Don't count on shareholders.(THE LAST WORD)

AN ACQUAINTANCE OF MINE SITS ON THE BOARD OF A major company that just agreed to pay its CEO close to $10 million this year, including deferred compensation and stock options. I asked him how he and his board colleagues could possibly justify that kind of money. "No choice," he said. "That's what our competition is paying. It's the going rate." As Congress struggles to raise the minimum wage to $7.25 an hour, the going rate of CEO pay is now $5,000 an hour.

Polls show most Americans think this is obscene. But how to rein in CEO pay? A growing consensus ...

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