What this says is that investors in these companies, the ownership in general, are lax and inactive - passive that is. Because every dollar an 'excess' manageme

What this says is that investors in these companies, the ownership in general, are lax and inactive - passive that is. Because every dollar an 'excess' management person puts in their pocket technically should have gone into an investor's pocket. It's kind of interesting because this is exactly the kind of management that 'passive' investing would seem to encourage. No one is putting money in their Vanguard IRA and then demanding that Vanguard harass CEOs to trim down their bloated management, but perhaps this is what the numbers would suggest should be happening. Perhaps passive investing eventually goes away, due to the costs associated with these bloated, tumorous corporate structures, and then only people who are actually getting returns on their money are those that pay attention.