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b> If the vision was there the salaries wouldn't offend in the least.
Absolutely. What offends the most is that these guys and their ilk
have systematically put short-term numbers ahead of long-term
viability, and they have rigged their own pay schemes so that they
are rewarded immensely for doing so. They profit from short-term
thinking, even when such thinking carries heavy long-term
consequences.
I think we (worldwide capitalists with an interest in corporate
management) need to consider taxation regimes (or something) that
make that kind of behavior impossible. Great salaries and great
bonuses are fine for great performance. But performance metrics that
look great for a quarter, or four quarters or so, often shine at the
distinct expense of the longer term. So we need to think about
making these rewards available only after time frames that juxtapose
with those longer term interests.
How to do that in a world fragmented into competing states is another
whole kettle of sakana.
But there is something inherently unstable about a situation in which
the management of companies way too big to fail can reward themselves
for putting those companies into situations where the state has to
come to the rescue. There should be stiff financial penalties for
the well-heeled manager(s) who comes cup-in-hand, warning of dire
societal consequences should we all refuse to "donate".
We've all heard of slash-and-burn agriculture, of course.
Slash-and-burn corporate management is just as bad.
Yuki
Friday, November 21, 2008, 7:46:29 AM, you wrote:
b> Political theater is performed at a much more sophisticated level in
b> the USA than anywhere else, although not with the finality of some
b> less democratic states.... something to do with all of the TV cameras.
b> The auto bailout is an interesting and drama packed sub-plot to the
b> long running financial soap opera.
b> Their lack of contrition, and the tounge in check banter, indicates
b> that it is accepted that they have not committed a crime.
b> It fails to shock .... it is all a symptom of where we are
b> collectively.
b> I see their negative campaign, drumming up the case for a 'loan'
b> (only good until next March) but I don't see anything about their
b> vision for the future.... their plans as to when, where, why and how
b> the 'big three' are going to emerge into the bright lights of the
b> brave new world.
b> If the vision was there the salaries wouldn't offend in the least.
b> Australian auto makers have been routinely queing for social security
b> (restructuring loans) as long as I can remember.... there isn't a day
b> in my adult life when that wasn't the norm.
b> A personal note -
b> Ignorance (Mumyo) is pervasive .... one can not hope to fathom it or
b> stand against it .... we can't catch it in our fishing nets and
b> discard it, as if we are clearing our waterways of a feral
b> fish .....cut off your slice of the cake and oppose that smaller
b> portion and have no concern for the rest.
b> brian_z
b> --- In amibroker@xxxxxxxxxxxxxxx, Yuki Taga <yukitaga@xxx> wrote:
>>
>> From the Washington Post:
>>
>> ---
>>
>> So it was hard to feel sorry for the executives when Rep. Peter
>> Roskam (R-Ill.), late in the hearing, reminded them again that "the
>> symbolism of the private jet is difficult," and mischievously asked
>> the witnesses whether, in another symbolic gesture, they would be
>> willing to work for $1 a year, as Nardelli has offered to do.
>>
>> "I don't have a position on that today," demurred Wagoner (2007
b> total
>> compensation: $15.7 million).
>>
>> "I understand the intent, but I think where we are is okay," said
>> Mulally ($21.7 million).
>>
>> "I'm asking about you," Roskam pressed.
>>
>> "I think I'm okay where I am," Mulally said.
>>
>> And don't even think about asking him to fly commercial.
>>
>> ---
>>
>> For those of you living in caves, the "Big Three" auto execs each
>> took a single private jet to Washington from Detroit (24 commercial
>> flights per day) to beg for money. (The Chrysler guy -- Nardelli --
>> did actually offer to work for 1 dollar next year.)
>>
>> The guillotine seems too "kibishii". But stocks (the physical
b> kind ,
>> not the financial kind) seem more appropriate than any Japanese
>> remedy. I'm stocking up on rotten vegetables, just in case.
>>
>> Yuki
>>
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