“I fear the government has passed the point of no return, we have the irony of a free-market administration doing things that the most liberal Democratic administration would never have been doing in its wildest dreams.”- Ron Chernow, financial historian-New York Times 9/18/08
Bailout Bonanza Detroit- Seems like Mssr. Wagoner, Mulally and Nardelli have been charming the pants of members of Congress the past two days. Lawmakers seem to be swayed into agreeing to $25 billion in subsidies for automakers. Nancy Pelosi gushed: “We see this as a way to strengthen the technological base of America,” “We consider this a major investment in innovation”. Allen Mulally, the chief executive of Ford, had this to say: “It was a great day.” When asked about the perception of the bailout Mulally replied gleefully, “I would characterize it as an enabler.” Wow, he got that right. He is the enablee of the enabler. Presidential election years continue to prove just too grand.
Source: New York Times
344:1- This is the current ration of CEO pay to worker pay. Nick Kristoff’s column in today’s NY Times perfectly lays out the reason any new government regulation after this weeks mess, needs to begin with CEO compensation. This is a must read column for all us worker bees.
Respect- Phillip E. Clapp 1954-2008
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