By Jeffrey Goldfarb
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
The Great Debate
Successful provisional governments are quickly forgotten. Failed provisional governments, like the one during the 1917 Russian revolution, can be remembered forever.
On Friday U.S. District Judge Richard Sullivan will sentence former SAC Capital Advisors hedge fund manager Michael Steinberg for his conviction in December on five counts related to insider trading. Steinberg is one of two former SAC employees whom federal prosecutors believe have firsthand knowledge of insider trading by SAC’s founder, Steven Cohen. Cohen has not been charged with any crime. Though Steinberg will likely receive a lengthy prison term, neither he nor Mathew Martoma, an SAC colleague convicted in January, is — at least publicly — cooperating with the government.
Today, fast-food workers in 150 cities across America and 30 countries across the world are striking over what they say are low wages and unfair working conditions in order to achieve what Seattle is very close to implementing: a $15 per hour minimum wage.
No, that isn’t a typo. It’s really my salary.
You see, I work for McDonald’s in Denmark, where an agreement between our union and the company guarantees that workers older than 18 are paid at least $21 an hour. Employees younger than 18 make at least $15 — meaning teenagers working at McDonald’s in Denmark make more than two times what many adults in America earn working at the Golden Arches.