Congressman Barney Frank thinks the outgoing CEO of The Home Depot makes too much money.
This incoming Democratic leadership is going to be one wild ride. How comforting to know that a man who once had a gay brothel run out of his home by his male lover is now the moral authority on how much money people should receive in their severance packages.
Now I’m not referencing the sordid past of the Massachusetts Congressman as an ad hominem attack. There is great relevance in Rep. Frank leading the charge against Bob Nardelli’s reported 210 million dollar severance package after six years at the helm of Home Depot.
Liberal Democrats like Barney Frank embrace the concept of the redistribution of wealth. While many of them (like Frank and Ted Kennedy) are themselves rich, fat-cat Democrats, they love preaching the sermon of punishing the wealthy by taxing them to death and distributing the money to the lower class. There is an ugly undercurrent of class envy and petty jealousy over corporate executives who make lots of money. And liberals like Barney Frank love to exploit that emotion.
How much is too much? Well, if The Home Depot saw fit to negotiate a severance package worth 210 million dollars with Bob Nardelli, then that’s exactly what he’s worth. The man ran a company with over 355 thousand employees. If 210 million is too much, what’s the right amount to give to a high powered CEO? 200 million? 100? 5?
No one ever makes a peep over some coked-up, drunk degenerate making hundreds of millions of dollars to become a rock star, be the lead in a movie or go on a concert tour. Do you think a stand-up comic from Long Island, Ray Romano, is worth over one million dollars for every 30 minute episode of “Everybody Loves Raymond?” Or the tens or hundreds of millions he’ll make in years of syndication?
Hey, if the man’s agent can negotiate such a deal, good for him.
But lately, liberal Democrats have taken to demonizing corporate executives and their generous pay packages. The same thing happened in New York when another liberal Democrat (and the man who would become New York’s governor), then-Attorney General Elliot Spitzer decided to make a big stink over the compensation package given to Dick Grasso of the New York Stock Exchange. Despite the fact that Grasso’s package was entirely legitimate and approved by the NYSE board, Spitzer was so incensed that he actually took Grasso to court and forced him to give millions back!