Putting On The Fritz

fritz_henderson

Remember a year ago Obama set executive pay limits for those people whose companies received federal bailout money? Well, that was sooooo February 2009:

After resigning as president and CEO of General Motors in December, Fritz Henderson might have gone into hiding or decided to sit out the harsh Michigan winter on a Florida beach.

Instead, here he is popping up again, this time as a consultant to GM on international operations at the very fancy fee of $59,090 a month for 20 hours of work a month. That works out to almost $3,000 an hour for a CEO who was ousted after just eight months on the job.

Consider that one a *job saved*. To date, the Obama stimulus has either saved or created 2 000 001 jobs.

Yet I seem to remember Obama railing against executives receiving outrageous compensations? Cue dream sequence, February 2009…

“For top executives to award themselves these kinds of compensation packages in the midst of this economic crisis isn’t just bad taste — it’s a bad strategy — and I will not tolerate it. We’re going to be demanding some restraint in exchange for federal aid — so that when firms seek new federal dollars, we won’t find them up to the same old tricks,” the president added.

Under Obama’s plan, companies that want to pay their executives more than $500,000 will have to do so through stocks that cannot be sold until the companies pay back the money they borrow from the government. The rules will be implemented by the Treasury Department and do not need to be approved by Congress.

A year ago, Obama “wouldn’t tolerate these kinds of compensation packages” for top executives, but this year he seems to be able to tolerate them just fine. You know what that means, don’t you? It means Obama has become more tolerant. And that’s a good thing. It’s a sure-fire sign of someone maturing.

To be fair though, Fritz isn’t a top executive getting over $700,000 a year for working a mere 20 hours a month, he’s a consultant who gets over $700,000 a year for working a mere 20 hours a month.

For a mere consultant to make more money than most top executives at GM, that must mean he must have a pretty solid skill-set, correct?

Although Henderson’s compensation seems a little steep, getting him back to work makes sense. Nobody ever questioned his brains or his work ethic.

And it was in-part thanks to Fritz Henderson, that even through The Worst Economic Downturn Since The Great Depression™, GM was still able to keep it’s ranking as the worlds #1  #2  #3  #4 whatever the hell it is now, car manufacturer in the world. It’s obvious that without Fritz and his mad skillz and unquestionable work ethic, GM would have been bankrupt and possibly nationalized by the Obama administration. 

Thank any God but the Christian God THAT didn’t happen.

Leave a Reply

Protected by WP Anti Spam