World Economic Forum warns of dangers in growing inequality
"Suddenly the whole world is talking about income inequality."
-- David Brooks, NYT
And then David Brooks continues his Op-Ed with incredulity. Fact is in-spite of the whole world talking about inequality and rich people club like Davos World Economic Forum bemoaning global inequality in front of folks who get special treatment like Yahoo COO Golden Parachute; nothing is done. Davos meet is such a pretentious affair.
That is why despite Politico claiming that Washington won the war against Wall Street, no common American thinks that anything has changed in the world of High Capitalism. In Wall Street style Capitalism, these executives will be on company payroll for less than couple of years, will not make any difference to the long term of the company, will get kicked out and still reap windfall. Why is SEC not taking any action here? Why would Congress / SEC not make rules that such windfall gains are linked to actually improving fortunes of the company and gains spread over longer duration? For President Obama, rather than only giving speeches about this issue; could his Administration not do anything to stop this thriving culture of 'looting public corporations' in the name of executive pay outs and their golden parachutes? For Democrats, highlighting such travails of Capitalism; why is it not a poll winning issue?