Have seen this scenario played out more than once. Its a shame that some companies will take a big dollar chance on the unknown, when they have tried and true employees right under their roof working for peanuts. The veteran employee should consider this as job security. Rarely do the high paid new hires last all that long!!!
"It's also because they've worked at other shops before coming to work here. This means that they bring some outside knowledge to the table that you simply don't have because you've worked here so long!"
I had lunch with our National Sales Manager and she told me that she had been accidentally CC'ed on an email to let her see the base pay of a newly acquired Regional Sales Manager which was more than she is making. We discussed how to broach that subject with the VP. Can't wait to hear what that explanation is. "Um....Uh....you weren't supposed to see that". Is there an alternate reality where life is fair?...no...ok I'll go back to being depressed.