Auto Executives Go To Washington
What's destroying the American dream? For one thing CEOs who believe they can live above the law, cheat the system, and exploit the weak. In Japan, Toyota's CEO Katsuaki Watanabe makes $1 million in compensation while the company will make $5 billion in profits this year. Here in the U.S., GM's CEO Rick Wagoner makes $16 million while the company will report $16 billion in losses and Ford's CEO Alan Mulally makes $22 million while the company will report losses of $7.5 billion. Make sense? To make matters worse, the GM and Ford CEOs flew to Washington this past week to ask Congress for a bailout of over $25 billion. They arrived on their corporate jets and had no business plans for solving their company problems. Insane. Actually, I don't have a problem with CEOs making lots of money as long as their companies, employees, and shareholderes are also making lots of money. But when CEOs receive enormous compensation while their companies experience huge loses and then plead for someone to bail them out, it's nothing but abuse of power. The CEOs of GM, Ford, and Chrysler should be fired. They just don't get it.
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