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Monday, April 20, 2009

Today's execu-greed story

Now it's the guys running Chrysler Financial. Enjoy the bankruptcy, boys -- few tears will be shed for you.

Comments (4)

These guys at this company are among the greediest of the greedy. They won't put anymore of their own money into Chrysler yet have their hands out for government money. They want to protect their own millions but are gutting UAW and management pay and jobs. These guys shouldn't get another thin dime of federal money unless they match those loans with their own money.

So, these guys won't take any more bailout money and insist on going down with the ship.

Looks like a good plan to me.

Fellows, anything I can do to help that?

If there are going to be executive pay limits when the government owns any part of your formerly private corporation then I would likewise suggest that if government treats your company specially from any generic corporation via the tax code then such executive pay limits should also be applied. It should not be piece meal and subject to negotiations, but a one size fits all thing. Otherwise the lure of corruption is too great. Acceptance of the limits would just be a condition of availing oneself of the tax break.

Maybe this might be the key to cleaning up all the targeted tax breaks? I see hope. Is corporate welfare reform on the horizon? Is the private lure of Economic Development incentives via inequitable taxation doomed? (Not to be confused with genuine economic development.) Will the inherent meddling nature of any legislative body change? Fat chance.

If the cap is set low enough then government workers would also lose their best argument for astronomical public pay, the demand for parity with CEO pay. I say cap it at 3 times the median un-public-gift-tainted private sector median wage.

No exceptions for declaring oneself a non-profit entity.

Lets try this again.... This relates to Chrysler Financial a seperate entity that is in decent fiscal shape. Not Chrysler LLC who is not....

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