Berle and Means were leading architects of the New Deal
Glenn Fowler, “Gardiner C. Means, 91, Is Dead; Pricing Theory Aided U.S. Policy,”
, February 18, 1988.
“The average salary plus bonus for top-quartile CEOs”
Michael C. Jensen and Kevin J. Murphy, “Performance Pay and Top-Management Incentives,”
98:2 (April 1990), pp. 225–64.
The companies under their stewardship
Roger Martin, “The Age of Customer Capitalism,”
, January 2010. Figures on America’s GDP from 1932 to 1976 come from Angus Maddison.
By one measure, the academic advocates of pay for performance
Carola Frydman and Dirk Jenter, “CEO Compensation,”
2 (December 2010), pp. 75–102.
Between 1993 and 2003 the top five executives
Lucian Bebchuk and Yaniv Grinstein, “The Growth of Executive Pay,”
21:2 (2005), p. 283.
These were, of course, the decades when the 1 percent
Marianne Bertrand, “CEOs,”
1:1 (2009), p. 130.
Until the early 1980s, the chief executive earned
Kaplan and Rauh, “Wall Street and Main Street,” pp. 1004–50.
“A 10 percent increase”
Brian Bell and John Van Reenen, “Firm Performance and Wages: Evidence from Across the Corporate Hierarchy,” CEP Discussion Paper No. 1088, May 2012. http://cep.lse.ac.uk/pubs/download/dp1088.pdf.
The surge in CEO salaries
Kevin J. Murphy and Jan Zabojnik, “Managerial Capital and the Market for CEOs,” (Queen’s Economics Department Working Paper No. 10, October 2006. p. 1).
“The six-fold increase of U.S. CEO pay”
Xavier Gabaix and Augustin Landier, “Why Has CEO Pay Increased So Much?,”
123:1 (2008), pp. 49–100.
“In the U.S., you can more or less do”
Chrystia Freeland, “Capitalism Without the Capitalists,”
, December 22, 2011.
A decade ago, two young economists
Marianne Bertrand and Sendhil Mullainathan, “Are CEOs Rewarded for Luck? The Ones without Principals Are,”
116:3 (August 2001), pp. 901–32.
“We cannot continue to see chief executives’ pay”
Julia Werdigier, “British Government Looks to Rein in Executive Pay,”
, January 23, 2012.
“The Lin story has broken out into the general culture”
David Carr, “Media Hype for Lin Stumbles on Race,”
, February 19, 2012.
CHAPTER 4: RESPONDING TO REVOLUTION
“A lesson from the technology industry”
Reid Hoffman and Ben Casnocha,
:
(Crown Business, 2012), p. 71.
Eight days later, George Soros hosted twenty
Chrystia Freeland, “The Credit Crunch According to Soros,”
, January 30, 2009. Unless otherwise specified, all quotes in this section originally appeared in this piece.
an average of 31 percent
Charles Morris.
. p. 3.
According to a study by LCH Investments
Rick Sopher, “Great Money Managers,” self-published by LCH Investments, November 2011. After retiring in 2010, Soros was overtaken the following year by Bridgewater’s Ray Dalio.
“I converted my hedge fund into a less aggressively managed vehicle”
George Soros.
. p. 122.
only one of them had foreseen
Justin Lahart, “Bears Top List of Economic Forecasters,”
, February 13, 2009. The fifty-one did even less well on unemployment—none came close to predicting it would rise to 6.9 percent by the end of 2008.
“No one realized the extent and magnitude of these problems”
Statement of Richard S. Fuld, Jr., before the United States House of Representatives Committee on Oversight and Government Reform, October 6, 2008.
“I made a mistake”
Transcript of House of Representatives Committee on Oversight and Government Reform Hearing on the Role of Federal Regulators, October 23, 2008.
“we always assume regime stability”
McFaul e-mail to CF, February 22, 2011.
“active inertia”
Donald Sull, “Why Good Companies Go Bad,”
, October 3, 2005.
“These failed firms”
Clayton Christensen,
(Harvard Business School Press, 1997), p. xv.
“vast, silent, connected”
