January 29, 2014
Former Top Venture Capitalist Has a ‘47%’ Moment (& Other Income Inequality News)
– Broc Romanek, CompensationStandards.com
With income inequality in the news due to last night’s State of the Union address, I thought I would note some of the reactions to this WSJ op-ed by Tom Perkins, co-founder of top Silicon Valley VC firm Kleiner Perkins (his former firm has disavowed the remarks). One reaction is captured beautifully in this blog by Mark Suster – and here’s a another one from NY Times’ Paul Krugman. Comparing the woes of the top 1% earners to the killing of Jews by the Nazis? I can’t believe the WSJ ran that tone deaf piece.
In fact, Perkins himself can’t believe it as he apologized afterwards (for his Nazi comparison, not his”don’t vilify the 1%” remarks). As this article notes, Perkins is no stranger to drama – he supported Murdoch as a director on News Corp’s board during the UK phone-hacking scandal.
In comparison, this NY Times op-ed by a former Wall Street banker is great. Here’s the opening paragraph:
In my last year on Wall Street my bonus was $3.6 million — and I was angry because it wasn’t big enough. I was 30 years old, had no children to raise, no debts to pay, no philanthropic goal in mind. I wanted more money for exactly the same reason an alcoholic needs another drink: I was addicted.
But then the NY Times ran this column about a bankrupt NYC law firm partner who ‘only’ makes $375k per year. I can’t imagine a whole lot of people shed tears over that one…