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Pay Without Performance48:22
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photoThe headlines about eye-popping CEO pay packages just keep coming, even when CEOs don't deliver. Between 1993 and 2002, public companies paid $260 billion to their top five executives. From 1998 to 2002, executive pay amounted to 10 percent of aggregate corporate profit.

What do companies get in return? Lucian Bebchuk and Jesse Fried, authors of the new book, "Pay Without Performance," say "not enough." They researched the extent of executive compensation and found that the problem is systemic and consistent across the board.

Hear a conversation about the ongoing uproar over huge executive pay in America, with and without performance.

Guests:

Lucian Bebchuk, Professor of Law, Economics, and Finance and Director of the Program on Corporate Governance at Harvard Law School;
Jesse Fried, Professor of Law at the University of California, Berkeley.

This program aired on March 29, 2005.

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