A friend of mine is concerned that the existence today of excessive executive compensation is leading to the accumulation of disproportionate wealth and economic and political power in the hands of a few.
No one doubts that individuals try to better their condition.
Business leaders such as Warren Buffett and Charlie Munger of Berkshire Hathaway are critical of excessive executive compensation.
Munger states that Berkshire Hathaway, a large holding company, owns many companies with boards of directors. Munger says that Berkshire Hathaway does not pay directors fees to non-executive board members of its subsidiaries. Munger said that if you start . . . [more]