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Monday, September 22, 2008

The Myth of CEO Accountability

A letter to the editor in the Sept. 19 NYTimes (p. A22) from a Sharon Bermon:

"Nicholas D. Kristof doesn't go far enough when he suggests that overpaid American CEOs should 'learn from Britain and Australia.' I would like to see some masters of the [financial] universe line up, bow deeply and apologize to their employees and shareholders--in the fashion of Japanese managers. And then give back the money they didn't earn."


Anonymous said...

Naomi Klein was on the radio (Democracy Now?) talking about the financial crisis. As you might expect, she was not surprised by Sec'y Paulson's drastic proposals. But she thought that Paulson made a key tactical error when he issued a 3 page plan. At 3 pages everyone can easily read and understand how outrageous the demands are. (Though Sen. McCain says he has not yet had time to read it.)
I don't agree with the idea that seizing power in a crisis is an exclusively capitalist phenomenon, but her analysis of events has been very good this century.

Anonymous said...

Also, off-topic, have you ever written a comic book/graphic novel?

Richard McNally said...

Have never written a comic book/graphic novel. As to the Paulson plan, Barney Frank was talking about the irrelevance of cuts in capital gains taxes and another provision relating to taxes on offshore profits of U.S. firms--but last night on C-Span he didn't mention these topics, so I'm suspicious.