Redline Doc

Jun 22, 2009 - 3 minute read - Commentary of the times

Heads on pikes

It seems its a day of good news bad news. The good news seems to be that the boys at Goldman Sachs are snuffling at the trough and ready to suck up those great well deserved bonuses for having put us in the worst recession since the 30’s perhaps worse than that.  I fear that we missed an opportunity for heads on pikes. I’m not ordinarily a gory sort of fellow; however, if a few of those egregious folk had their heads up along the boulevard perhaps fewer of these guys would be snorting at the trough so soon. Its a sign that regulation has lost and that we as a nation have or will loose big time now that the game is a foot and the money is liberally flying around again.
It makes me wonder in some ways what the big call is for CEO’s. I hear one company after another looking for the most expensive CEO guy they can find. I have no problem paying for success. Its the paying for the failures. United Airlines, General Motors, Chrysler, Hewlett Packard – each of those men and women walked away handsomely endowed with bonus and super bonus and stock options. As each of these companies tanked and drew down the economy we threw MORE money at CEO’s. I’ve yet to see cat skeleton’s around full cat food bowls.  I believe if we all went to reasonable executive pay and said NO MORE! that indeed CEO’s would be paid proportionately and reasonably. Perhaps we should make the CEO take some of the risk (not with fake-o securities from the board but with his own monies. Perhaps, as in days of yore, CEO’s should bear a percentage of risk and win-lose with the company.)

Danny DeVito, ever a mirror for the times, did it well with “Other People’s Money”.

The Harvard business school recently announced that they might teach business ethics to their grads. What a concept! Such things as stealing from old ladies is wrong, wiping out the life savings of people and towns is poor for future business, and the future. My son said that if once in a while if the inchoate mob, those who lost nearly everything, had an opportunity to be in a closed area with the hedgies and mutualaholics who ground their savings from real to imaginary numbers that much of this would be object lesson.

But then, that’s pretty gory.

Heads on pikes. Not a lot. Just a few. Some in Wall Street. Some on K Street. Some along the mall. Sobers the crowd and makes us remember that there really are people who are responsible. Until then, it’s still “Buddy can you spare a (discounted) dime.”