Wednesday, March 18, 2009

Edward Liddy's Tin Ear

I feel a bit sorry for the man, actually. As he points out, "My annual salary is $1. My only stake is my reputation." But without going too deeply into his superficial analysis of why we must pay bonuses that he concedes aren't merited by the employees receiving them, and that he would not have approved had he been CEO at the time, this conclusion is astonishing:
In America, when you owe people money, you pay them.
Sure, but you pay them with your own money.

If I send Liddy my mortgage bill and say, "Dude, pay this for me," at best he'll ignore me and at worst he'll make an alternate suggestion of where I should put the bill. But there's no chance - zero, zilch, nada - that he won't recognize that I'm asking him to pay my bill with his money.

It's not a difficult concept to grasp.

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