Take it from Jack Welch, Ex-CEO of General Electric. He said on Kudlow & Company that the US Government should act like Stakeholders and Board Directors of AIG instead of publicly casting aspersions at the CEO who agreed to get paid $1.00 per year for his services. He was referring to Senators and politicians who were publicly lambasting the company for the recent expose that included $165M in bonuses to be paid to AIG employees after receiving bailout money from the public.
Although Welch made the assessment saying, “they (politicians) are not acting like owners”, he also offered them advice. “They ought to be working as Board of Directors with their CEO on what the compensations ought to be". He further said that “(they) should encourage the CEO to get to the right answers so we get a return on our money, I don’t want this $180B to just go up in smoke because we’re fighting with each other."
Based on the politician’s actions, it isn’t clear whether or not they are actually aware that the US Government are now owners of AIG, fueling the argument that the government is actually not suited for this job and should stay out of owning businesses. More of these amateurish antics and we are likely to hear this - POOF - the sound of billions gone.
SEE JACK WELCH’S INTERVIEW
Although Welch made the assessment saying, “they (politicians) are not acting like owners”, he also offered them advice. “They ought to be working as Board of Directors with their CEO on what the compensations ought to be". He further said that “(they) should encourage the CEO to get to the right answers so we get a return on our money, I don’t want this $180B to just go up in smoke because we’re fighting with each other."
Based on the politician’s actions, it isn’t clear whether or not they are actually aware that the US Government are now owners of AIG, fueling the argument that the government is actually not suited for this job and should stay out of owning businesses. More of these amateurish antics and we are likely to hear this - POOF - the sound of billions gone.
SEE JACK WELCH’S INTERVIEW
