So it's happening again. Another bail out under consideration. And yet again the CEO of these companies are drawing millions in salary and benefits. I know Ford CEO Alan Mulally said that he will work for $1 salary but I don't think that's going to happen.
Honestly, I don't have a problem what a private firm pays it's employee or it's CEO or anyone. It's their money they can do whatever they want. But I have a problem when these guys come and ask for public funds. Why should I pay for such ridiculous salary when my own salary is not even 1/100th of their salary? And worst part: if Congress says no, thousands of people will loose job while these guys will be given the golden parachute. How is that fair? Who are these people and why are companies pay them so much? How do companies justify these salaries and benefits? Even the private firms are answerable to the Board of Directors and their share holders, aren't they? So how do they approve of these salaries? And it's not that these so called "top brass" are putting their life in line to save the company. I can't think of any other reason for getting paid so much.
May be it's my inherent weakness in Economics that I am not able grasp about all this. Or may be I don't understand capitalism. But I doubt that any of these can logically justify these salaries.
P.S.: I think, the credit crunch is getting to me. The constant news about business shutting down. The never-ending bail out plans. I feel like everything around me is collapsing and I can't trust anything to make a long term decision. I am not sure whether I will get a job if I graduate. In short, I am scared. I know recession is a normal economic cycle. The trouble is there is nothing normal about current crisis. It is worse than the Great Depression. And that one lasted a decade. No one knows when will this one turn it's wheel. Everything is going from bad to worse to worst. Did I mention I am scared?
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