In His Case, He Should Work For Free

So Dubya, in his “State Of The Economy” speech, emphasized that the economy is “strong” and that C.E.O. and other executive compensation should be tied to performance.

And no, I can't make this stuff up.

I know the economy is “strong” for he and his friends, but it’s not strong for me, and I suspect it isn’t for you either (here and here is some evidence).

And as far as rewarding C.E.O.s based on performance, let’s review some of our red-state president’s checkered history in his business dealings, shall we? As noted here (from the “Fahrenheit 9/11” movie web site)…

“Bush ran (Arbusto Energy, his first company upon graduation from Harvard Business School, later renamed to Spectrum 7…Arbusto is Spanish for Bush) nearly into the ground, as he did every other company he was involved in until finally one of his companies was bought by Harken Energy and they gave him a seat on their board.”

“Bush's name …was to help rescue him, just as it had attracted investors and helped revive his flagging fortunes throughout his years in the dusty plains city of Midland. A big Dallas-based firm, Harken Oil and Gas, was looking to buy up troubled oil companies. After finding Spectrum, Harken's executives saw a bonus in their target's CEO, despite his spotty track record. By the end of September 1986, the deal was done. Harken assumed $ 3.1 million in debts and swapped $ 2.2 million of its stock for a company that was hemorrhaging money, though it had oil and gas reserves projected to produce $ 4 million in future net revenue. Harken, a firm that liked to attach itself to stars, had also acquired Bush, whom it used not as an operating manager but as a high-profile board member.… It was one of the biggest breaks of Bush's life. Still, the Harken deal completed a disappointing reprise of what was becoming a familiar pattern. As an oilman, Bush always worked hard, winning a reputation as a straight-shooter and a good boss who was witty, warm and immensely likable. Even the investors who lost money in his ventures remained admirers, and some of them are now raising money for his presidential campaign. But the story of Bush's career in oil, which began following his graduation from Harvard Business School in the summer of 1975 and ended when he sold out to Harken and headed for Washington, is mostly about his failure to succeed, despite the sterling connections his lineage and Ivy League education brought him." George Lardner Jr. and Lois Romano, “Bush Name Helps Fuel Oil Dealings,” Washington Post, July 30, 1999.

Joe Conason has more on Bush’s sale of Harken’s shares before the company tanked here.

So, when it comes to lecturing others about both business dealings as well as statecraft, this president should just shut his mouth.

(Sigh...barring impeachment, this is how much longer we have to put up with this nitwit.)