Weekly Update

Greed at a Glance

A quick update on avarice in America and beyond

A new wave of online entrepreneurs are betting they know exactly what rich people want most: the company of other rich people. The makers of “Luxy” are offering a luxury dating app “exclusively for the top 1 percent demographic.” Says one of Luxy promotions: “With the rise of high-speed digital dating, it’s about time somebody introduced a filter to weed out low-income prospects by neighborhood.” Former Minnesota Philharmonic conductor James Touchi-Peters, meanwhile, last month launched “Netropolitan,” a Facebook-like site for “people with more money than time.” Touchi-Peters considers his site a virtual country club. Members must pay $9,000 to join and $3,000 more annually. Why would anyone cough that cash? Observes Touchi-Peters: “It’s lonely at the top.”

Satya NadellaNot every CEO of a major U.S. corporation has a Marxist economist for a father. Not every major American CEO has a $84.3 million pay deal for his labors either. Microsoft’s rookie CEO Satya Nadella has both. His daddy wrote about exploitation in India. The 47-year-old Nadella is now benefitting from exploitation in the United States. Microsoft rode monopolistic bullying tactics to the high-tech market summit. Now the stumbling tech giant is straining to hang on. Nadella, news reports last week revealed, will have a cushy ride however that journey goes. His $84.3 million amounts to eight times last year’s typical major CEO payout. Nadella gets to collect that windfall if Microsoft shares outperform just 60 percent of the corporations in the S&P 500 . . .

Is yacht builder Craig Timm of Florida’s Fort Lauderdale blowing smoke? Or does he really have a client who has commissioned the world’s first superyacht over 200 meters  — at an estimated cost of over $1.1 billion? We’ll know come the spring of 2018, the yacht’s projected completion debate. The new yacht for Timm’s as-yet unnamed buyer will stretch 222 meters — over two football fields long — and rise seven decks high. The world’s current longest superyacht runs only 180 meters. The buyer of the new “Triple Deuce,” says Timm, wanted a yacht long enough “to make it difficult, if not impossible, to be eclipsed.”

This Greed at a Glance originally appeared in the Too Much weekly newsletter. To receive Too Much in your email inbox, just sign up here.

Discussion

2 comments for “Greed at a Glance”

  1. I like the way Greed at a Glance givs actual data on CEO salaries and severance pay. There’s no arguing with those facts.

    Posted by Theo Halladay | October 18, 2011, 9:10 pm
  2. Any idea who Joanne Margossian is? How did she make her loot? I’ve worked on that island and the upkeep is phenomenal.

    Posted by Dave Kenny | February 17, 2013, 9:51 am

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