OK….I’m not one of those guys who gripes about CEO pay scales…let’em earn the millions they desire—BUT…..if they drive their companies into bankruptcy, why on earth do they get a golden parachute?
This week’s troubles on Wall Street and the financial markets will toss thousands out on the street. They’ll be jobless as we head into the winter season-and their stock/stock options are worthless. Their 401k’s, stuffed with the shares of their now-defunct company are also diminished.
The big guys in the Executive Suite are not likely to face that same fate. Their Boards of Directors have, in most cases, crafted an “exit package” that will keep them from clipping coupons for the rest of their lives. And there is something fundamentally wrong with that.
No doubt there will be class action civil suits, brought by disgruntled ex-employees, looking to exact their pound of flesh from the people they once reported to. It’s doubtful that anyone will win-with the exception of the lawyers.
Of course, the candidates have weighed in with their solutions-and I readily admit that I don’t have the answer. I do know that whatever solution that comes about to prevent this type of situation from ever happening again will need to contain at least these ingredients:
1) Disincentive (read: “prison”) for anyone whose actions steer their company is a reckless direction in the name of profits and
2) Restitution from all assets (company and individual) who let greed guide them
I’m Tim Moore…and I approved this message
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment