Sunday, July 1, 2007

Smithsonian Burning Money--Yours!!

The Smithsonian has found a new way to burn money. They just hire someone that has a track record of being able to show them how...
Point in case. They hired Lawrence Small as one of their top executives (the Secretary of the Smithsonian). The reason they picked him was obvious. His resume' included as his last position, Chief Operating Officer of Fannie Mae. He was only making over 4 million dollars a year there, and had to screw with the books (like the Enron execs.) to make sure that he and his cronies would still get their big fat bonus checks-even though Fannie Mae was losing money. He resigned from his position, but it cost investors over 30 billion dollars. I can understand why the Government would hire a guy with these credentials to run the Smithsonian.
The Smithsonian could not pay him what he was used to, but he decided to take the position anyway. His salary (at the Smithsonian) was a pitiful 1 million dollars a year. The Smithsonian had to offer him perks just to keep an executive of this caliber. Even though he owned his home outright, the Smithsonian had to give him a $200,000 a year housing subsidy. He had to be provided catered meals (complete with rented linens, china and glassware) at $500 a pop, almost every day of the week. When he was forced to eat out, you can rest assured he did not eat at Burger King. They had to provide him with a private jet to travel in (on the taxpayers dime). One of his trips to Las Vegas (a museum hotspot), cost the taxpayers $14,000 in travel expenses alone. Since he could barely afford to live on his reduced pay, he was forced to charge the Smithsonian for a new heat pump for his pool, and the cleaning of the chandeliers in his home. He also needed his employer to pay $273,000 for housekeeping expenses to clean his home (on top of his housing subsidy). When he moved into his new office at the Smithsonian, he just had to redecorate it. Nothing too fancy though--only $4,000 for a new chair, $9,000 for a new coffee table and $100,000 for a new rug. The Smithsonian also had to pick up the tab for memberships for both hinself and his wife at a private club in Washington.
Well, he resigned on March 28th after these things began to bother people on Capitol Hill. Don't worry though, he won't go to jail (like you or me would) and will probably be appointed to another lucrative Government position in the near future. Keep your eye out for the name, I'm sure we have not seen the last of this great leader.

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