{"id":199361,"date":"2007-08-07T22:32:00","date_gmt":"2007-08-08T03:32:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2007\/08\/07\/evil-incompetent-executives-failing-up\/"},"modified":"2007-08-07T22:32:00","modified_gmt":"2007-08-08T03:32:00","slug":"evil-incompetent-executives-failing-up","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2007\/08\/07\/evil-incompetent-executives-failing-up\/","title":{"rendered":"Evil Incompetent Executives Failing Up"},"content":{"rendered":"<p>I see this as a classic market failure.  <a href=\"http:\/\/money.cnn.com\/2007\/08\/06\/news\/companies\/chrysler_call.reut\/index.htm?postversion=2007080614\">Bob Nardelli being named head of Chrysler is an indication of how corrupt and self serving our &#8220;manager&#8221; class has become<\/a>. (Full disclosure, I worked for this guy when I was at GE Transportation Systems working on locomotives, but I never met him).<\/p>\n<p>Here is a guy who engineered massive stock losses at Home Depot, and walked away with bonuses as a result&#8230;.Great steward of shareholder value there&#8230;huh?<\/p>\n<p>He&#8217;s gotten the job because it&#8217;s a way for other managers to guarantee that <span style=\"font-weight: bold;\">they<\/span> fail upward too.<\/p>\n<p>This is corrupt, plain and simple.<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>He said he hoped his own compensation would not become an issue in Chrysler&#8217;s ongoing contract talks with the United Auto Workers union.<\/p><\/blockquote>\n<p>Yes, I sure you don&#8217;t want that to be an issue, you contemptible greedhead.<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>Nardelli said Chrysler&#8217;s established restructuring plan is adequate but added that as a private company the automaker will look to move quickly to monetize some assets, with a focus on cash flow rather than reported earnings.<\/p><\/blockquote>\n<p>That one&#8217;s pretty easy to read: Cerberus bought Chrysler for what amounts to a few magic beans, and they are going to treat it like a chop shop treats a Lexus.<\/p>\n<p>Our system of values in the US is more f%$#ed up than Osama bin Ladens.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I see this as a classic market failure. Bob Nardelli being named head of Chrysler is an indication of how corrupt and self serving our &#8220;manager&#8221; class has become. (Full disclosure, I worked for this guy when I was at GE Transportation Systems working on locomotives, but I never met him). Here is a guy &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1108,970,973],"tags":[],"class_list":["post-199361","post","type-post","status-publish","format-standard","hentry","category-auto-industry","category-corruption","category-economy"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/199361"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=199361"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/199361\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=199361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=199361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=199361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}