Michelle Obama’s fashion sense might be earning a lot of praise, but one other person is making quite a profit. Jenna Lyons, creative director of J. Crew, oversaw the creation of various outfits worn by the ladies of the first family. For her efforts, she got a one-time cash bonus of $1 million.
But is this overcompensation? After all, the White House pay czar recently slashed compensation for executives receiving government aid, but what better government aid than a ringing fashion endorsement? Perhaps not — J. Crew didn’t receive a taxpayer-funded bailout, and yet strangely the company is expecting its sales and earnings for its third fiscal quarter to be up over earlier projections.
In other words, if the White House really wants to help companies, it should probably forget about spending taxpayer money and instead pursue endorsements and product placement. We’ll call them Obamendorsements.
