The bottom line
The biggest U.S. corporations set CEO pay records in 2018 for the fourth year running. The median compensation for an S&P 500 CEO rose to $12.4 million, up 6.6 percent year over year and the highest level since the financial crisis of 2008.
The Wall Street Journal
Sixty percent of male managers say they are uncomfortable mentoring and socializing with junior-level women, an increase of 32 points from the previous year, according to a new poll. The survey found that 36 percent of all men purposely avoided mentoring or socializing with a female colleague because they were “nervous about how it would look.”
The IRS audited just 6.66 percent of the 16,000 tax returns filed by people with more than $10 million in adjusted gross income last year, down from 14.52 percent in 2017 and the lowest rate since records began in 2008.
A stainless-steel, 3-foot-tall bunny sculpture by Jeff Koons sold for $91.1 million, an auction record for a living artist. The buyer was art dealer Robert Mnuchin—father of Treasury Secretary Steve Mnuchin—who bid on behalf of his client, hedge-fund billionaire Steve Cohen.
The 31 most prominent nonprofit hospitals generated $68.5 billion of revenue last quarter; their combined net margin of 16.4 percent has nearly tripled since 2018. While rural hospitals are dying, many large hospital systems in cities and suburbs are swimming in cash.
Investors short-selling Tesla stock have profited by $3.88 billion this year, after losing $1.4 billion in 2018. Tesla bears are up more than $1 billion in May alone after shares fell 20 percent.