To reach this conclusion, Bove compared the pay of the top 15 sports figures and the top 15 executives of both financial and non-financial firms. Bove says that the average total compensation of the top 15 ahletes was $40 million per year (median $31m); "the top non-financial executives received $39 million on average (median $30 million) and the top 15 financial executives received an average of $30 million (median $21 million)." He says the average NBA player makes $5 million per year and the average MLB player makes $3 million. "The average employee foris estimated at $800,000 this year."
With Washington spoiling to put pay restraints on bankers, Bove says the government apparently "believes that allocating funds to [the financial] sector is not as productive for the economy as, say, being a shooting guard for the Los Angeles Lakers, or a third baseman for the New York Yankees."
Of course, when Babe Ruth was asked why he made more than Hoover, he responded, "I had a better year than he did."