Will Hutton’s stealth High Pay Commission
JP Morgan, the man of the 1920s, rather than today’s super-bank, insisted in the 1920s capped executive pay at 20 times the pay of junior bank employees, “arguing that any greater would be harmful to company morale.” Plato argued that no citizen should be worth four times another. Successful US firms such as Wholefoods and Ben & Jerry’s have had maximum pay multiples of 7:1 and 8:1. So should we care about pay inequality, the ballooning gap between the salaries of top and bottom earners?