Practice: Not As Important As You Thought
Bloomberg does some sleuthing through tax returns and reports on the income of the stage crew at Carnegie Hall:
Depending on wattage, a star pianist can receive $20,000 a night at the 118-year-old hall, meaning he or she would have to perform at least 27 times to match the income of Dennis O’Connell, who oversees props at the New York concert hall.
O’Connell made $530,044 in salary and benefits during the fiscal year that ended in June 2008. The four other members of the full-time stage crew — two carpenters and two electricians — had an average income of $430,543 during the same period.
Impressive. Bloomberg's reporter suggests that the stagehands "benefit from a strong union." No kidding. But there's also this:
The Carnegie Hall board is led by Sanford I. Weill, former chairman of Citigroup Inc., and includes philanthropist Mercedes Bass, former World Bank president James Wolfensohn and Sallie Krawcheck, president of Bank of America’s wealth-management division.
OK, I see it happening like this. It's 2005. The union rep comes into the room and starts off with a joke. "We're not greedy. Half a mil a year will get us out of your hair." Weill, who's busy trying to figure out his piece of Citi's structured finance action for the month, just laughs. A minute later he's approved the contract and left the room.
Who says a rising tide doesn't lift all boats?