Send a Tweet
Most Popular Choices
Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Tell A Friend Printer Friendly Page Save As Favorite View Favorites
Exclusive to OpEdNews:
OpEdNews Op Eds

Stop Corporate Socialism

By       Message BFalcon       (Page 1 of 1 pages)     Permalink    (# of views)   4 comments

Related Topic(s): ; ; ; ; , Add Tags
Add to My Group(s)

Funny 1  
View Ratings | Rate It

opednews.com Headlined to H3 9/20/09

Author 28059
- Advertisement -
Joe Kernen is a great guy but today he was very wrong. While discussing the salary of the Citibank CEO he invoked socialism as the doctrine that would require reduction of his salary. As the matter of fact, he is keeping his outrageous salary due to corporate socialism that is protecting rich and powerful non-performers. In capitalism, somebody owns a company and either runs it himself or employs somebody else. If the company goes south he loses money (too bad if he is in charge, if he employs somebody else, he is fired). But in public companies today, shareholders "own" the company but they gave all the power to the Board. The company goes south, everybody in charge has golden parachutes. They may fire workers but the big brass will collect what was protected with iron-clad contracts as their due.
In this case, Citibank and others are only technically not in bankruptcy. If this was 1929 their stock would probably go to 12 cents a share or something. Nobody, including CEO, would get any money without approval of the bankruptcy judge. But the company today is on government's life support. It seems that we still would need to ask some judge as to how much money to pay everybody there.

Also, stop talking about the present CEO's as some meritocracy of people "who know how to get job done". There are few of these but most of them just securely climbed the corporate ladder with a lot of irrelevant factors helping them. Most of them could be safely replaced with other guys and nobody would see a difference.

So, let us stop the corporate socialism and introduce the capitalist notion of cruel personal responsibility. The working people who do not do the job well get fired. No mercy for their supervisors and CEO's.

By the way, a Republican today stated that these companies will not do well as long as the government owns interest in them. As if they got there by performing well in the first place, my friend.

 

- Advertisement -

Funny 1  
View Ratings | Rate It

opednews.com

Came to this country from my native Bosnia to do cancer research. When Serbs attacked Bosnia I could not go home so I stayed practicing medicine in very different settings. As a new American citizen and born Bosnian I appreciate both countries. The (more...)
 

BFalcon Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Obama tax cut

Stop Corporate Socialism

Two things to do, Mr President