Volume 41, Number 5 · March 3, 1994
Unjust Desserts?
By Andrew Hacker
The Cost of Talent: How Executives and Professionals are Paid and How It Affects America
by Derek Bok
Free Press, 342 pp., $22.95
In 1992, the 1,059 partners in ten of New York's largest law firms averaged $957,000 as their shares of their firms' profits. Some physicians affiliated with the country's leading medical schools received incomes exceeding $1 million. Executives did even better. Among fifty companies recently examined by Fortune magazine, each compensated its leading executive in excess of $5 million, rising to $11 million at Philip Morris and $15 million at General Electric.[1] Corporate salaries are commonly augmented by stock awards. The current chairman of Coca-Cola, for example, has already amassed a portfolio of more than $300 million.
Review, 4441 words
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