Corporate Boards are often filled by friends of CEO'S..... a mutual back-scratching club..... you serve on my Board, I serve on yours...   No real control is EVER exerted on executive compensation unless some raider showsa up and makes noise after grabbing a large stake.

Reality is that NOBODY holds enough stock in any corporation anymore to exert any real control over ANYTHING.

We forget that in the days of the Robber Barons the "CEO's" often held controlling interests - or large positions with THEIR OWN MONEY at stake.  Many made and lost fortunes repeatedly.... of course many of those fortunes were based on manipulated markets but it was still THEIR money at risk.  Shares outstanding were FAR fewer in number as well.

Nowadays CEOS only hold stock through options - often repeatedly reset to their advantage.  Senior Executives rarely helped found the company they run and are often there to get as much as they can out of their employer before they move on.

The mindset is VASTLY different now.  

I suspect that even guys like Gould would be horrified to see current corporate compensation levels and the focus on the ILLUSION of higher profits and greater efficiency - instead of REAL improvements.  

Remember - most of the 'Robber Barons' STILL managed to build real and substantial businesses - PROFITABLE buisnesses.....  the exceptions were railroads - the 'subsidized' ventures of their day where the game was to get as much government support as possible.... those stocks were manipulated like mad.