Duke has always drawn its share of haters. In fact, we're the No. 1 most hated school on CBS's NCAA tournament Facebook application. We're like the Yankees or the Lakers: good enough for long enough to be worth hating, and somehow able to get under the skin of thousands upon thousands of people around the world.
This week, one Dukie went truly above and beyond in the field of hateability, and his name is Rick Wagoner.
Wagoner was the man in the driver's seat when General Motors careened off into the ditch. There's no way of getting around that fact or sugar-coating it. When Wagoner was elected CEO of the venerable car giant in June 2000, the company's stock hovered between $60 and $70 per share. Less than one month ago, it was under two bucks.
What's the percentage lost there? Too depressing to calculate is what it is. I prefer to think of it this way: One share of GM the day Wagoner took over would have bought you a nice dinner at the Washington Duke Inn. He reduced that to a Snack Wrap from McDonald's. Don't get me wrong-I love me some Snack Wraps-but not when they used to be filet mignons.
Rick "Snack Wraps" Wagoner made headlines this week by becoming the first CEO of an independent company in a long time to essentially get fired by the president. GM received a government bailout last year with the stipulation that the company would submit a plan for restructuring and an eventual return to profitability. The Obama administration found the plan... wanting.
Now, regular readers of this column should get out their calendars and a red pen, because I'm about to compliment the president. The administration's decision was exactly right. GM's plan was unimpressive, and there's no reason to throw good money after bad. President Barack Obama gave the company an extension on submitting a new plan, a stern warning and a new condition: Wagoner had to go.
And before you feel pity for the dismissed Dukie, I'll remind you that he gets more than $20 million in pension and other benefits. That's seven zeros with a two in the front. That'll buy you a whole lot of Snack Wraps, Rick!
OK, OK, you get it. The guy was a terrible CEO, ruined a great American manufacturing company and is an all-around bad guy. What's with the extended polemic?
Here's the thing. Wagoner was more than the head of GM. He also helped chair President Richard Brodhead's initiative to help fund financial aid programs for students. That initiative reached its goal of $300 million, and some of that money is already being used to support students earning their degrees.
Nothing is ever as easy as it seems. It seems so easy to hate people like Rick Wagoner. It certainly is easy to make jokes about him and Snack Wraps. But at the same time, I feel compelled to recognize that without him, it's very possible that I wouldn't have been able to be here, writing my columns, cracking jokes. I know, I know, what a tragedy that would have been for us all.
Does that change the fact that he helped destroy GM? Not a bit of it. Does the fact that he helped destroy GM erase his good work? Again, no. His mismanagement has hurt and will continue to hurt a lot of workers in Detroit, but at the same time his generosity and dedication has helped and will continue to help a lot of students in Durham. I'm conflicted about this guy.
As the Class of 2009 prepares to graduate to a job market best described as "aaaaaah!" it has become all too easy to throw sticks and stones at the American business community. We look at executives getting paid unthinkable amounts of money, and we get angry. So angry that we consider letting Congress pass a bill of attainder against AIG execs, despite that whole "Constitution" thing. It's an understandable anger that crosses lines of party and class, race and creed.
But it behooves us to remember every now and again that the American businessman is also the American philanthropist. The Rick Wagoners of the world do too much and wear too many hats to be stamped with a "good" or "bad" label and neatly filed away. For better or worse, they're both.
Just something to keep in mind. Now if you'll excuse me, I seem to have developed a sudden craving for a Sna... well, you know.
Oliver Sherouse is a Trinity senior. His column runs Wednesdays.
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