Having been a sailor on a sinking ship for all of 2009 myself, it has astonished me that the captains who steered the ships off course in the first place should be rewarded for drilling big holes in the hulls. And it's been all the more stunning that they should receive generous bonuses (made up of taxpayer's money) when it's been the very taxpayers whom they have screwed who have saved their sorry gluteus maxima.
At the level of the lowly employee, bonuses, pay raises, and promotions are based on performance. Do good work, get a bonus. Do bad work, get canned.An executive, who is responsible for the overall performance of a company, should be rewarded based on the same criteria. If the company does well, the executive should do well. Conversely, if the company does poorly... You get the idea.
When did it become logical that an executive should be rewarded for actions so foolish that the Federal Government had to spend billions of taxpayer dollars to prevent the collapse of the entire American economy because of them? That's like paying the 9/11 terrorists for a job well done.
I understand that when a ship is sinking there needs to be some incentive given to those who will lash themselves to the wheel and steer the boats back out of the storm. For an example of this reasoning, go here.
But if the taxpayers are supplying the rope, the maps, the compass, the wet weather gear, the patches for the sails, a new rudder, provisions for six months, rum for the crew, and a dozen heavily armed escort frigates to help them get to dry land, I think the captains owe them a little something -- or a lot -- in return.
Kudos to the Connecticut legislature for ensuring we recoup some of our losses.
(Photo Credits: Pink Slip-textually.org; Boat-Tatiana Popovo/istockphoto)
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