Monday, March 30, 2009

Wall Street Is Teacher's Pet

The Obama administration has forced the resignation of General Motor's Chairman and CEO, Rick Wagoner. On the back of this news, the stock market has hit the skids on Monday. I guess some of the players don't like to see Uncle Sam forcing out the CEO of a private company.

I am also upset by this piece of news. But not because Rick Wagoner was forced out by the government. Mr. Wagoner is an incompetent boob who should have been forced out years ago. If there had been a competent Board of Directors and/or non-complacent GM shareholders, Mr. Wagoner would have long ago found himself unemployed.

I am upset because of the obvious double standard. Wall Street is treated with kid gloves while every other industry is treated harshly. Yes, General Motors is an important company with thousands of employees throughout the country and Mr. Wagoner should be replaced.

However, the damage that Mr. Wagoner has done at GM is negligible to the massive economic damage done globally by Wall Street firms. Yet, not one senior executive of a Wall Street firm has been forced to leave. Instead of being punished for their gross incompetence and sheer greed, Wall Street executives are being "rewarded" with billions of dollars of government monies. In addition, they are allowed to continue with "business as usual".

This is absolutely outrageous! What aren't the people largely responsible for the economic crisis we are in being made to pay a price? Is it maybe because the Wall Street/Washington cabal runs this country?

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