Who is he fooling? The whole time Gerry Levin was chairman of Time Warner, and then AOL Time Warner, he kept complaining about how Warner Bros chairmen Bob Daly and Terry Semel were making more extravagant salary, bonuses, and other compensation than he was (thanks to their shrewd negotiating, their piece of Warner Bros licensing merchandise and retail stores, their division making wheelbarrows of cash, and their insistence on not going on Time Warner’s board (so their gargantuan pay package wouldn’t have to be disclosed in SEC filings). But listen to this clown who left Time Warner in shame for co-arranging that loser AOL deal. Suddenly he’s Robin Hood and telling Fox Business Network today:
“It’s time, I think, not only to put some principles back in executive pay, but also try and get CEOs to be a part of society. Let’s shop at Costco, let’s fly coach for a while and let’s not have a class society where the disparity between what a CEO makes and what the people in the company make is so large as to be almost unfair and unjust.”
And on whether he personally should give back the millions he made: “Obviously, I gave back my hundreds of millions because I never sold one share of stock, which is where most of the compensation was. My stock went down just as it did for every shareholder, which I think we should impose on CEOs.”
Oh, and in case you didn’t know, this Man Of The People now helps his wife Laurie Perlman run a Santa Monica “sanctuary” that charges a flat $175K a year for acupuncture and talk therapy.