Why CEOs are overpaid
Page entitled : Of weak
and irresponsible Boards of Directors
Content of this page is about :
How boards of directors are too weak against the CEOs nowadays as compared
to the times when the first large US corporations appeared.
When U.S. Steel,
America’s first billion dollar corporation, was created in 1901, its Board
of Directors was dominated by such heavy weight capitalists as J. Pierpont
Morgan, the private banker who single handedly bailed out the US financial
system in 1907, John D. Rockefeller, then the richest man in the world,
Marshall Field, large scale merchant and richest man in Chicago, and a large
number of former owners of its constituent companies, all of which were also
large shareholders ...