The senator brought change in politics and business.
People remember the late Sen. Ted Kennedy for his congenial nature, witty remarks, and proud stature. In our case, we remember the man for fighting what he believed to be a needed transformation in our business landscape. Kennedy was a staunch supporter of the bankruptcy reform law of 2005. He sought to stop bankrupt companies’ CEOs from receiving large bonuses.
But, Wall Street’s deceitful characters have found ways around Kennedy’s roadblock. Many have circumvented the law by still granting excessive bonuses – this time however, with new names that may sound different, but are obviously the same thing that the senator has strongly opposed.
And the economic crisis has made more CEOs richer, ironically. Followers of this blog know that we have continually condemned these profiteering bankers who get persuaded to maintain their company loyalty with stock options, travel benefits, and structured “bonuses”.
If Kennedy had his way, we’d not be too dismayed with the current situation. Not only was the senator protecting the plight of the employees at the bottom of the company hierarchy, he was promoting ethics in the greed-ridden corners of Wall Street.
Some say that Kennedy’s provision remains useless. We beg to disagree. Still, this is a good start. Somebody had to take a stand against these corporations. And we’re proud to have a member of America’s most famous political family who took action and laid the ground for better private corporate management.