Sure, $37 million for CBS CEO Les Moonves looks bad. Consider:

--CBS just dumped a bunch of its local TV news people, including about a dozen at KCBS.

--CBS stock fell 13 percent last year (and 20 percent so far this year).

--CBS net income fell 25 percent last year.

--CBS ad revenue fell 2 percent last year.

--CBS's prime time ratings have fallen 23 percent so far this year.

Also consider that the $37 million pay package is a 28 percent bump from a year earlier - and it comes at a time CEO compensation is cooling down a bit.

But wait, there's more! Since Moonves lives and works in both NY and LA, he is subject to taxes in two states. Not a problem. Last summer CBS amended the terms of his employment agreement so the company would pick up all NYC and NY State taxes. That’s one lucky so-and-so.(Lawdragon, Silicon Valley Insider)