President Barack Obama's announcement today that executives in corporations who accept federal bailout money will have to limit their salary to $500,000 shows tremendous leadership in these troubled times.
Despite what some of my friends may think about me, I was not an Obama supporter and I truly waffled in the ballot box. However, Obama's decision today convinces me that I made the right choice when it comes to the issue of straightening out the economy.
As a communications consultant, I am amazed too how the Bank of America, one of the beneficiaries of the bailout program, still scheduled an executive 10-day summit in Las Vegas. And, I truly feel sympathy for the communications professionals who have to deal with the outraged press types who questioned this as a valid business expense.
Don't get me wrong. Businesses have to spent money on trade shows and advertising to jump start their sales processes. Anyone with a bachelor's degree in business gets this concept. However, when you take money from the tax payers to restore your business, a 10-day junket in Vegas is not a smart business decision.
Obama's decision, as well, to make sure that bailout beneficiaries can get bonuses above $500K in stock shows intelligence. If you are truly willing to make something work, the incentive of restoring a company to the point that investors will make it worth an executive officer's time and trouble can only be the blue print to help our troubled economy.
AI is Changing the Way We Write – and Blog
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Well known technology writer, now also a venture capitalist, Om Malik wrote
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