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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:
Commentary — November 17, 2015, 6:41 pm
The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
In Havana, the past year has been marked by a parade of bold-faced names from the north — John Kerry reopening the United States Embassy; Andrew Cuomo bringing a delegation of American business leaders; celebrities ranging from Joe Torre, traveling on behalf of Major League Baseball to oversee an exhibition game between the Tampa Bay Rays and the Cuban national team, to Jimmy Buffett, said to be considering opening one of his Margaritaville restaurants there. All this culminated with a three-day trip in March by Barack Obama, the first American president to visit Cuba since Calvin Coolidge in 1928. But to those who know the city well, perhaps nothing said as much about the transformation of political relations between the United States and Cuba that began in December 2014 as a concert in the Tribuna Antiimperialista.
Chances that a Republican man believes that “poor people have hard lives”:
A school in South Korea was planning to deploy a robot to protect students from unwanted seductions.
Nuremberg’s Neues Museum filed a criminal complaint against a 91-year-old woman who completed a crossword puzzle that was in fact a $116,000 piece of avant-garde Danish art.
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“Matt was happy enough to sustain himself on the detritus of a world he saw as careening toward self-destruction, and equally happy to scam a government he despised. 'I’m glad everyone’s so wasteful,' he told me. 'It supports my lifestyle.'”