Friday, November 21, 2008

Where's the Line?

Are you like me --- sick of these bailouts? And now the auto industry wants a piece of the action! Corporate greed has been rampant for years and the Federal Government did nothing to stop their excessive spending, lavish lifestyles and the many tax deductible corporate benefits bestowed on officers like company cars, county club memberships and let's not forget the private jets. What happened to the fiduciary relationship between the Chief, Financial Officers (CFO) and corporate investors? Why isn't the CFO being held accountable --surely he and the accounting firm had to realize long ago that these corporations were in dire financial shape, yet somehow they managed to find the money to fund huge year end bonuses? What happened to people and corporations being forced to accept the consequences of their actions?

The inaction of top corporate executives to tighten their belts and begin to make prudent business decisions has caused this financial fiasco, so, why shouldn't they have to accept the consequences and be fired without a golden parachute? Instead, if the Government grants them a bailout, it is directly rewarding them for mismanaging their company. Since Uncle Sam seems to have so much spare cash to dole out to these failing corporations, I'd like to know where the line starts because I want some too. I know that many of us could use a Government handout right about now as we watch our retirement nest eggs fall daily. Some of my retired friends have lost as much as 70 to 80% of their entire stock portfolio.

Let's see -- corporate officers mismanage their money -- then the Government bails them out. But,you, a struggling retiree loses in the stock market (a direct result of these ongoing and ever-increasing corporate problems) and do you get bailed out---nope, you just have to tighten your belt, eat beans and maybe forgo a needed medical treatment.
Fair -- no way!

So, if you're tired of it like me -- please take the time to call or email your Congressman and let them know your fed up!

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