Joseph Stiglitz: ‘Executives Did Very Well, Shareholders Have Done Miserably

Left-leaning economist and Columbia professor Joseph Stiglitz appeared on CNBC’s Squawk Box Monday to talk about his new book “The Price of Inequality,” but he also got into a heated argument with host Joe Kernen on the nature of capitalism and the state of income inequality during the appearance.

“One of the problems we’re talking about…is that we have large corporations where the CEOs often run the corporation for the benefit of them and their group around them and not for the benefit of the shareholders. That’s 21st century capitalism,” Stiglitz said.

“You look at what happened in the banks, the executives did very well,” he added. “The shareholders have done miserably.”