Context is everything, and in the current context (the end of the class war), then even having a go at executive pay rises can be a problem.
The trouble with having a go at greedy management in the current context is that without seeing class, the management looks just like you, only a bit better off on a sliding scale, and impossible to draw a social distinction. In fact the management have successfully passed themselves off these days as just another employee like anyone else. Better paid maybe, but subject to stress and sacking etc just the same.
In this situation, them getting big pay rises does create tension. In the past it would have just looked like executives acting like executives.
In the absence of class (awareness) then, having a go at greedy bosses isn't useful, since if they have to restrain themselves, so of course do you. It's also why James is right about the executives own outlook on it, why they feel defensive about getting the pay rises. They don't even see their own position. It's not only the working class that has declined.
I don't feel like cheering when they get a pay rise of course, but at least it gives me the opportunity to say, 'OK then, where's mine?' That's a slightly different proposition (and more useful I submit) to having a go at them getting it in the first place.
Paul
ps Anyone remember the morality play of Blair making the UK lottery bosses give their bonuses to charity? Question: Who benefited? Well, Blair did in the first instance, then the bosses did ultimately, since they had good justification for asking for pay restraint.