So concludes a new research paper that used data collected from tests compiled by the Swedish military on men born between 1952 and 1978, who were entering compulsory military service. It then tracked these men’s income, education and service as CEO of any Swedish company – both public and private, small and large. The sample included 1.3m men of whom about 41,000 served as a chief executives.
The findings will add fire to the debate over high compensation for chief executives. Read more
If you think lawyers are boring, I advise you to read James Stewart’s fascinating account in the New Yorker magazine of the rise and fall of Dewey & LeBoeuf, the US law firm that collapsed spectacularly last year, amid partner disharmony and financial chaos.
It has appearances from, among others, Vincent (Vinny Gorgeous) Basciano, the acting head of the Bonnano crime family, and some breathtaking compensation practices. Stewart reports that Morton Pierce, then co-chairman of Dewey Ballantine, was guaranteed compensation of $35m over five years in the merger with LeBoeuf in 2007. Read more