From Pine View Farm

Pay for Performance 0

Bryan Gould, writing in the Guardian, skewers the banksters’ bonus culture.

The absurdity of the whole “pay for performance” nonsense is the masters of the universe continued to be get their “bonuses for performance” even as the recipients companies have gone down in flames.

It was never about company performance. It was about accumulation of personal wealth.

The supposed need to pay a top executive 100 times the income of his skilled employees is a self-serving nonsense produced by a small charmed circle who claim the right to set their own (and their mates’) pay rates. But the bonus culture which seems to have emerged unscathed from the recession is objectionable, not just because it produces scandalous inequities in terms of total remuneration, but because it is seriously deficient as a means of producing better economic performance.

To review the evidence, read the whole thing.

Share

Comments are closed.