Are ya'll as sick of hearing about bailouts as I am? I know you guys have been watching with awe as the Big Business Execs troop to DC like ants on a mission with their hands out for BAILOUT money. I have to hand it to them... they have no shame and no concept of how this looks to the taxpayers flying coach to watch these corporate elites show up in private jets asking for our money. They just march on into Congress with heads held high.
Ya know, my family did not take a vacation this year due to the high cost of gasoline. Yet Congress thinks that Citicorp, Wachovia, the auto industry and (my personal favorite) AIG needs the money more than we do. These execs have no intention of doing anything different than what they have always done - live high on the hog and spend, spend, spend.
I heard a Democrat this week on Fox and Friends defending the AIG spa/golf trips. He claimed that they were kissing up to clients and this is part of business. I say BS! If your business is failing, you cannot afford to spend $400K to schmooze clients. Additionally, AIG has never claimed this was a client kiss-ass event. AIG said that these pampering events were for divisions of the company that were doing well - not the failing part.
I applaud Congress' decision to not hand over a truckload of money to the auto industry until they comeback with a plan; However, does anybody think they will actually have a plan that they cannot manipulate after they get the money??
Personally, I want them to force them to have a PLAN for the money, have some public accountablity and have to payback taxpayers with interest. The reality is that Congress is hellbent on giving away billions and billions of taxpayer money in bailouts - okay, but let's see some bang for our buck!
I EXPECT TO SEE EXECUTIVES OF FAILING COMPANIES PASS ON THE BONUSES AND TAKE PAY CUTS - THEY ARE LUCKY TO STILL HAVE JOBS. If they are unwilling to do so, I want to apply for the CEO position of GM - heck, I could run it intot the ground as well as the current CEO and I'd do it cheaper than he is. I would be willing to work for one million a year and I can go to Congress with a better plan than the one he did!
According to Executive Pay Watch Database, the GM CEO G. Richard Wagoner raked in $19,761,874 in total 2007 compensation. Alan Mulally, CEO of Ford earned a whopping $22,750,385 in 2007. Chrysler CEO Bob Nardelli is not obligated to disclose his salary because Chrysler is privately owned; however, his severence package from Home Depot after running it into the ground was an unbelievable $210 million.
Nardelli is willing to accept a salary of $1 in 2009 to secure the federal bailout. Wagoner and Mulally were not so willing to take one for the team. More insulting was that Mulally stated that he already took a 50% decrease in pay a few years ago and he is afraid that cutting executive pay would run off the "top talent". HEY, Mulally!! Your "top talent" is bleeding the company dry!! Wake up and smell what you guys are shoveling!!
I could go in there and work for a fraction of what these guy are paid and get the company within a budget. No bonuses unless the company is in the black and then they are a percentage of profits - not flat outrageous figures! Contracts - what contracts?? I'd just file for bankruptcy and get some realistic employees. Since when did a bonus become automatic in a failing company??!!
On that note, the bailout allows the company to avoid bankruptcy. This means that the company is obligated to honor all those union contracts that have the Detroit auto workers making twice what people in the South are making for doing the very same work.
Guess what Detroit - the ride is over because the money is running out. Somebody better be ready to take a paycut or be prepared for the job cut!!
The Most Beautiful Act of Compassion
3 years ago