New York times has posted an absolutely touching article on why we cannot limit the annual salary of CEOs in New York to 500k per year, arguing that such a tiny amount of money is not enough for the necessities of a resident at Manhantten city. They outline all the costs and bills a CEO has to pay, and conclude that these Banker’s simply need more cash. For example:

..Barbara Corcoran, a real estate executive, said that most well-to-do families take at least two vacations a year, a winter trip to the sun and a spring trip to the ski slopes.  Total minimum cost: $16,000.. 

And don’t forget:

“Going to those parties,” said David Patrick Columbia, who is the editor of the New York Social Diary (newyorksocialdiary.com), “a woman can spend $10,000 or $15,000 on a dress. If she goes to three or four of those a year, she’s not going to wear the same dress.” Total cost for three gowns: about $35,000.

It looks like the Bankers of US are just as bad as managing their own assets as they are at managing those of of their own. Meanwhile, the Postdocs employed at New York Universities… with their average annual salary of $40K, or $26K after taxes… weep.

This pay disparity between jobs that transfer wealth and jobs that create wealth is really at the core of America’s economic problems. How can a country succeed is its best and brightest on drawn into career paths that do not help (and arguably hurt) anyone other than themselves?

…And you wonder why I decided not to go the US.