I think his point, without the "jackasses" part, is this - value creation is not zero sum, but value claiming is, so if you're creating more value than you're claiming in compensation, it implies that the person on the other side of the table is claiming more compensation than they've created value. This is what you're negotiating when you negotiate salary, benefits, and working conditions, and a lot of that has to do with your BATNA - the pay you could be getting elsewhere, and the others your employer could hire.

So if you could be getting more elsewhere, then the others who are splitting up the profits are getting more compensation than they created value - others who are getting far less than their market value aren't part of the negotiation, unless your employer is thinking of hiring them.

In short: If you're thinking of working in Finance, and your employer has no intention of hiring a starving programmer from another country, then you're underpaid. If your employer is looking into outsourcing, and you're not searching for jobs, you're overpaid.