Monday, March 30, 2009
Rick Wagoner, chairman of General Motors, was forced to resign by the Obama Administration as one of the preconditions for further aid to the ailing automotive manufacturer. Wagoner reportedly will receive $23 million in compensation. Not bad for an executive under whose leadership GM steadily declined. The phrase "too big to fail" has found its way into the lexicon. That seems to be another way of saying that, depending on one's station in life, negative consequences don't necessarily flow from bad performance.