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Today it looks like Secretary Paulson will relent. An early report says that he is going to concede on the issue of CEO pay. In the arrangement, financial institutions that seek the federal government to purchase their distressed assets must agree to an as yet undetermined set of restrictions on the pay of their CEO and their boards.
This follows on some general outrage about executive compensation. One report shows that CEOs earn, on average, about 275 times what their rank and file employees make. That's a high number, much higher than in the era of industrialized economies with their labor unions. It is much higher than before globalization. With NAFTA, GAAT, and the rest, certain jobs and skillsets have been able to be utilized across greater spans.