Evil Incompetent Executives Failing Up

I see this as a classic market failure. Bob Nardelli being named head of Chrysler is an indication of how corrupt and self serving our "manager" class has become. (Full disclosure, I worked for this guy when I was at GE Transportation Systems working on locomotives, but I never met him).

Here is a guy who engineered massive stock losses at Home Depot, and walked away with bonuses as a result....Great steward of shareholder value there...huh?

He's gotten the job because it's a way for other managers to guarantee that they fail upward too.

This is corrupt, plain and simple.

He said he hoped his own compensation would not become an issue in Chrysler's ongoing contract talks with the United Auto Workers union.

Yes, I sure you don't want that to be an issue, you contemptible greedhead.

Nardelli said Chrysler's established restructuring plan is adequate but added that as a private company the automaker will look to move quickly to monetize some assets, with a focus on cash flow rather than reported earnings.

That one's pretty easy to read: Cerberus bought Chrysler for what amounts to a few magic beans, and they are going to treat it like a chop shop treats a Lexus.

Our system of values in the US is more f%$#ed up than Osama bin Ladens.