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Bank CEO Wages
by Glenn Woiceshyn
Published in the Globe and Mail (pg. B2) on Dec/20/1996. Matt Barrett is CEO
of the Bank of Montreal.
Dear Editor,
Re: "Too Bad Matt Barrett Can't Pitch"--by Terence Corcoran--The Globe
and Mail--Dec /17/96
Terence Corcoran raises a legitimate question. When a baseball player makes three
times more money than a bank chief executive officer, why do leftists focus their
venomous attack on the CEO's salary?
Contrary to what leftists would have us believe, the bank CEO makes a significant
contribution to the production of wealth by making investment capital--the life blood
of an economy--available to businesses. A baseball player contributes essentially
nothing directly to wealth creation, only to consumption. [A baseball player certainly
deserves his free-market salary for providing entertainment, which is a legitimate
value.]
If one assumes that leftists are truly concerned about economic improvement, one
would expect them to cheer for the CEO (and for capitalism). But if they were concerned,
they would have dropped their socialist ideas long ago when it became obvious that
socialism (or any form of statism) harms everyone, including the "needy."
Unless leftists can provide a rational explanation for such an apparent contradiction,
one can only conclude that concern for the "working class" or "needy"
is merely a smokescreen to cover up their power lust and hatred for productive achievers.
Sincerely,
Glenn Woiceshyn
© 1997 Glenn Woiceshyn. All rights reserved.
This article can be found on-line at at http://www.capitalism.org/glennw. |
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