[Guest post by DRJ]
Barack Obama told Barbara Walters yesterday that business leaders like the CEOs of GM, Ford and Chrysler make too much money and should do more to help people:
“That if you’re placed in a position of power, then you’ve got responsibilities to your workers. You’ve got a responsibility to your community. Your share holders. That if — there’s got to be a point where you say, ‘You know what, I have enough, and now I’m in this position of responsibility, let me make sure that I’m doing right by people, and, and acting in a way that is responsible.’ And that’s true, by the way, for members of Congress, that’s true for the president, that’s true for Cabinet members, that’s true for parents. I want all of us to start thinking a little bit more, not just about what’s good for me, but let’s start thinking about what’s good for our children, what’s good for our country. The more we do that, the better off we’re going to be.”
Obama told Walters the auto company CEOs are captains of failing companies and thus they should not take payments like bonuses. I sympathize with this view. It’s tempting to want to punish corporate leaders for being greedy – and I’m sure some of them are – instead of promoting corporate transparency and market solutions.
Obama’s response is consistent with his campaign call for people to “spread the wealth” and, as we should all know by now, he isn’t willing to trust transparency or market solutions. So be it.
Financial reports suggest the Obamas have a net worth in excess of $7M. That’s a lot more than most of us have so I think Barack Obama should give up his salary as President and recognize his responsibility to us, his citizen shareholders.
After all, times are tough and it’s for the good of the country.