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" ... Allied with this is usually an argument that we've now a class of professional managers who sit on each others boards. When Charlie at the widgetmakers CEO pay comes up for negotiation his supposedly independent directors vote through a massive rise because Charlie of the widgetmakers is on their board of directors and will thus vote through their own massive pay rise. Depending upon how conspirazoid you want to get this professional class conspiring to raise the general wages of that professional class extends out to the pension and hedge fund managers as well. ... "