Corporations in US come under fire for paying CEOs too much

Companies in the United States often pay their chief executive officers far too much compared with their lowest-paid workers.

Boards of directors seem to compete against each other when it comes to compensating their top executives. That harsh critique actually comes from one of Corporate America's friends.

"It would be healthier for our society if CEOs were paid less," said Michael Kagan, who oversees about $9 billion in assets as a senior portfolio manager at ClearBridge Investments in New York.