January 13, 2009
Bad-Time BonusesPeople often complain about executive pay. I don't. What other
people get paid isn’t my business.
But after we discovered that many of the major companies bailed out by our
government went on to give their execs bonuses, I changed my tune, a bit. How
did failed companies and failed businessmen deserve bailouts in the first
place? After being bailed out of their mess, the failed execs earned bonuses
how? For bringing home the bacon from politicians?
This problem is not limited to private enterprise at the public nipple.
Take DC Metro. This governmental organization, tasked with providing public
transit in the District of Columbia and adjacent areas, is in deep financial
woes, even worse than many businesses. The transit authority threatens deep
cuts in service.
And yet, somehow, they just managed to hike the salaries of management, not to
mention the wages of hourly workers.
This is the reaction of a concern when its rising costs are not being matched
by income gains?
It seems insane. And yet, this is government, so we at least have a ready
explanation. And, being a metropolitan service district rather than a city or
county government, it doesn't have many of the usual checks in place. From the
people.
If you are looking for a cause to get involved in, I bet your area's metro
district would get your blood boiling. Why not look into it?
This is Common Sense. I'm Paul Jacob.
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