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Too Greedy for Adam Smith: CEO Pay and the Demise of Capitalism, by Steven Bavaria
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"Too Greedy for Adam Smith" is about how out-of-control CEO pay is destroying free enterprise in America. If a corporate purchasing manager rented office space from a cousin or crony at twice the market rate he would be fired in a heartbeat. But “sweetheart deals” that would be unethical elsewhere in the business world are the norm in the world of CEO pay, where highly conflicted boards of directors award pay packages many times the size normal free market economics would require. "Too Greedy for Adam Smith" explains in plain English how this is more than just flawed economics. It also gives capitalism a “bad name” as voters see our corporate elite living by a different set of rules than everyone else. Beyond paying CEOs more than they deserve, this encourages corporate behavior that has little economic purpose besides enriching management and its Wall Street enablers. Excessive one-time payoffs encourage CEOs to "swing-for-the-fences,” so that doing mega-deals where they can "take the money and run" trumps doing what's best for the company in the long run. We need to reject the idea that excessive pay for CEOs is just a “normal” part of capitalism in the same way we refuse to accept price fixing, embezzlement and other corrupt activity. Boards of directors should be put on notice that approving such deals is a breach of their fiduciary duty, and they should be held to account through shareholder suits, SEC actions and by the press. This issue concerns everyone – Republican, Democrat, liberal, conservative – who values free enterprise and wants to see it maintained and strengthened.
- Sales Rank: #1837224 in Books
- Published on: 2015-08-19
- Original language: English
- Number of items: 1
- Dimensions: 8.00" h x .38" w x 5.25" l, .40 pounds
- Binding: Paperback
- 168 pages
About the Author
Steven Bavaria writes about finance, economics and politics, drawing on forty-five years experience in international banking, credit, investment, human resources and journalism. Bavaria began his career at the Bank of Boston, handling a variety of international credit workouts, including a corrupt Greek shipowner, a Vatican-owned bank and troubled branches in Australia and Panama. He later ran the bank's human resources department, his first exposure to the conflicted governance process that he writes about in "Too Greedy for Adam Smith." Later he worked at Standard & Poor's, where he introduced credit ratings to the syndicated loan market. In between he was a reporter for Investment Dealers Digest, Associate Commissioner of the Massachusetts Department of Mental Health and worked briefly for Citibank. He ended his career with a stint at a smaller rating agency where his article "From Banker to Bookmaker" was deemed a bit too candid in describing the conflicted role of major investment banks. Bavaria graduated from Georgetown University and New England School of Law. He and his wife Betsy have four children and three grandchildren. They live in Chestnut Ridge, New York.
Most helpful customer reviews
2 of 2 people found the following review helpful.
... the problem with current CEO compensation and makes a great case as to why this is working against modern ...
By Roy Grimsland
Steve quickly outlines the problem with current CEO compensation and makes a great case as to why this is working against modern capitalistic principles. The American worker is getting killed by the greed and self serving actions of corporate America.
I enjoyed Steve's book and recommend it to anyone wondering what is happening to the American middle class.
1 of 1 people found the following review helpful.
like me, you need to know how and why ...
By USAFA93
Having worked on Wall Street, and still having close ties to the capital markets, I am never surprised by how little the layman understands the dynamics of the Board Room of publicly traded companies.
How can a Board, with a straight face, fulfill its fiduciary duty by paying a CEO $20MM+ when the market rate is a small fraction of that? Simple - free market economics have no place in the socialist world of publicly traded corporation board rooms. The absence of fiduciary duty is propagated through insular group-think.
The author explains this breakdown of economics, and the consequences that extend far beyond a so-called wealth gap and the impact on the fleeced shareholders.
If you think that the Board represents the shareholders, and that the market sets the pay of executives, this book is for you. Because that is an idyllic, false understanding. If you are a free market proponent, like me, you need to know how and why this happening, before Congress replaces an absence of market economics (price fixing) with their own version of absence of market economics (a zebra with a different stripe, but still price fixing).
This book can be read well by people with only a basic understanding of economics. The author accurately explains the fundamentals you need to know. In particular, the "iron law of wages," which is laughed at on Wall Street.
Quick read, and a great summary. Designed for the person that knows something is wrong, but can't quite put their finger on it.
1 of 1 people found the following review helpful.
A timely and important book. Clearly and persuasively written ...
By Whitman E. Knapp
A timely and important book. Clearly and persuasively written, Bavaria's book provides valuable insight into a critical problem with our economic system which if left uncorrected will endanger everyone's economic well being. Hopefully, this book will be widely read. Only by understanding the problem as Bavaria provides us the means to do, can the much needed corrective actions be taken.
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