I’m doing some research, reading Warren Buffet’s 2005 letter to Berkshire Hathaway shareholders. I cam across the delicious paragraph:
Getting fired can produce a particularly bountiful payday for a CEO. Indeed, he can “earn” more in that single day, while cleaning out his desk, than an American worker earns in a lifetime of cleaning toilets. Forget the old maxim about nothing succeeding like success: Today, in the executive suite, the all-too-prevalent rule is that nothing succeeds like failure
Remember, this was in 2005, long before disgraced CEOs like Stan O’Neill of Merrll and Charles Price of Citigroup were pushed out–with multi-million packages.
Warren Buffet for Treasury Secretary in the new administration? My favored picks are either Buffett or former Federal reserve Board chairman Paul Volcker. Both are tough, smart, and either could deal with the bailout and then move on.