A well-thought-out, clearly written exposé marred only by some repetition of the main points.
A former CEO of two corporations shatters the myths and explains the stupidity regarding astronomical salaries at the top of the business world.
Clifford, who served as CEO of King Broadcasting Company and National Mobile Television, expresses outrage that boards of directors have fallen into the trap of compensating CEOs with tens of millions of dollars annually without evidence-based reasoning. The author demonstrates that corporations could pay much less and that no CEO deserves an outlandish compensation package. After tracing the evolution of compensation for CEOs and delineating the factors that lead boards of directors to approve them, Clifford offers detailed critiques of four corporations that pay their CEOs as much as $200 million annually despite mediocre results: Stephen Hemsley at insurer UnitedHealth Group, John Hammergren at pharmaceutical distributor McKesson, Charif Souki at liquid natural gas supplier Cheniere Energy, and David Zaslav at cable TV programmer Discovery Communications, who made $224 million in one year. Clifford explains the similarities (and minor differences) among the “pay machine” at each corporation, a machine that operates to the detriment of stockholders and harms morale of employees, many of whom make as much as 500 times less than the CEO. The author is especially puzzled by the myth that CEOs, most of whom are already highly motivated, require stupendously large bonus compensation to become even more motivated. Occasionally, Clifford expands his focus to tell readers how the ills of the pay machine extend beyond any given corporation to harm all of society—e.g., the escalation of income inequality between the 1 percent and the remainder of the population. The author also provides a helpful glossary to define such terms as “amortization,” “golden parachutes,” “realized compensation,” and “stock appreciation rights.”
A well-thought-out, clearly written exposé marred only by some repetition of the main points.Pub Date: May 16, 2017
ISBN: 978-0-7352-1239-8
Page Count: 288
Publisher: Blue Rider Press
Review Posted Online: March 14, 2017
Kirkus Reviews Issue: April 1, 2017
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
SEEN & HEARD
Career and business advice for the hashtag generation. For all its self-absorption, this book doesn’t offer much reflection...
A Dumpster diver–turned-CEO details her rise to success and her business philosophy.
In this memoir/business book, Amoruso, CEO of the Internet clothing store Nasty Gal, offers advice to young women entrepreneurs who seek an alternative path to fame and fortune. Beginning with a lengthy discussion of her suburban childhood and rebellious teen years, the author describes her experiences living hand to mouth, hitchhiking, shoplifting and dropping out of school. Her life turned around when, bored at work one night, she decided to sell a few pieces of vintage clothing on eBay. Fast-forward seven years, and Amoruso was running a $100 million company with 350 employees. While her success is admirable, most of her advice is based on her own limited experiences and includes such hackneyed lines as, “When you accept yourself, it’s surprising how much other people will accept you, too.” At more than 200 pages, the book is overlong, and much of what the author discusses could be summarized in a few tweets. In fact, much of it probably has been: One of the most interesting sections in the book is her description of how she uses social media. Amoruso has a spiritual side, as well, and she describes her belief in “chaos magic” and “sigils,” a kind of wishful-thinking exercise involving abstract words. The book also includes sidebars featuring guest “girlbosses” (bloggers, Internet entrepreneurs) who share equally clichéd suggestions for business success. Some of the guidance Amoruso offers for interviews (don’t dress like you’re going to a nightclub), getting fired (don’t call anyone names) and finding your fashion style (be careful which trends you follow) will be helpful to her readers, including the sage advice, “You’re not special.”
Career and business advice for the hashtag generation. For all its self-absorption, this book doesn’t offer much reflection or insight.Pub Date: May 6, 2014
ISBN: 978-0-399-16927-4
Page Count: 256
Publisher: Portfolio
Review Posted Online: June 22, 2014
Kirkus Reviews Issue: July 15, 2014
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