Word: cap
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...five times its lowest. By the late 1890s, the banker J.P. Morgan had increased it to 20 times the average. The Securities and Exchange Commission enacted strict executive-compensation-disclosure laws in 1938, but four years after that, the New York Times denounced President Franklin Roosevelt's attempt to cap Americans' pay at $25,000 (about $331,000 today) as a ploy to "level down from the top"; Congress rebuffed...
...1970s. But under new tax policies, the 1980s saw the rise of stock options. Intended to tie executive pay to performance, they offered the potential for huge riches with little downside, encouraging risk-taking. In 1991, CEOs earned 140 times the average worker's pay. A 1993 attempt to cap compensation merely shifted more pay into options. By 2007 the median S&P 500 CEO earned in three hours what a minimum-wage worker pulled down in a year. And Great Recession or no, 2009 looks like more of the same...
Originally, the administration had set a 1,000-person cap on the number of students who would be allowed to spend January in Harvard housing. We appreciate the flexibility of the College’s ultimate decision to admit more students who demonstrated legitimate needs (though the actual number on campus will never dramatically exceed 1,000 due to students’ different schedules). And, by any standard, the 93 percent of applicants accepted—which included students ranging from thesis writers to athletes to members of the Hasty Pudding Theatricals—is an impressive number to accommodate...
...estimated 800 marathons are now held around the world each year; 20 of them with 10,000 or more finishers. They include such punishing races as the Great Tibetan Marathon, held at 12,500 ft. above sea level; the Polar Circle Marathon, held on Greenland's ice cap; and the Pikes Peak marathon, which includes a 6,000-ft. climb to the summit of the Colorado mountain. Record times have fallen from close to three hours a century ago to close to two hours today, with Ethiopian Haile Gebrselassie setting the current record in Berlin last year with a time...
...group of middle-aged men and women had claimed our table. Jim intervened and we stood nearby and crossed our arms. Waitresses pushed past with trays of vegetarian pizza and pitchers of water. The opening act—a man with a page-boy cap and a full beard—picked the strings of his guitar. He sang about Austin, Texas, about fairy tales, about a sun so hot it burned holes in your skin. We gave up on our table and Jim pointed to another. We sat and ordered beer. We felt out of place...