Leadership Or Egoship
by Miki Saxon
Egoship. I doubt that I coined the term, but I did think of it independently. It’s been popping into my head for a number of years now as I read stories of astronomical pay packages for business leaders.
It didn’t take a business guru to start noticing that along with those salaries seemed to come an ermine cloak, although some were sable and others only mink, and the egos that went with them.
And considering what’s happening, things aren’t changing as much as you’d think—or like.
“Six top money managers of Harvard University’s endowment, which has lost $8.1 billion since the summer, earned $26.9 million in compensation in its most recent fiscal year.”
“Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.”
“Six financial firms that received billions in bailout dollars still own and operate fleets of jets to carry executives to company events and sometimes personal trips, according to an Associated Press review.”
“The highest-ranking executives four firms have agreed under pressure to go without their bonuses, including John A. Thain, who initially wanted a bonus this year since he joined Merrill Lynch as chief executive after its ill-fated mortgage bets were made. And four former executives at one hard-hit bank, UBS of Switzerland, recently volunteered to return some of the bonuses they were paid before the financial crisis. But few think others on Wall Street will follow that lead.”
Of course not. Wall Street egoships aren’t going to give back anything, they had to be forced to forgo what they did. Why should they take a hit for the trouble they caused? It would be almost un-American.
And as Michelle Singletary said today, “Who in their right mind thinks a chief executive earning a $1 a year is actually making a sacrifice?”
Of course, Wall Street sticking to its ways as much as possible should have been expected. The great thing about egoship is that it knows it can do no wrong, so it never needs to apologize or take responsibility.
And if the reformers show up at its door egoship knows exactly what to do:
- Say all the right things;
- make impressive, empty gestures;
- be patient until they forget and go away; and then
- return to business as usual.
Are we going to forget this time? You tell me.
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