Former Constellation Energy CEO (now Exelon executive chairman) Mayo A. Shattuck III makes a lot of money. Probably more than you. I’m not saying he’s the richest person in Baltimore, but among the area’s public company CEOs he was the highest paid last year — by far — with a gross income of $17.4 million (if you figure in retirement benefits and stock awards), according to a Sun investigative report.
It’s easy to hate on this figure, especially when you discover that Constellation recorded $300 million in losses last year, and when you divide it by 2,080 and realize the guy essentially makes $8,365 an hour. That’s about 740 times the living wage in Baltimore City and about 1,150 times minimum wage.
And this is right about where the Occupy movement’s consensus on what’s wrong with the country ends — absurd income inequality. So what do we do about it? That’s where opinions really diverge. Certainly an easy — but maybe not very effective — option is to simply call out the most perversely wealthy among us and make some calculations with their salary to indulge in righteous anger (and to some extent, awe) at the fantastic wealth a few individuals happen to command.
If you want to tinker around with some disturbing numbers while you figure out how to make capitalism work backwards, visit the Sun‘s interactive chart, “Executive Compensation in Maryland – 2011” and compare it to MIT’s living wage calculator for Baltimore City.
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