Monday, April 23, 2007

"Lord's Lament"

Pretty awesome takedown of Al Lord in Sunday's Washington Post:

"What do you call someone who earned more than a quarter of a billion dollars over a decade by privatizing a government-chartered monopoly that made its money trafficking in government-guaranteed student loans -- and then turns around and complains how awful government is?

How about ingrate? Or hypocrite?

No doubt Al Lord thinks he deserves every penny that he's earned because of all the value he created for Sallie Mae shareholders since ousting the previous management and taking control of the company in 1997. He'd probably also have us believe that he wouldn't have done it if the prize were only $100 million -- or that there was nobody equally skilled who would have done it for $50 million. These are the standard rationalizations for excessive executive compensation."

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