Tuesday, November 10, 2009

Slow News Day Special -- Motley Fool Hit-Piece on Ayn Rand

this is just over the top:

The Daily Walk of Shame: Ayn Rand

let the lady rest in peace for gosh sakes. the Motley Fool, that great blob of mediocrity, cites the following as just a few of the examples of bad things we can pin on Miss Rand:

Remember the revelations from last year's Congressional hearings regarding Lehman Brothers CEO Dick Fuld? Apparently, when approached about conciliatory pay cuts to make up for poor performance, Fuld dismissed advocates of the idea by writing: "Don't worry -- they are only people who think about their own pockets." Pot, meet kettle.
Chesapeake Energy's (NYSE: CHK) Chairman and CEO Aubrey McClendon faced heat for his 2008 $112.5 million compensation package. That hefty paycheck made him the highest-paid CEO in the U.S., even though the stock fell 59%. Even worse, the company's board approved paying McClendon a huge bonus designed to help him buy back Chesapeake shares he lost in a margin call. It also OK'd paying McClendon $12.1 million for maps and artwork from his personal collection. Somewhere, Rand must be giving him a great big thumbs-up.
Many bailed-out bankers are doing pretty darn well, despite their companies' reliance on public funds to survive. Word of bonuses for AIG (NYSE: AIG), one of the poster children for the parade of companies that committed EPIC FAILS, stirred up outrage among many taxpayers. But hey, those executives worked hard at failing! No one could have failed quite like they did! They deserve that money!

say what you want about the tenets of Objectivism, but there's nothing in anything I've read by Rand that condones rewarding failure. in fact that is just the opposite of what she was getting at, if I'm not mistaken.