Reference no: EM131436471

The global recession that began in December 2007 has been described as, "one of the most difficult financial and economic episodes in modern history" by U.S. Federal Reserve Chairman Ben Bernake. Millions of people around the globe have either lost their jobs and/or have had hours and benefits cut. Millions globally have also lost a large portion of their retirement funds and in most cases have also lost significant equity in their homes. Meanwhile as has been reported in the media, Chief Executor Officers (CEOs) of the world's largest companies continue to receive extravagant bonuses even though their company profits have plummeted and many of their employees have been laid off or fired due to the "bottom line." Is this ethical? Why or why not? Should anything be done about this (e.g., should the federal government step in and regulate pay)?