For too long, the only voices accusing many of America’s corporate executives of excessive pay came from a small group of academics and activist investors. When the divorce of a billionaire oil executive went to court, an unlikely voice joined the chorus.
The legal defense of Harold Hamm, chief executive of Continental Resources, hinged on the belief that a majority of his wealth was simply the result of happenstance and luck. The defendant wasn’t talented, they argued, he was simply part of an energy industry experiencing a rising tide of growth. If the courts agreed with Hamm’s feeble self-assessment, it …Read More