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So Many Republican Hypocrites, So Little Time
March 24, 2006 | SEND TO A FRIEND
John Snow
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Welcome back to the BuzzFlash GOP Hypocrite of the Week.
Bushevik Treasury Secretary Snow came to the defense of embattled CEOs who are receiving millions and millions of dollars in salary, stock options and benefits, even if their companies perform poorly.
It's kind of like justifying the Bush Administration, where performance and accountability have no relationship to pay and power. By any standard, Bush and Cheney should be personally reimbursing the American taxpayers billions of dollars that they have squandered.
One of the key problems with the Bush/Snow model of CEOs is that even if you are a dreadful leader, you still get a ton of cash and compensation because it's assumed that if you are in such a powerful position, you deserve it. Meanwhile, the average American worker is getting shafted, that is, if his or her job hasn't already been outsourced by the CEO.
Snow should know all this. During his tenure of heading CSX Corporation, it consistently under performed almost every stock and financial benchmark. For instance, while the S&P 500 Index had a revenue growth of 43.2% for the ten years ending in 2003; CSX had a -6.75% revenue growth. The cumulative return for CSX for the ten years ending in 2002 was 5%; the S&P 500 Index for the same period was 144.3%.
What did Snow receive for such poor performance? $56 million for the ten years ending in 2002. And he got a golden parachute worthy of a king.
So you can see why Snow was appointed Secretary of the Treasury. He's a true Bushevik. He fleeces stockholders -- or in the case of Bush and Cheney, the taxpayers -- while turning in a mediocre performance and then isn't held accountable for his incompetence.
And that is why John Snow is this week's BuzzFlash "GOP Hypocrite of the Week."
Until next week, remember our motto at BuzzFlash.com: So many Republican hypocrites, so little time.
Catch up with you soon.
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This is the first GOP Hypocrite of the Week award for John Snow.
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