You know what happens to you when you are incompetent and fail right? You're out of a job. Not so with the executive class.
In this New York Times article, once again we see recycled CEOs.
YOU might think that board members overseeing businesses that cratered in the credit crisis would be disqualified from serving as directors at other public companies.
You would, however, be wrong.
Directors who were supposedly minding the store as disaster struck at companies like Countrywide Financial, Washington Mutual or Fannie Mae have not all been banished from other boardrooms. In many cases, directors just seem to skate away from company woes that occurred on their watch.
To some investors, this is an example of the refusal of those involved in the debacle to accept responsibility for it. Whether you are talking about top executives loading up on leverage, regulators who slept while companies took on titanic risks or mortgage lenders that made thousands of dubious loans, few in this crowd have acknowledged culpability. Taxpayers and shareholders, meanwhile, who had nothing to do with the problems, are left holding the bag.
The article goes on to name names and where these people are now.
The problem is, along with a similar story on how taxpayers get stuck with the bills for stadiums, even when the private team owners are the ones making out like bandits...
the problem is these stories pop up over and over and nothing every happens to change anything.
It's pretty obvious executives consider themselves a separate social class. The story of someone running a company into the ground and not only being rewarded for it, but hired at yet another company to do the same thing has been seen over and over again.
Through contracts and brew ha-ha sounding incentive bonuses all that has happened is a strong case of class warfare.
The only obvious thing missing is inheritance. I can't quite detect how these characters are born into it, but I'm sure that's somewhere in all of this executive class revolving door boys club.