Billionaire Bill Gates: Executive pay is 'often too high' |
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Billionaire Bill Gates: Executive pay is 'often too high'
Bill Gates
The world's richest man thinks that Wall Street executives often get paid too much. In remarks made yesterday in New York City, Microsoft co-founder Bill Gates said that executive pay is "often too high."
But the multi-billionaire also cautioned against controlling executive salaries, citing the 1993 U.S. law that capped exec salaries at $1 million as "a bad milestone," Reuters reports.
"The compensation problem is a very interesting problem. I do think compensation is often too high, but it's a very tough problem to solve," said Gates.
Forbes recently placed Gates' wealth at $40 billion, despite losing an estimated $18 billion over the past 12 months.
Gates also warned against the government owning financial institutions like AIG, calling it an "unnatural situation when the government owns a lot of a private company" because it devalues the entity.
More from Reuters.
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