News

Former Major League Baseball Union Rep Is Sickened By Wall Street Pay

Last month, Rochedale analyst Dick Bové sent out a note to clients that began with what he dubbed “some interesting stats.” Said stats were salaries of the New York Yankees’ top infielders (“not including promotional deals”!) versus those of JPMorgan’s Jamie Dimon, Wells Fargo’s John Stumpf, Citigroup’s Vikram Pandit, and Bank of America’s Brian Moynihan. The baseball players’ compensation totaled about $80 million, the CEOs’ $65 million. Fair? Bové didn’t think so, noting that while the talentless hacks in the Bronx have won but single World Series in the last 10 years, the banks run by the aforementioned CEOs “impact virtually every American household” (and if pressed to, could surely bring home at least a few Major League Baseball championships).

“Clearly, society values the New York Yankees infield above that of the leaders of the banking industry even without a World Series ring,”  Bové concluded sarcastically, shouting “nailed it” at Mr. Giraffe. Obviously, Bové is of the mind that it’s a crock how little these chief executives are paid considering all they do compared to noncontributing zeroes like Alex Rodriguez and Co. It’s unclear if the former head of MLB’s players’ union caught Bové’s riff or if not but last night he offered something of a rebuttal and, spoiler alert, he thinks Wall Street pay is bull shit.

Appearing at the New York University School of Law on Tuesday night to discuss the 40th anniversary of the first baseball strike and the rise of the players’ association, Marvin Miller, the 95-year-old former union head, spoke for 68 minutes and delivered a blistering criticism of corporate pay. He also said collusion by owners in the mid-1980s was worse than the Black Sox scandal in 1919 and claimed the first baseball commissioner, Kenesaw Mountain Landis, may have been a member of the Klu Klux Klan. “Let’s take chief executive officers of important corporations, or the stock exchange or Wall Street firms,” he said. “The typical way that compensation is set is for the board of directors, most of whom if not all of whom have been appointed directly by the CEO, decide what the CEO’s salary should be, or they have a committee, a compensation committee composed of board members.

“The first thing about that is that here you have a direct conflict of interest, because sitting on a board are executives of other corporations, and what they are doing is adding ammunition to their own quest for higher salaries. And it’s such an obvious conflict of interest that it’s awful. Of course they’re going to vote for higher salaries.” He said the directors are at fault because “they don’t pay for it. It’s paid for by stockholders, who have had no voice on what the salaries and compensation and perks of the chief executive should be.” He then compared the system to baseball, where the average salary on opening day this year was $3.4 million and the Yankees’ Alex Rodriguez topped players at $30 million. “There always has been and is a rule that no contract of a player is valid unless it is signed by the franchise owner or somebody designated by the franchise owner in his place,” Miller said. “In other words, no salary is put on paper and becomes valid until the man who is going to pay for it, the owner of the franchise, has signed the contract. A better check and balance you can’t find anywhere.”

According to Miller, “the more democratic thing is to require the approval of a majority of the stockholders.”

Whose Pay Is More Deserved: CEOs or Ball Players? [Real Time Economics]
Marvin Miller Blasts Corporate Pay [AP]
Earlier: Dick “Fire A-Rod” Bové: Underpaid Bank CEOs Should Seek Yankees Tryout

81 comments
(hidden for your protection)
Show all comments

81 Responses to “Former Major League Baseball Union Rep Is Sickened By Wall Street Pay”

  1. vikram pandit says:

    I wish that how it worked!

  2. PermaGuestII says:

    Miller continued "The metric system is a tool of the devil! My car gets 40 rods to the hogshead and that's the way I likes it!"

  3. guest says:

    " and claimed the first baseball commissioner, Kenesaw Mountain Landis, may have been a member of the Klu Klux Klan."

    hey!

    -KML

  4. Guest says:

    Let's see Pandit hit Yu Darvish's curve ball then.

    Bove, stick to wearing lip gloss in dimly lit rooms.

  5. guest says:

    hey!

    – noncontributing zero

  6. Texashedge says:

    As a guy who's been watching Carlos Lee make $18 MM/yr for the last six years, I find myself actually agreeing with the gist of Dick Bove's argument. I still don't really know who Dick Bove is, but that's kind of a separate issue.

  7. VonSloneker says:

    Opulence, I has it

    – Obligatory response guy

  8. guest says:

    That man molested me.

    -mr. giraffe

  9. guest says:

    95 years old! This man deserves slow clap.

  10. Guest says:

    All I know is I'm having a tough season.

    –Guy who drafted Vikram Pandit in the 1st round of his Fantasy Finance League

  11. Board Member says:

    I would gladly accept lower pay for my director services but our union reminds me that I am not just negotiating for myself but for all the directors that will be here in the future.

  12. Thormol says:

    This is nonsense because it obviously excludes some of the outrageous stock option payouts over the last 15 years, in some cases going well over $100 Million cashed in during a single year. What is the career net income of the aforementioned infielders versus the executives? Finally, if the CEO of a major bank didn't show up to work for a month, NOBODY would notice. If Jeter doesn't show…

  13. Experienced several close calls but identified a way to discourage these crooks.

  14. Why is everyone concentrating around the female smoking when the true challenge is definitely the unstable idiot with 2 handguns in his truck ? He is the problem not her . I necessarily mean your President smokes for gods sake.

  15. Know exactly what it will come at a cost to actually replace the lost or damaged item. This would be used to pay for the mortgage payment. {||||

  16. Style just like his Dad.

  17. Ive gotta say, though, that when it comes to Stone I prefer the Ruination IPA; but then again Im a hop freak if it doesnt have close to 100 IBUs (or more, even), Im not gonna love it.

  18. What constitutes original when you make a certain reference on the orignal tub’? If the tub within the car was not original, then precisely what is the car?

  19. Wyatt Shaak says:

    The problem with being viewed as a trophy is that you simply usually are not valued for your inner qualities – only for what’s at first glance. These dating tips and relationship advice is important in your future,so know about these things and appearance them out prior to committing to a person new.

  20. I take personal victories in driving simple last century cars, rather then get all confused with three billion page manuels and
    TOO MANY BUTTONS!!!! Gaaaaaaaaaaaaaaaaaaaahh!

  21. Will I get remunerated in support of overtime? Preteen Lolita Models
    her tits are fkn enormous when in view of her tiny trim group not like a lot of fat chicks with big tits.

  22. Elissa Sann says:

    There is noticeably a bundle to learn about this. I suppose you made certain nice points in features also.

  23. Hello, I enjoy conception through your article post.
    I comparable to compose a insufficiently observe to support you.

  24. kasyna says:

    I ran across your own web site searching for a few home elevators this kind of matter i question at all times: ” The best way does We learn that until now? inches I really do not necessarily recognize the reason I did not viewed here prior to, yet I saw connection to this.

  25. Angry Birds says:

    Magnificent commodities from you, chap. I have understand your stuff earlier to and you are just enormously excellent. I in fact in the vein of what you have acquired at this point, especially approximating what you’re saying and the best mode in the course of which you assert it. You compose it enjoyable and you immobile obtain care of to stay it smart. I can’t remain to hear a large amount additional as of you. This is truly a fantastic site.

  26. Generating your ad stand out could be challenge. Scan your local papers and take discover of what ads stand out – are they ads with reverse (white on dark background) print, color ads, advertisements that appear like they were hand drawn? People notice advertisements that have illustrations or photographs that show items or ads that have dr. jaydeep biswas men and women in them.

  27. Good day! Do you know if they make any plugins to help with SEO? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good success. If you know of any please share. Many thanks!

  28. Simply longing to say your article is as shocking. The clearness in your post is simply spectacular and i can take upon yourself you are an skilled proceeding this subject. Warm with your permission allow me to grab your RSS feed to keep restructured with helpful column. Merit a million and entertain resume the gratifying work.

  29. Ellyn Davine says:

    Printing your own business enterprise cards making use of Microsoft Word can be a really low-cost selection. Yes, you read it appropriate! Should you have Microsoft Workplace, you could simply produce your personal custom griffin holdings group llc business cards in Microsoft Word.

  30. here says:

    Major thanks to the weblog publish.Really seeking forward to go through additional. Seriously Great.

  31. Interesting! In the event you really don’t head me asking, exactly where is your implant and wherever did you have it implanted? I uncover the concept fairly intriguing and am a bit energized regarding the notion of waving my hand (or whatever) at my door :-)

  32. crork says:

    2jqKaQ Really appreciate you sharing this blog.Really thank you! Want more.

  33. Hey there! This is kind of off topic but I need some advice from an established blog. Is it tough to set up your own blog? I’m not very techincal but I can figure things out pretty quick. I’m thinking about making my own but I’m not sure where to start. Do you have any tips or suggestions? Appreciate it

  34. Rasmussen counts “likely to vote” as a substitute of Registered voter for its projections. n

  35. Ha, thanks. I’m actually fairly satisfied with my physique, but it really is not the easiest to suit and I get frustrated once i won’t be able to even get a chance to test.

  36. Simon, that is exactly ideal the numbers of final transactions does not matter it is the total volume as a result of time. Traders will probably be effected however it will far from shut down the markets as there will likely be much more money in diverse people’s hands to speculate, the economy will boom, and foreign money will operate to our shores. Other nations have various fees on their trading anyways. We cannot allow speculators determine our tax system, specially just one that has numerous rewards. If the rate was higher I might consent the markets might be overly effected in truth that is definitely what sets the ceiling for that gov’t raising the rates also significant. It has long been estimated from the author of the thought that 0.4% per side is max after i initial begun creating concerning the APT tax, as it can be also regarded, the rate required to go over all Fed expenditures was 0.25% and there was room to grow but, alas, all those responsible geniuses in DC have operate us into a brick wall and are afraid to tell us the car needs for being set in reverse.

  37. Additional, in situation of fonts, try not to combine fonts once you design your business card. This essentially gives a busy and confusing look towards the card. Keep in mind, you are dealing within a small space, and you don’t want the card to appear crowded. It ought to be straightforward on the eyes. It is normally suggested that you simply have to limit your text sizes to two or 3 sizes highest. By maintaining some consistency inside the text of one’s card, you have got far more room for creativity in the all round Astra Resources PLC artwork and style.

  38. Sunny Ord says:

    Currently, there are lots of printing organizations accessible that have a business enterprise card printing service. They can guide you on your creation of one’s business enterprise card. They’ve a group of designers that may enable you to conceptualize the style of the card. Nevertheless, getting them do your company card entails dollars, when you can not afford their service fee there is certainly a further way. Printing your own business enterprise cards utilizing Microsoft Word can be a really low-cost selection. Yes Astra Resources PLC you read it appropriate!

  39. Entertaining your clientele really should involve over just shouting several rounds at the nearby pub. Sensible enterprises recognize that impressive corporate entertainment raises their profile, consolidates existing business enterprise arrangements and offers a focus for future bargains. So the careful option of corporate occasions should really be component of your general hospitality technique and not a spur of the moment decision, along with the spending budget for this needs to be component of the general advertising plan. And remember, you do not must go overboard expense-wise to impress, because a few of the most Astra Resources PLC memorable events price the least to stage.

  40. I truly appreciate this post. I have been searching everywhere for this! Thank God I discovered it on Google. You have got created my day! Thx yet again…

  41. kliknij says:

    Thanks for sharing your thinking. Single machine is that people have a choice between regime student loan and a delicate culture loan where it can live easier to travel with education loan debt debt consolidation reduction than on the national education and learning loan.

  42. Hi, I have loved your awesome website. I have bookmarked your site so, will check in now and then. Thank you!

  43. Bethis says:

    Amazing things here. I’m very happy to see your post. Thank you a lot and I’m having a look forward to touch you. Will you kindly drop me a e-mail?

  44. janicetripepi reported on 19 September 2012

  45. For the most portion, you are bound by the environmental location that you considered to develop in. If you have the room, you can expand blossoms in a green house, or a hothouse but richard walker gebo can also grow flowers on your rest room window sill. Really, refreshing flowers can be increased calendar year spherical just about just about everywhere but exterior in your personalized property space is greatest and most satisfying. What you do require is a very good patch of grime that has not been utilized as a construction waste materials zone exactly where soil situations are quite bad. Commence by getting a sample of your earth to the grounds heart or academic outreach centre for assessment and increase amendments as essential. From a distinct visible facet, just go to the yard centre and inventory up on organic fertiliser and grow the flowers from this medium.

  46. Appreciate you sharing, great blog article.Much thanks again. Will read on…

  47. save water says:

    Im obliged for the article. Will read on…

  48. What did Noland Adam’s ’53 Corvette market for at Russo-Steele auction or probably failed to meet the reserve?

  49. This Site says:

    Simply wish to say your article is as astonishing. The clearness in your post is just nice and i could assume you are an expert on this subject. Fine with your permission let me to grab your feed to keep up to date with forthcoming post. Thanks a million and please continue the gratifying work. Discover Even More

  50. Fantastic article post.Really thank you! Much obliged.

  51. Many thanks for earning the work to discuss this, I feel strongly about this and like learning an excellent bargain more on this issue. If possible, while you gain expertise, would you thoughts updating your weblog that has a great deal far more information and facts? It truly is very helpful for me.

  52. You raise numerous questions in my thoughts; you wrote an superb article, but this articlee is also thought provoking, and I am going to have to ponder it somewhat more; I will be back soon.

  53. eye says:

    I am so grateful for your post. Much obliged.

  54. Im thankful for the post.Much thanks again. Want more.

  55. fortress says:

    I cannot thank you enough for the article.Really looking forward to read more. Want more.

  56. That is very interesting, You’re an overly skilled blogger. I’ve joined your feed and stay up for looking for extra of your great post. Additionally, I have shared your site in my social networks!

  57. Kino polskie says:

    Hi there very cool site!! Guy .. Excellent .. Wonderful .. I’ll bookmark your website and take the feeds also…I am satisfied to search out a lot of useful info right here within the put up, we want develop extra techniques in this regard, thank you for sharing.

  58. I really like and appreciate your article post.Really thank you! Awesome.

  59. Ideally, you will want to plant after and then tend your flower yard period following period. richard walker gebo positioning portion is the hard portion so doing it as soon as is the much better way to go about it. Make your hole a little bit further then the plant root ball and a handful of inches wider. Place some organic fertilizer in the bottom and a bit up the sides. Make another hole in the natural and organic fertilizer to put the plant. The top rated of the plant rootball really should be just previously mentioned floor degree. Fill in with more natural fertilizer pressing out any air pockets in the manure infill. Make a soil dish all around the plant to maintain water. Give the plant Nitro0gen feed when a thirty day period.

  60. meanwell says:

    Major thanks for the blog. Keep writing.

  61. Merely wanna remark that you have a very nice site, I like the layout it actually stands out.

  62. I have to convey my appreciation for your kindness for men and women that really need assistance with that field. Your very own dedication to getting the solution all over had been astonishingly functional and have in most cases helped individuals just like me to reach their desired goals. Your personal warm and friendly information denotes a lot a person like me and substantially more to my office colleagues. Thanks a lot; from each one of us.

  63. Perfectly indited content , thanks for selective data .

  64. Wonderful beat ! I wish to apprentice while you amend your web site, how could i subscribe for a blog web site? The account aided me a acceptable deal. I had been a little bit acquainted of this your broadcast provided bright clear concept

  65. Thanks in support of all your efforts that you have deposit in this. enormously interesting info.

  66. Great article post.Much thanks again. Really Cool.

  67. continue says:

    Hi! Do you know if they make any plugins to help with SEO? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good success. If you know of any please share. Cheers!

  68. Thanks for the article post. Much obliged.

  69. “Absolutely made up subject material, thankyou to obtain entropy. “

  70. Hello. excellent employment. I did not anticipate this. This is a impressive narrative. Thanks!

  71. Thank you for your blog.Much thanks again. Will read on…

  72. Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point. You clearly know what youre talking about, why waste your intelligence on just posting videos to your site when you could be giving us something enlightening to read?

  73. cricket blog says:

    ..Children must learn that winning and losing are both temporary, and that they can't give up or quit. Learning to become a team player is also important for children who may prefer to be the center of attention…

  74. Adam Sand says:

    That's the good news.
    click to investigate