Earlier this year a movement began in the United States known as “We are the 99%.” If you live in America it’s hard to believe you would not have heard about it because of the considerable media coverage the Occupy Wall Street protesters have received in major cities across the country. It’s a good bet most of my foreign readers have heard about it too because of the world-wide economic depression we find ourselves in, and of some similar protests internationally.
How could this have happened? After all, some of the thinking behind the full disclosure of compensation was to let everyone see how much CEOs and other top executives were earning so stockholders could put the brakes on the incredible income growth. It failed because of consensus.