Gordon Gekko "Greed is Good" flaw to Bailout

[LVZ]

Although there is rightful outrage around the nation about allowing CEOs to receive $millions after they mismanaged the finances of their companies and now want the companies to be "bailed out" by the taxpayer, tacking on provisions to limit "golden parachutes" for those CEOs to $400,000 are likely to be ineffective.

Selfishness and greed of many, if not most, of the affected CEOs and corporate officers, will steer them toward letting their companies go bankrupt before they would submit to losing their own selfish multimillion dollar perks.

There is definitely a need to reform the common practice of firms like Hewlett-Packard (HP) rewarding people like McCain campaign advisor and ex-HP CEO Carly Fiorina with $47 million payouts when they fail.

Unfortunately, it is very hard and probably impractical after-the-fact. CEO pay compensation reform needs to happen on the front-end. I'm am sure that there are nations that already do this and we should find out what has worked in other environments and adapt "lessons learned" to our own situation before blindly assuming we already have the answers.

[DJ13]

1. Any CEO that refused a bailout and allowed the company to bankrupt

.....would be setting themself up for shareholder lawsuits so big that Enron would look small by comparison.

The CEO's operate under a rule called "Fiduciary Duty" to do what in the best interests of their shareholders, and refusing a bailout because they wont get a bonus would be a violation of SEC regulations.

These types of articles are PR pieces designed to try and keep the good old boys network alive, nothing more.

[LVZ]

2. What type of articles? It is just my opinion ...

Since no agreement has been reached yet, neither you nor I know the details. I doubt there would be a situation of "refusing a bailout" since submission to government regulation would be voluntary.

"Fiduciary Duty" or not, IMO, most affected CEOs, especially those who have defrauded/mismanaged/failed, will act in self-interest and cover up their tracks as best they can just as they do now. To think otherwise is simply naive.

It is all about $$$$.

[LVZ]

3. When did honest opinion become an "attack target"?

DJ13,

DJ13: "designed to try and keep the good old boys network alive, nothing more."

This is quite offensive to someone like me who has been consistently critical of "corporate greed" and "good old boy" networking longer than you have probably been alive, especially when you don't know what the fuck you are talking about.

For some of my other opinions you can check out my locals forum (adm702) at:

http://lasvalley.com

http://eforum.reviewjournal.com/lv/showthread.php?t=27485

[LVZ]

4. Country First - yeah, right ...