The CEO Paying Everyone $70,000 Salaries Has Something to Hide

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It seemed too good to be true. On April 13, with reporters from the New York Times and NBC News hovering nearby, Dan Price, the young chief executive officer of Gravity Payments, a Seattle-based credit card processing company, told his staff he was raising their minimum salary to $70,000 a year. Some employees would see their wages double. There was more: He planned to cut his own $1.1 million compensation to help cover the cost. The idea came to him, he’d later tell the media, after talking to a friend who earned less than he did. He’d read about a study showing that extra income improves the happiness of people who earn less than about $75,000. “It’s not about making money; it’s about making a difference,” Price told the Today Show, one of two dozen TV interviews he did in the days following the announcement… More at Bloomberg.

Always a story behind a story.

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