Posted by: Rick | Thursday, October 22, 2009

The Stupid Party

Rush Limbaugh and Sean Hannity are both attacking Obama today for slashing the salaries of executives who bankrupted their companies and got billions in taxpayer bailouts.  

You really have to hear it to believe it: Rush and Sean are portraying the incompetent CEO welfare queens as victims! 

Go figure.

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Responses

  1. Well it was Sean Hannity who said the collapse of the economy was entirely due to poor people taking on mortgages they could not afford and liberals in congress, and had little if nothing to do with anything anyone was doing on wall street.

  2. The primary argument against cutting these salaries seems to be that “good” execs will go elsewhere for far more money and less hassle, and companies like GM will have a hard time finding the best people for the job.

    I disagree – a smart exec might take the job based on:
    a) the free press they’ll get and the subsequent income they can earn by becoming a “Celebrity CEO” (i.e. becoming the next Jack Welch)

    b) the provision that if (s)he succeeds, (s)he will be compensated at a far greater level than the market would otherwise pay (tied directly to the amount of REAL growth the company achieved, of course).

    Sure, the prospects for these positions may be limited, but I can’t see someone not wanting to take the job. Isn’t that what “American Spirit” is all about?


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