“Demonize The Executives” Straw Man Continues To Be A Favorite With The Media
Our President has just taken the unprecedented, and unbelievably scary, action of bullying a private sector company into canning its CEO. Our President is also calling for the authority to allow his administration to take over pretty much any company it wants.
But what is the media talking about? The fact that GM’s CEO is getting millions in retirement payouts.
Rick Wagoner will leave his post as CEO of bailed-out General Motors with a $20 million retirement package, the company’s financial filings show.
Although the Treasury Department has barred GM from paying severance to Wagoner or any other senior executive, Wagoner is eligible to collect millions in retirement benefits from his former employer, according to the documents reviewed by ABC News.
The Obama administration asked for Wagoner to resign Sunday, as part of its restructuring of the auto industry. President Obama said this morning that forcing Wagoner out indicated it was a time for new leadership.
This will no doubt set off another round of hating from the outrageously outraged, not to mention no small number of outrageously outraged speeches on the floors of both houses of Congress as the politicians weigh in, but the truth is…who cares if this guy is getting a retirement?
What we should care about is the fact that our government has squandered billions on companies like General Motors, and now the government’s genius solution for the company now that they’ve fired the CEO and taken charge is bankruptcy. Something GM could have done on its own without billions in wasted money from we taxpayers.
The politicians want us to get all outraged over these executives, but really we should be outraged about what the politicians are doing.
