Gross National Debt Statistics
- we're now shareholders!
Poor Financial Services now has Henry Paulsen and his version of the RTC to blame - no thank - for the handou...uh, bailout. From his Treasury Department bio
, "...[before] coming to Treasury, Paulson was Chairman and Chief Executive Officer of Goldman Sachs since the firm's initial public offering in 1999. He joined Goldman Sachs Chicago Office in 1974 and rose through the ranks holding several positions including, Managing Partner of the firm's Chicago office, Co-head of the firm's investment Banking Division, President and Chief Operating Officer, and Co-Senior partner."
With one of its own a key architect of the plan, Wall Street must be crying crocodile tears as looks to the future. Who's going to buy our debt?? Oh that's right, the taxpayers. You're welcome, you're welcome.
Since my tax dollars are going to be used, I have a few requirements of my own...
- Cap the ratio of CEO base pay to a reasonable multiple of the average worker's salary in an organization. The days of 30-40 times multiples are over.
- Let the CEO's performance compensation be based upon a suite of metrics agreed upon by a majority of employees AND shareholders - not just the corporate comp committee. These metrics must include the creation of new in-country jobs as a percentage of new jobs, an IRR for talent development.
- Since a significant lack of talent was responsible for the decision making that put us in the position of bailing out an entire industry, the head of recruiting will now report to, at the very least, to the head of HR who will now report directly into the CEO. No more strategic business partner talk - it's time for action. If HR can't handle recruiting, we should report directly to the CEO. We are that important.
- Every hiring manager now has a 24-hour talent response clause as a mandatory MBO.
- All potential employees with any direct or indirect fiduciary responsibility will be formally assessed for risk-taking, honesty, and judgment. There are enough excellent assessment instruments that work and are far superior to a person's ability to assess these performance factors.
As a friend - who is one of the key recruiting leaders on Wall Street - told me, we don't need to re-invent or create a new recruiting wheel, we just have to polish the spokes. This means standing tall for assessing fit and bringing in new DNA that makes the body stronger rather than giving it lip service - you know what so many CEOs say, People are our most important asset
(sounds like in the case of the credit crisis, people ended up being more impotent
. This means taking relationship recruiting seriously and downplaying order taking.
Anything else come to mind for what truly is - finally - a new economy?