“In economics, we define labor exploitation as paying people less than their marginal value product. I recently told Ed Whitacre [former CEO of AT&T, who retired with a $158 million pay package] he was probably the most exploited worker in American history because he took Southwestern Bell, which was the smallest of the former Bell companies, and he turned it into the dominant phone company on earth. His severance package should have been billions.”
Phil Gramm, John McCain’s economics advisor, in June 28 WSJ interview. [link]
[The rest of the interview is just as breath-takingly bloodless. Guess Gramm and company have not gotten the memo yet.]
Technorati Tags: AT&T, Economics, JunkEconomics, QuoteOfNote, Stupidity
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