Cover Image: The CEO Pay Machine

The CEO Pay Machine

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Member Reviews

This book takes the stand against exorbitant pay being made to many CEOs. While the book focuses on a numbernof CEOs, it has made a case that may be applicable to many other companies as well. 

The author did not withhold himself in expressing his views in this book. He was able to provide statistics, computations, background information, and personal take on why high CEO pay jeopardize many in the long run.
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Articulate and compelling, the book exposes the machinations behind board doors that drive exorbitant pay for CEOs, 300 to 700 times more than the average worker. Clifford argues passionately that this results in less investment, poorer productivity, mistrust, and contributes to pay inequality in the country. Although Clifford also recognizes the humorous parts of the problem, I have never seen a more honest disclosure of how boards operate.
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3.5 "discouraging, disgusting, inequitable" stars !!

Thank you to Netalley, the author and Blue Rider Press for a copy of this book in exchange for my honest review. This book was released in May 2017.

This book made my blood boil. Financial Inequities continue to increase locally, nationally and the world. Before many of us get smug (Jaidee that means you) many of us are already in the top 1% in terms of world wealth and consumption. According to Investopedia you would need to earn just over 32k American for that feat. That includes many of us here on Goodreads !!!

However, Mr. Clifford, admits that he is in the top 1 percent of Americans which in 2013 would mean he is worth over 8 million. In this book, however, he gazes at the top 0.1 percent of American earners that also work as CEOs (not celebrities or sports stars) and the pay machine that pays some of them in excess of 100 million per year when you include stock options and perks ! Whoa dude !!

Mr. Clifford very clearly lays out why this is so and he hypothesizes how this came to be and some of the faulty thinking that got America there. He also proposes some mild mannered moderate solutions to this very real issue that has the potential to make our markets both explode and implode. IMHO his solutions do not go far enough but as he is a member of the American 1% I can understand why (not the world 1% which is an income of 32k).

He writes, "America is already moving toward government of the 1 percent, bye the 1 percent and for the 1 percent. Most of the members of Congress are millionaires with campaigns financed by billionaires. When they leave office they will get even richer lobbying for billionaires. Astoudingly, America continues to give tax breaks to billionaire hedge fund managers and private equity partners that cost the government 11 billion dollars a year. In 2014, the top twenty five hedge fund managers made an average of 464 million. In total, these twenty five made more than the nation's 158 000 kindergarten teachers"

This was eye opening and upsetting !!
Keep this in mind when we become judgy when we catch somebody double dipping into social benefits. This is not a problem !

The problem lies with the increasing greed that the mega-rich and relative-rich take and hoard the world's resources while pitting the stretched middle classes against the poor (my opinion not the author's).
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I'm finding this book an interesting read. This is a timely book, addressing an important topic. This book needed to be written and everyone should read it!
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