Abigail Disney is one of the heiresses to the fortune created by Walt Disney and the company bearing his name. In fact she’s got about $500 million’s worth – possibly tied up in trusts but still. Abigail Disney also tells us that the CEO of Disney, Bob Iger, is paid too much. That could be true of course. But it cannot be true for the reason she gives, that no one is worth that much.
For Mr. Iger gets paid about one tenth of what Ms Disney has. Both sums stemming from the same company. That is, if Iger’s not worth that much because no one is then what is Ms. Disney doing with ten times the sum?
Disney, 59, made headlines after branding Iger’s near-$66m pay packet “insane”. In an interview with the Guardian, she was unrepentant, describing some of the Walt Disney Company’s financial pledges to employees as “neoliberal claptrap” and calling for Iger to renounce his extraordinary compensation.
Whether that’s true or not is one thing but it isn’t hypocritical. This is though:
The 59-year-old, whose grandfather Roy O Disney co-founded the Walt Disney Company with his animator brother, inherited a share of her family’s wealth, and is reported to be worth $500m.
When allied with this:
Abigail Disney, who has shares in the company, has benefited from that rise. She described Iger as a “brilliant man”, who “deserves to be rewarded well”. “I also think he’s a good man,” she said. But does that justify his $65.6m pay packet? “No one on this freaking planet is worth that kind of money,” she said.
He, over there, ain’t worth $66 million. But I, over here, have $500 million. Yeah, there’s a tad of a touch of a soupcon of hypocrisy there maybe? Especially as both sums stem from the same company and work.
There’s also this:
As part of a wealthy group of Americans called the Patriotic Millionaires, Abigail Disney is calling for higher taxes on the richto close that gap.
As we’ve noted before we’ve no evidence at all that Ms. Disney is walking that walk:
Abigail Disney, as one of the heirs to the Disney fortune, thinks that rich people should pay more in tax. Which is fine, just copacetic. Right after she leads the way by paying more tax – voluntarily – herself. She can do so by simply sending a check to the Treasury. Make it more than the cost of a stamp and it’s rumoured that they’ll even send a thank you letter.
Our view around here is that until these rich people arguing for higher taxes on other rich people show us their thank you letters from Uncle Sam they can just stick it. For they’re being hypocrites by demanding what they themselves don’t do.