When the government decided to bail out Bear Stearns in May, I had a feeling many companies would follow with the same request. I realize today’s economic conditions are effecting everyone, but in my opinion these companies are in a financial crisis partly due to leadership. Here’s what I don’t understand:
Government not setting precedent regarding these bail outs.
To be honest, I want these companies bailed out because I don’t want people to lose their jobs. I also want the government to dictate and show precedent concerning the bail outs. If these companies can request money from the government, why can’t the government look past the money at the big picture?
I’d like them to look the CEO in the eye and say, “We’ll bail you out under a few conditions. You are no longer the CEO. We will appoint a CEO, or let the Board appoint one, and you will not receive a bonus. Within three months, your company will be required to report back giving us an outline of your short-term future plans.”
The government needs to look at the big picture not just whether or not they should give them money it's how many their decision will effect. I'm sure many of you will disagree with having government get involved in businesses, which I’m not necessarily suggesting (not right now anyways). But, it wasn't the government who came to these companies. All I’m saying is look at the big picture, money, people, and conditions before hitting the gavel after a hasty decision.
It's disheartening to see all this, isn't it? I don't feel confident these bail-outs will "fix" anything. A whole new mindset is necessary, and it doesn't come with being rescued. Very sad.
ReplyDeleteYes it is. My heart and good thoughts go out to all those who lost a job and are struggling to find another one.
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