Does Management Exploit Capital?: "If it's true that the CEO community has created a cartel of interlocking insider-dominated boards that conspire to pay executives above their prevailing wage, the people being victimized are not the firm's low level employees but the firm's owners. You'd be looking primarily at a redistribution of wealth from one set of rich people to another set of rich people. "
'via Blog this'
I am sure there are plenty of better and more sophisticated Marxist critiques of Yglesias/ view, but its good to remember, it is labor that creates value, and thus is the exploited party.