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“No Man Can Be Worth $1,000,000 a Year”: The Fight Over Executive Compensation in 1930s America

With the nation in an economic tailspin, unemployment rising fast, and the financial system teetering, executives’ compensation was at the top of the news. Americans were stunned by revelations about enormous paychecks and bonuses going to corporate leaders while shareholders suffered from dropping stock prices and employees saw wages reduced and jobs lost. Especially provoking, some of the firms giving their leaders generous pay packages were simultaneously accepting aid from the federal government. With every new disclosure, public outrage built and legislators seethed. Attempts were soon made to stop the flood of money to corporate leaders.

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