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NEWS >POLITICS > OBAMA ADMINISTRATION WEIGHING BAILOUT FOR FORMER CEO'S AND TALK SHOW HOSTS
OBAMA ADMINISTRATION WEIGHING BAILOUT FOR FORMER CEO'S AND TALK SHOW HOSTS
January 28 2011
Washington, D.C. – The common assumption by most people is that when someone is on TV or has some other kind of high profile position they are automatically wealthy beyond imagination, that they have the kind of money that would allow them to want
for nothing. That, obviously, is not the case. If such wealth existed many of these people would never work again, yet they do, usually well beyond the time when most of us have hung up our walking shoes and settled into retirement.
True, the vast majority of those people make more money than ordinary people at least in the short term. The unfortunate reality of many of those high profile positions is that the work is rarely stable and frequent job changes, as well as the costs associated with being so high profile, often mean diminished bank accounts. Some are certainly wealthy beyond any need for help but others have struggled much like ordinary people in the struggling economy, as evidenced by the sudden collapse of CEO and talk show positions so early into this year. That stunning downturn has left many scratching their heads, and the Obama administration seeking ways to not only head off the apparent collapse but also help out those who have been victims.
“It has become clear in the last few weeks that no positions are free from scrutiny or erosion. In the early part of this recession we saw many of the lower level workers lose their positions but now it has gone upwards, even as those jobs are starting to stabilize,” said a White House insider. “At first glance people may not have a lot of sympathy for these people, at least no more than they had for themselves, but these are jobs that are being lost and it is our responsibility to ensure that the American people, no matter their status or the type of work they do, are gainfully employed and contributing to the economy.”
Amongst the prominent names that have lost their jobs recently are Steve Jobs, Eric Schmidt, Regis Philbin, Larry King, and most recently Keith Olbermann.
“The plan is to infuse these companies, whether it be Google, MSNBC, or Apple, with 
public dollars and allow them to retain their upper tier of talent. It is in many ways a similar idea to trickledown economics, that if the high level talent is in place, the low level talent will be happier and more stable,” continued the insider. “That is the hope, but the plan is to just halt the haemorrhaging. By putting dollars into the system we will be able to prevent anymore departures from CEO’s and talk show hosts and keep them gainfully employed. The last thing the country needs at this stage is more people on the unemployment lines.”
The administration has not yet determined how much money will be allocated to the bailout package or how it will be distributed.
“There has been a lot of debate, most of it totally valid, as to whether or not public funds should be used to finance companies. Whether or not they should be used, the reality is the use of those funds has propped up a lot of organizations and saved a lot of jobs, at least in the short term and that at least has taken the worry down from crisis level,” said Scrape TV Political analyst Gabriel Kinsey. “Like all these bailouts the administration will certainly garner a lot of criticism for this should it happen but the hard reality is these jobs are vanishing and the people that once held them are suffering. True, people like Schmidt are getting huge benefit packages and are able to sell hundreds of millions of dollars in stock, but had they stuck around they could have made much more and that is a major factor. Eventually that money will run out and they will need to get back to work. The best thing is to keep them working from the start.”
It’s not clear if Olbermann, who apparently resigned, would be eligible for compensation.
Edward Bastil, Political Correspondent
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