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The story goes that when the company founded by Andrew Carnegie was taken over by the U.S. Steel Corporation in 1901 it acquired as one of its obligations a contract to pay the top Carnegie executive, Charles M. Schwab, the then unheard of minimum sum of $1,000,000. J.P. Morgan of U.S. Steel was in a quandary about it. The highest salary on record was then $100,000. He met with Schwab, showed him the contract and hesitatingly asked what could be done about it. 


“This,” said Schwab, as he took the contract and tore it up. That contract had paid Schwab $1,300,000 the year before. “I didn’t care what salary they paid me,” Schwab later told a Forbes magazine interviewer. “I was not animated by money motives. I believed in what I was trying to do and I wanted to see it brought about. I cancelled that contract without a moment’s hesitation. Why do I work? I work for just the pleasure I find in work, the satisfaction there is in developing things, in creating. Also, the associations business begets. The person who does not work for the love of work, but only for money, is not likely to make money nor to find much fun in life.” (Bits and Pieces, May, 1991, p. 2.)

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