Some leftists have agitated for years against the high pay of American business executives, at least the ones at the tippy top. In the rest of th world, including Europe, CEOs are paid much, much less.
But what if they have misstated the problem? What if businesses don't need CEOs at all?
Take Volkswagen. It's fired CEO, Martin Winterkorn, says he had no knowledge of a scheme to fake emissions equipment.
I don't believe that, but what if he is being honest?
Somebody was in a position to bet the company. And did, and lost the bet.
So what was the point of having a chief executive?