds is just another Wall Street myth. The truth is most of them are lucky to have a job at all and they know it.

That last part is an exaggeration but not as much as most people think considering all the blunders the bosses have made.