Hard to know what the CEO of a company that has lost 2/3rds of its share value in 12 months means by “best people.” Certainly Dimon looks good in comparison to Immelt. JPMorgan is down slightly less than half over the same period. Still I think it is in the taxpayers best interest to pay as little as possible for incompetence of this magnitude. George Bush, after all, was paid a mere $200,000 a year.
During the pet-food-poisoning scandal it was revealed the only difference between many top-shelf brands and their down-market competitors was the labels. I believe the same principle can be applied here.
How about this for a sign: “Will wreck your business for food.”
Many people are concerned this will mean a continuation of the Paulson strategy of throwing good money after bad. (”Am I the only one worried that by the time Obama is sworn in on January 20th, the Paulson Treasury will have run through almost a trillion dollars to little or no effect?“) Currently there are attempts to qualify GM as a bank so it can get a cut of the bailout money (LOL!!!). A similar request by GE makes more sense to me because GE is a well-run company. Several large cities are also making requests for funds. Personally, I’d give funds to Wasilla before I’d hand a dime to GM.