Subject: File No. S7-07-13
From: Ron & Helen Leigh

November 29, 2013

Below is part of a message I sent to Sue Myrick & later others addressing the issue of disclosure & more:  My original message was in 1996.
 Maximum Wage Rate Proposal when Tax Dollars are involved

Our system of government has been able to absorb a small number of excessively greedy corporate leaders but this is becoming the norm I fear rather than the exception. Maybe this is a false perception but when corporate leaders are receiving hundreds of times in total compensation compared to what they pay their workers, to me at least, the perception is unbridled greed.
I don't propose that we legislate what private corporate America does, but I do think that we should consider how to better control the wages paid with tax payer dollars. This is for any industry, any law or accounting firm, hospitals, defense contractors, etc. that receives federal dollars.  (Today I would add any tax savings, advantages, etc.)
 
My suggestion is rather than a minimum wage, let's have a maximum rate and hopefully this can set a standard whereby private industry may wish to follow to show their fair-mindedness. I don't know what the figure should be, but Ben & Jerry's used to operate on a multiple of 7. They had to raise this to attract their latest CEO, I believe. I do think that this should be no greater than 15 or 20. On the corporate side maybe this rate should be shown on their annual report. It would be interesting to see the total compensation of the top 5% of people involved in the late 1980’s S&L bailout as an example. I wouldn't be surprised to find that many people were paid far more than you received as a representative.
This program would assure the lowest paid worker that if his corporation raised his CEO's salary, his would increase by at least the same percentage. Let's restore confidence to the average person that our government can do the right thing!!!
Mr. ………
 
I made a suggestion in February 1996 when the minimum wage was an issue as I recall.  I wrote my representative and suggested rather than a minimum wage, let's set a maximum ratio.  I addressed several issues and got a letter back with a handwritten note but she did not comment on that part and maybe as you suggest in your article, they get some of their big contributions from these same executives.
 
I'm a 72 yr. (now 77) old former Republican from Eisenhower until 2004.  GWB fooled me once but not twice.  It's not necessary for you to respond directly, but if you think my thoughts have merit, I would like to be copied if you choose to take up the subject.
 
Thanks, Ron Leigh
Charlotte, NC 28216 (now live in Savannah, GA) February 29, 1996 Representative Sue Myrick 9th District, North Carolina Dear Sue:
Subject: Maximum Wage Rate Proposal when Tax Dollars are involved

Thank you for your efforts to return some sanity to what has been going on in Washington for the last several decades. Although, I voted for Reagan, I don't believe that he pushed hard enough to get the deficit down and very little trickled down to help the average person. I have no personal complaints as I am an independent rep and have been treated more than fair by a number of fine companies over the years. I do want to address the uneasiness that many of our fine workers are experiencing and maybe this can be a first step and bring some cheering on 'main street' as well as Wall Street..
Our system of government has been able to absorb a small number of excessively greedy corporate leaders but this is becoming the norm I fear rather than the exception. Maybe this is a false perception but when corporate leaders are receiving hundreds of times in total compensation compared to what they pay their workers, to me at least, the perception is unbridled greed.
I don't propose that we legislate what private corporate America does, but I do think that we should consider how to better control the wages paid with tax payer dollars. This is for any industry, any law or accounting firm, hospitals, defense contractors, etc. that receives federal dollars.
My suggestion is rather than a minimum wage, let's have a maximum rate and hopefully this can set a standard whereby private industry may wish to follow to show their fair-mindedness. I don't know what the figure should be, but Ben & Jerry's used to operate on a multiple of 7. They had to raise this to attract their latest CEO, I believe. I do think that this should be no greater than 15 or 20. On the corporate side maybe this rate should be shown on their annual report. It would be interesting to see the total compensation of the top 5% of people involved in the late 1980’s S&L bailout as an example. I wouldn't be surprised to find that many people were paid far more than you received as a representative.
This program would assure the lowest paid worker that if his corporation raised his CEO's salary, his would increase by at least the same percentage. Let's restore confidence to the average person that our government can do the right thing!!!

For brevity, I'll not send the full text unless requested along with comments about a shrinking middle class that long term  will endanger all of us from top to bottom.
 

Ron & Helen Leigh

Savannah, GA