Robert D. Marcus became chief executive of Time Warner Cable at the start of the year. Less than two months later, he agreed to sell the company to its largest rival, Comcast, for $45 billion.
For that work, he will receive nearly $80 million if the deal closes, a severance payment that amounts to more than $1 million a day for the six weeks he ran the company before agreeing to sell.
– The New York Times, March 20, 2014
And capitalism saves the day again.
At roughly the same time Mr. Robert D. Marcus was jettisoning Time Warner in his golden parachute, we here in the Cornhusker State, this staunch bastion of profit-at-all-costs, no-nonsense conservatism, were witnessing a debate in the Legislature about a century-old law requiring that the salaries of insurance executives be disclosed.
Unfortunately, the debate was not about the rather ingenious idea of extending the disclosure of salaries of executives at privately-held companies, but about ending the practice.
When it comes to what we all get paid, why don’t we just put our cards on the table?
Certain powers that be love to rail about how this country is changing. They’re right.
The widening income gap is abominable. The hundreds of percentage points executives are paid over and above the rank-and-file worker is sickening.
But hey, I’m sure someone’s willing to argue that Robert D. Marcus earned his cool million dollars a day.
I’m sure there’s a great debate as to why private companies shouldn’t tell their employees and the rest of us what the boss makes.
Because to argue against these measures means that this beloved system of ours — which we cling to with the ferocity of a starving wolf with a bone — might just not be working.
And what a tragedy that would be.