Here’s today’s labor history:
On this date in 1910, a bomb destroyed a portion of the Llewellyn Ironworks in Los Angeles, where a bitter strike was in progress.
And in 1967, fourteen servicemen from military bases across the United States, led by Private Andrew Stapp, formed the American Servicemen’s Union. The union, which never came close to being recognized by the government, in its heyday during the Viet Nam war claimed tens of thousands of members and had chapters at bases, on ships and in Viet Nam. American Servicemen’s Union demands included the right to elect officers.
Today’s labor quote is by Graef Crystal:
Plato told Aristotle no one should make more than five times the pay of the lowest member of society. J.P. Morgan said 20 times. Jesus advocated a negative differential -- that's why they killed him.
Graef Crystal is an expert on executive compensation who worked for twenty years at the consulting firm Towers Perrin, and also taught at the Haas School of Business.