“The market rate for me as a CEO compared to a regular person is ridiculous, it’s absurd.” So said Dan Price, the founder of a Seattle payments outfit who just raised his company’s minimum wage to $70,000 a year.

+ To free up cash, Price cut his own salary from a million a year down to $70K. So, at least in one office, American’s massive pay disparity problem has been addressed. Will others follow suit? Probably not. And in part, that’s because you think — despite plenty of evidence to the contrary — highly paid executives are well worth the price. The New Yorker’s James Surowiecki explains why CEO pay reform failed.

+ WaPo: Where the poor and rich really spend their money.