Leo Hindery, a managing partner at InterMedia Partners, said Thursday on Fox Business that executive pay had become too high in the United States and was not longer based on performance.
He noted that previously it was considered appropriate for business executives to make 15 to 20 times more money than the average employee. While many countries have continued to embrace the concept, the United States has allowed executive compensation to soar.
The average business executive in the United States is now paid 400 times more than the average employee, who earns about $34,000 per year.
“Nobody knows what the right number is,” Hinderly said.
But it was “common sense” that executives getting paid 400 times what the average employee makes was too much.
“The first thing we have to do is make compensation really consistent with performance,” Hinderly added. “What we know for a fact is every time a CEO misses his targets, well the bonus plan is reset.”
He said those bonus plans needed to be tied to “actual results.”
Watch video, courtesy of Fox Business, below:
‘We’re barreling towards economic devastation’: Robert Reich worries ‘government is nowhere to be found’
With the United States Senate on vacation and no efforts currently advancing to provide further COVID-19 stimulus, economist Robert Reich warned of the stakes on Wednesday.
Reich, who served as Secretary of Labor during the Clinton administration, listed three troubling economic facts.
"Temporary eviction moratoriums are set to expire in half of the states. One-fifth of Americans missed rent payments this month. Unemployment benefits are set to expire in two months," he noted.
"We're barreling towards economic devastation and the government is nowhere to be found," Reich warned.
Minnesota governor: the George Floyd video makes me ‘physically ill’
In a public address on Wednesday, Gov. Tim Walz (D-MN) condemned the police killing of George Floyd, saying that the video of the officer kneeling on Floyd's neck made him "physically ill" and that he was “shocked and horrified” by what he saw.
"George Floyd did not deserve to die," said Walz. "But he does deserve justice."
The killing has triggered outrage and protests in Minneapolis, with police clashing with demonstrators on Tuesday and dispersing chemical agents into the crowd. All of the officers involved in the incident were terminated immediately. It is unclear whether or how many of them will be criminally charged for the death.
Colorado GOP lawmaker rages against pandemic bill: ‘I go to Walmart and I don’t wipe down that cart’
Colorado state Sen. Vicki Marble (R) on Wednesday lashed out against a pandemic safety bill that would allow legislators to participate remotely.
In a speech on the Colorado Senate floor, Marble explained that she is opposing the measure even though health conditions prevent her from wearing a mask.
"To be an elected representative of the people means making sacrifices, huge sacrifices," Marble opined. "I feel that over the last 10 weeks our representative government has been shoved to the wayside and it's more of a dictatorship -- but it's for the safety of the people so we let it go."