October 08, 2008

First, kill all the CEO's

The thing I really hate about communists is that when they take over a country (it's been so long, hasn't it?) they usually start by killing the lawyers. They should start by killing senior management at most corporations.

The Guardian is reporting that some CEOs will not participate in the Treasury's recapitalization program because it would limit their compensation. As a shareholder, I'm LOVING the fact that these parasites are holding up recovery and forcing their own demise.

What's going to happen next is a delinking of executives from the boards. The boards will have to begin looking out for themselves as hungry lawyers greedily eye these wealthy men and women tasked with the oversight of corporations (most of whom control no stock). What will be entertaining is watching how fast these folks fall over themselves to eliminate the managers who would let their firms go down rather than take a pay cut.

And no, there won't be any severance. You refuse to participate in the Treasury's program, then you've violated your fiduciary duty to protect the shareholders and their capital. Once that happens, we WILL cut your balls off.

It's long past time that executives be treated like ordinary employees. And if we have to sue a few board members to get them to start doing their jobs, then so be it.

Posted by mcblogger at October 8, 2008 08:45 AM

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