EXECUTIVE PAY DROPPED from the stratosphere in 1994, but it's still in the Clinton Administration's sights. Labor Secretary Robert Reich, in an Apr. 21 speech, is expected to lambaste the widening compensation gap between companies' top executives and workers as evidence of "the breakdown of the corporate contract." Most companies, he says, aren't sharing the fruits of rising productivity with their employees. The speech contains no proposals to limit CEO pay, but Reich's musings--such as last fall's speech on "corporate welfare"--often signal future Clinton initiatives.

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