Monday, May 18, 2009

Getting fired by a president means nothing if you are a former GM CEO

Again, it means nothing. It was proverbial lip service, obviously, because the man is still getting a pay check.

Seven weeks after the Treasury Department announced that it was ousting General Motors chief G. Richard Wagoner Jr. in the federal bailout of the company, he is still technically on GM's payroll.

Wagoner's removal has been held up because senior Treasury officials have yet to decide whether he should get the $20 million severance package that the company had promised him.

The delay is one of many hitches that have slowed a host of important policy actions in the four months since Timothy F. Geithner became Treasury secretary. While Geithner has taken dramatic steps to address flashpoints in the economy, the work of carrying out those policies has bogged down because critical decisions about how to do so aren't being made, interviews with a broad range of federal officials show.

Government officials, inside the Treasury and out, say the unresolved issues are piling up in part because of vacancies in the department's top ranks. But some of the officials also cite the Treasury's ad-hoc management, which is dominated by a small band of Geithner's counselors who coordinate rescue initiatives but lack formal authority to make decisions. Heavy involvement by the White House in Treasury affairs has further muddied the picture of who is responsible for key issues, the officials add.

In other words, they don't know what the hell they are doing. Sorry, but if you make a decision to fire someone, that decision should be final. Meaning, all discussion and decisions of any bonus should have been made, prior to any firing. So, now we have a fired CEO, getting a pay check and the firing did not mean anything.

At least that is what we minions in the nosebleed section think.


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