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No More Bailouts

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Chief Executive

CEOS WHO WILL STAND UP FOR FREE MARKETS are as scarce as atheists in fox holes. The seizures of Fannie and Freddie—as well as the bailout of AIG reinforces the trend toward outright state socialism. Investors are looking less at fundamentals and more at government announcements. The idea that these moves are encouraging “stability” is ludicrous, as the once-mighty Lehman Brothers was allowed to fail in between the two massive bailouts.

Ford’s Alan Mullaly deserves commendation for turning bailout money down. Wells Fargo’s Dick Kovacevich initially did the same until he realized the other banks took the money—and who can blame him. The problem goes well beyond the irony of capitalists socializing their losses. “The process is inherently corrupting,” says Larry Reed, president of the Foundation for Economic Education and former chairman of the economics department of Northwood University. “When auto executives testify before Congress, it is not an exercise in truth-telling. If it were they would have said something about Congress’s culpability on CAFE standards and regulatory rules that they face.”

The problem with bailouts is, who draws the line? Does everyone have a right to be in business especially if it means taking money from unwilling taxpayers? And what happens when the short-term fix becomes a long-term headache? Government subventions have a way of postponing the day of reckoning when the magnitude of the disaster becomes greater.


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Chief Executive

Chief Executive magazine (published since 1977) is the definitive source that CEOs turn to for insight and ideas that help increase their effectiveness and grow their business. Chief Executive Group also produces e-newsletters and online content at chiefexecutive.net and manages Chief Executive Network and other executive peer groups, as well as conferences and roundtables that enable top corporate officers to discuss key subjects and share their experiences within a community of peers. Chief Executive facilitates the annual “CEO of the Year,” a prestigious honor bestowed upon an outstanding corporate leader, nominated and selected by a group of peers, and is known throughout the U.S. and elsewhere for its annual ranking of Best & Worst States for Business. Visit www.chiefexecutive.net for more information.
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