The Corporate Law Group

Killing the Cronies

In too many cases these days’ profits are privatized while losses are publictized. Politicians are either bought and paid for or chicken. We remember in the fall of 2008 when both Democans and Republicrats were tripping over each other to give away our money thinking that, “the wrong person’s ox got gored.” Whoever owned these Congress Critters was losing money and they wanted it back. AND, they got it. A trillion dollars of our money spread around by both parties to benefit a bunch of rich folks. Not just that, really stupid rich folks who lost their money.

Well, if we can’t stop the pols from giving our money to their friends, Nassim Taleb may have the next best idea. Civil servant pay for any company that wants a bailout. Or protection. Or barriers for their competitors. Want our hard earned tax money. Kiss you bonus goodbye.

The January, 2017 Salary Table ranges from an annual salary of $18,526 for a GS-1, step 1, to $134,776 for a GS-15, grade 10. Want tax money for a bailout? OK. But only if you have held firm to the GS pay scale for at least 3 years, and promise to keep it in place for another 3 years. You want a fat bonus. Go loot someone else’s taxpayers.

Want to go long on collateralized debt obligations? OK. Allow terrorists to fly your planes into buildings. Gotcha. Can’t sell your crappy cars in the US. Fine. But don’t come looking to us for protection when things go bad. Unless, that is, you’ve held strict on GS pay grades.

Chairman of GM? You can have $134,776. Executive VP of AIG? You get $111,640 (GS-14, step 9). Pilot at United? You can have $134,776. Chairman of United? How about a GS-6, step 3? You get $33,941. Don’t like it? Get another job.

Want to earn more? Not enough pay to support that third house in Lourmarin? OK, earn whatever you want. But get your hand out of our pockets. Three years before you ka-ching from the public till. And three years after.

We won’t hold our breath until a Congress-dweller introduces the PLAMBLAT (Paid Like A Mortal Before Looting All Taxpayers) Act. But we suspect it would kill cronyism real fast.