The President swears he has no interest in running General Motors. So explain this:
Limiting pay guarantees that GM will continue doing the same thing that’s brought it to this parlous state of affairs in the first place: hire from within. Make no mistake: GM “boasts” the mother of all inbred corporate cultures. The fact that it’s still led by lifer Fritz Henderson tells you all you need to know on that score. And speaking of scoring . . . Given the ongoing chaos at RenCen and the inviolable rules of supply and demand, GM can’t attract top turnaround talent from outside its shallow genetic pool unless it pays top dollar. In fact, GM would have to pay ABOVE the odds to hire anyone capable of keeping the artist formerly known as the world’s largest automaker from total self-immolation.
No interest in running GM, but no interest in seeing it succeed, either. Just another ward of the state, forever on the dole.
Are we seeing a pattern here yet?