Thursday, March 19, 2009
On Ed Liddy of AIG
I think this post has it about right. I mean imagine sitting in this guy's shoes. You've been a successful CEO. You've reached the pinnacle of the business world. Now, you've gone into retirement so as to enjoy the fruits of all of your hard work. You managed your company well. Certainly, it didn't get into the mess so much of the country's financial system is in. Now, it's your chance to sit back and enjoy yourself, maybe work on getting that ulcer and heart condition you've built up over so many years under control. Instead, nope you've been called in to fix one of the worst screw-ups in the entire financial system. You aren't doing it for the glory. Hell, no one will remember you, except as the company's mortician. You aren't doing it for the money. Hell, you're set for life, already. No, you're doing it either for your country or because it's the right thing. You agree to take this nightmare of a job. For $1 a year. Now, for a host of reasons (contractual agreement, preservation of your workforce, etc.), you make the decision to keep a set of bonuses in place. None of them are going to you. You're just getting your measley $1 a year. And the money was a set of payouts agreed to years ago to keep staff on board during the good times. But you're pretty sure you're covered. Hell, Congress just passed a law saying that you're allowed to pay out this money. And what reward do you get for your efforts and sacrifice, the pricks in Congress call you up for a public grilling and scorning. Bear in mind that these are the same pricks who held other execs up for using the same private jets that they use and played no small part in creating the financial mess in the first place. What would be your reaction?
Personally, I'd applaud Mr. Liddy if he went Galt on their asses.
