The chief executive officers of America's largest companies are grossly overpaid fat cats, Vanguard founder John Bogle told Dallas Morning News in a recent interview.

Although compensation committees and independent consultants are supposed to do due diligence on determining executive pay, executives stack the committees with cronies and hire consultants who aim to stay in executives' good graces, and continue to win their business, by recommending generous raises, Bogle said. As a result of this warped system, executives will continue to be overpaid.

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