Tuesday, February 17, 2009

The Buck Stops Here (valid 1995-2001 only)

Princeton Health economist Uwe Reinhardt posted a scathing piece on CEO pay. Shorter (incredibly reductive) version: Finance demi-god and former GE helmer Jack Welch rode the economic stock bubble and took credit for more success than he created himself, whereas current CEO Jeff Immelt has led GE to perform nearly identically to the stock market - just as Welch did in his most successful years - but blames the market. I don't pretend to have anymore to say about this other than - 1) play time is over, 2) take the credit, take the blame, 3) [insert another trite admonishing idiom here].