|
|
"A comprehensive, collaborative elections resource."
|
Government as the Recruiter of Last Resort
|
|---|
| Parent(s) |
Issue
|
| Contributor | Jason |
| Last Edited | Jason May 05, 2009 06:15am |
| Logged |
0
|
| Category | News |
| Media | Newspaper - Wall Street Journal |
| News Date | Monday, May 4, 2009 12:15:00 PM UTC0:0 |
| Description | The federal government's expanding involvement in finance companies and auto makers has saddled it with another tricky task: executive recruiter.
As part of Chrysler LLC's bankruptcy filing last week, the government has the right to appoint four directors to Chrysler's board. Government agencies are running, aiding or monitoring searches for executives or directors to help lead at least five other companies receiving government aid: General Motors Corp., GMAC LLC, American International Group Inc., Citigroup Inc. and Freddie Mac.
But government officials and outside observers fear it will be tough to find seasoned executives to step into high-profile positions with limited authority and limited pay. Executives and directors at these companies will have to balance obligations to taxpayers and other shareholders, all the while under close scrutiny by Congress and the media.
Directors "are in an impossible position," said Charles Elson, head of the Weinberg Center for Corporate Governance at the University of Delaware's business school. "No one who has much sense will want to put themselves in that position." |
| Share |
|
|
2¢
|
|
| Article | Read Full Article |
|
| Date |
Category |
Headline |
Article |
Contributor |
|
|
