One problem with this type of emnotional envy of successful high earners is that there is a lack of critical analysis. When some of these "too-big-to-fail" monstrosities collapsed, the losses were very often the result of actions by a small division or group.
AIG's trouble came almost totally from one office of a few hundred people in London. Meanwhile, there were others who did their jobs well and made good money for the firm. It is only fair and intelligent to differentiate between those who earned their money well, and those who failed. Similarly, when Barclay's Bank crashed, it was due to an error of several dozen billion pounds that was made by one man, who lied and covered it up to his supervisors. Had the organization survived, the people who did perform well deserved better.
Besides, if we don't pay for deserving personal performance, then there won't be any high earners whose money can be taxed exorbitantly.
I would have liked to experience this type of high-earning situation so that I could report to you more fully. But, oh well... I'll have to make do.
John D. Froelich
Upper Darby, PA
Nov 1 2009 - 12:28am