Michael Giles’ point about greed and executive salaries is well made.
Since the 1980s there has been a significant increase in the level of inequality worldwide but particularly in the developed English speaking countries.
This has been driven by the Thatcherite philosophy of self-interest and the neo-liberal economic policies of successive governments in these countries.
Typically in the early 1960s the average salary of a CEO was about six to 20 times that of their average employees depending on the country.
Today this figure is 200 to over 300 times the average employee.
Moreover, the tax rates that these high paid CEOs pay has come tumbling down so their take home pay has increased even more.
This level of inequality is simply not sustainable and will eventually lead to civil unrest.
At a local level, with regard to the liquidation of Moonya, the specific issue that the Sentinel-Times led with last week on its front page, the final report should come as no surprise.
It was clear very early on from the interim documents that the liquidators circulated to creditors that their fees were extraordinary compared to the potential revenue that could be expected from the winding up.
I personally commented upon it several times to work colleagues and friends as I was so disgusted by it.
I have no doubt that the fees were within whatever parameters the professional bodies allow for this sort of activity but that does not make it any less palatable.
John Turner, Inverloch.
No limits to CEO salaries