This ignores two important problems: 1. Boards are mostly made up of (drum roll please)... other CEOs. There is a kind of class solidarity making sure that ove

This ignores two important problems: 1. Boards are mostly made up of (drum roll please)... other CEOs. There is a kind of class solidarity making sure that overall CEO pay only goes up and up and well beyond any kind of inflation; and 2. The real issue with many companies having poor financial performance has nothing to do with "bloat" or "over-hiring" and everything to do with poor leadership. Case in point: the tens of billions Meta has sunk into the Metaverse despite there being no product-market fit, no business model and no end to spending in sight. But it's employees who are bearing the brutn of these poor decisions, which is extra ironic when you remember that those employees have no power over those decisions.