Great essay by Doug Casey, as he muses on the debacle that is Government Motors. Here’s the start of his piece, and the rest can be found on DailyWealth.com, which republished the piece over the weekend.
By Doug Casey
I don’t feel I’ve said enough about the class of professional American corporate executives in the past, partly because it’s impossible to say enough about this generally despicable class of empty suits.
Once upon a time, most large companies were run by the men who founded them, and those men were almost always the controlling shareholders. Their interests were aligned with those of the other shareholders.
Few, if any, of today’s execs in big corporations have major share positions (and if they do, it’s strictly because they were granted cheap options), and few, if any, have actual technical expertise with the products their companies produce.
Take Rick Wagoner, the ex-CEO of GM. This suit basically has zero interest in cars; he’s an expert mainly in the infighting and bootlicking it takes to climb a corporate ladder. He’s a political hack, like all the managers that preceded him for the last 40 years. And he’s typical of top management in most large public companies.