Gerald Grinstein, the former CEO of Delta Air Lines, refused to take any bonuses, stock options, or extra compensation for 2006 and instead would take only his base salary of $338,000. Grinstein arranged to have $1 billion distributed to about 39,000 nonunionized employees and 1,000 managers within 12 to 15 months after the airline emerged from bankruptcy. “I’m the dawning of the old age,” was the comment the 74-year-old CEO made when asked why he was taking such an unprecedented step.31 Grinstein is giving up an estimated $10 million. He also added, “Corporate pay packages have gotten out of control. It has become a salary derby out there.” Grinstein still arranged to have bonuses for top executives if they hit certain profit targets and explained, “You have got to have a program that attracts executives but at the same time you’ve got to take care of the relationships with front-line employees.”32 Apply the various schools of social responsibility to Mr. Grinstein and decide which he followed. Think about the regulatory cycle’s application to the issue of CEO pay. What do you think regulators will do?