Saturday, January 3, 2009

Another White Millionaire Lawyer to Join Senate

Colorado's new Senator Michael Bennet looks like his peers. He's white, a law school grad, and made millions working for an investment firm. Check, check, check, welcome to the august body.

Michael Bennet took a detour as the head of Denver Public Schools. There he pushed an improved version of pay for performance, only the major improvement was a big bump in base salary.

Wall Street CEO's used leverage and risky financial innovation to maximize incentive compensation. It imploded our financial system. This came after a decade of widespread cheating on the most pure form of pay for performance, stock options. The boys learned to backdate and few paid a legal price for stealing millions from shareholders.

However, President elect Obama and Congress want to spread the poison of bribes to education and health care. Sorry leadership brought Wall Street to its knees. Our elected officials won't give up failed manipulative strategies. Obama's Education Secretary Arne Duncan likes pay for performance as much as Michael.

Eight years of No Child Left Behind's competition and extrinsic motivators are destroying education. How long will it take for Michael Bennet and company to finish it off or to ruin health care? Substitute leadership, please.