Over time, American institutions appear to be growing steadily less accountable. Hayes cites the Catholic Church’s sex abuse scandal, which strikes me as a red herring. Yes, the bishops averted their eyes, placing the putative well-being of the church above children. Yes, ecclesiastical lectures on sexual sin are a bit harder to take. But the church has been hierarchical, secretive and self-protective since forever. Moreover, as recent developments in Ireland and Germany show, the problem is international. More to the point, “look at CEO pay,” Hayes urges. “In 1978, according to the Economic Policy Institute, the ratio of average CEO pay to average wage was about 35 to 1. By 2007 it was 275 to 1.” In comparison, the ratio remains approximately 20 to 1 in most European countries; roughly 11 to 1 in Japan. Yet people complain about labor unions.
— It’s time for Wall Street to pay
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