Executive Pay and Corporate Failure

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Executive Pay and Corporate FailureOne of the reasons for income inequality in the US is the skyrocketing pay of corporate executives, even when their companies are not doing well. At the same time, the wages of workers are on the decline. Shareholders in Amgen, one of America's largest biotech firms, lost three percent of their investments in 2010, seven percent overall in five years. Located in Thousand Oaks, the company was closing plants and trimming the work force from 20,000 to 17,400. Chief Executive Kevin Sharer had been making $15 million a year, with perks that included two corporate jets. We hear what goes on in corporate boardrooms and what it means for the economy.

Credits

Guests:
Peter Whoriskey - Washington Post - @PeterWhoriskey, Robert Monks - corporate governance activist and investor, Edward Wolff - New York University, Brad Klontz - clinical psychologist and author

Host:
Warren Olney

Producers:
Katie Cooper, Sonya Geis, Karen Radziner