I Wish I Had His Faith

Lee Iacocca says that the Big Three Execs should not be fired as part of any loan/bailout deal:

"Having been there, I do not agree with the sentiment now coming out of Congress that the management should be changed as a condition of granting loans to the Detroit automakers," Iacocca said. "You don't change coaches in the middle of a game, especially when things are so volatile."

He added that the auto industry has been hit by an unpredictable series of events beyond its control.

"The companies may not be perfect but the guys who are running them now are the only ones with the experience and the in-depth knowledge and understanding of how the car business really works," he said. "They're by far the best shot we have for success."


While that sounds like the argument for voting Republican since 2006, Iacocca has a point.

How about a compromise: the execs leave the company, but become "consultants" to this crisis. They get paid for their consultation. And have Iacocca be the head consultant. Whoever was next in line of each company becomes that company's respective CEO.

Comments

I've got a different idea: Leave them their jobs, but with a lower rate of pay and bonuses given only for long-term performance, say after five years.
If anyone should get performance bonuses for short-term gains (especially when the bonus is for "reducing costs", which nearly always means cutting labor or shipping it overseas), it should be the people in production, not the management, since they are the ones who bear the brunt of the increase in productivity.

Hell, why stop with the auto industry? Let's make that a standard practice everywhere (or at least attach that concept to financial sector bailouts).

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