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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: ManyMoose who wrote (332095)	12/21/2002 12:55:44 PM
From: Sam Citron	Respond to of 769667

Loyalty as #1: Regressing from Aluminum to Railroads... from Alan Abelson - Barrons: snip--> ...In like melancholy vein, we note the slings and arrows being aimed at John Snow, who is ticketed to replace Paul O'Neill as Treasury secretary. Mr. Snow has been CEO of CSX Corp. Between 1995 and 2001, with Mr. Snow at the controls, reports The Wall Street Journal, the railroad's return on equity dropped from 15% to around 5% and its share price skidded 23% (compared with a 33% rise in the Dow Jones Transportation Average over the same span). That has led any number of captious types to ask with unconcealed scorn and malicious intent, "Is this any way to run a railroad?" The answer is a resounding yes if, like Mr. Snow, you happen to be the CEO of the railroad during those less than stellar years. For, while so many things at CSX were going down, Mr. Snow's compensation was going up, from around $5 million, in fact, to $10 million. Anybody can double his pay when his company is going gangbusters. But the man who can double his pay when his company's dragging is clearly qualified to be this nation's chief financial officer. If only people weren't so darned cynical (sigh). online.wsj.com