Merit Pay in a Meritocracy
From Ken Auletta's profile of Henry Blodget in the April 8, 2013 issue of The New Yorker:
Not long after the 2000 merger of AOL and Time Warner, Blodget predicted that within two years the resulting enterprise would become the world's most valuable company. It turned out to be the most disastrous merger in corporate history. Meanwhile, Blodget's compensation at Merrill Lynch rose from three million dollars, in 1999, to twelve million, in 2001.