Shadow Government, Shadow Management
The directors of Ford, Chrysler and GM allowed management to preside for years over a failed legacy business model that concentrated on gas-guzzlers rather than moving to hybrids. They spent more per car on health care than on steel. Why did the directors not act?
Congress is incapable of industry oversight with its members in thrall to the lobbyists that contribute millions to campaign coffers and party committees. Until now, the Fed, the SEC, Council of Economic Advisors and other federal agencies couldn't ride herd without being accused of government meddling.
A trillion dollars later, not only are taxpayers and stockholders screwed, the whole world's screwed.
- United States