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I spoke today with a former government official who was appalled by Obama’s suggested emergency aid to the auto industry and by the Bush administration’s bail-out of the financial industry. Here’s what he had to say:
I’m against these bailouts on principle but if you’re going to give these firms money, it certainly should be predicated on firing the CEOs, the CFOs and the whole corporate command structure. Management always has an excuse – it was the unions or the economy was bad or something else. But you were the guys in charge and now you want us to throw $25 billion into your failed company?
If it’s decided that a bailout is in the country’s strategic national interest, fine, then do it. But the taxpayers should not be asked to turn the money over to the people who fucked up the companies and ran them into the ground. But that’s the way it is across the board, there’s no accountability. The government didn’t fire anyone after 9/11 either. How do you even talk about generating innovation and creativity when you reward failure with staggering amounts of money? It violates every tenet of leadership and management.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Chances that an applicant to a U.S. police force in 1992 was found to be “overly aggressive” on psychological tests:
Engineers funded by the United States military were working on electrical brain implants that will enable the creation of remote-controlled sharks.
Malaysian police were seeking fifteen people who appeared in an online video of the Malaysia-International Nude Sports Games 2014 Extravaganza, and Spanish police fined six Swiss tourists conducting an orgy in the back of a moving van for not wearing their seatbelts.
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“I hope that after reading the following pages the leaders of the Y. M. C. A. will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.”