It was apparent this week when the CEOs of America’s big three car companies flew on their respective private jets (no plane-pooling there) to beg for government welfare that said CEOs are a big part of the problem.
Certainly any loans or other band-aids should contain a requirement that all executive compensation agreements be cancelled. No silver or golden parachutes and sell off the limos and the executive condos.
All of these executives ought to be willing to work for a base salary of no more than $100k plus a bonus calculated on the company’s bottom line.
Not that I agree that there should be a big-three aid package.
Failure is not a bad word. Businesses come and go. Those that have survived across generations and become American institutions are not sacrosanct. Many times, companies and nations deserve to fail. Clear the decks and let new ideas and greater flexibility come in. The future does not belong to the unweildy.
