Sunday, November 29, 2009
BANKRUPT NEWSPAPERS GIVE EXECUTIVE BONUSES
Failure isn’t what it used to be. Bankrupt newspaper companies are following the lead of AIG and Lehman Brothers and rewarding executives with large bonuses. The Tribune Co. is trying to pay out $13 million in bonuses, the Journal Registers Co. is trying to pay $2 million, and Philadelphia Newspapers has already given hundreds of thousands in bonuses to its corporate officers.
Company spokesmen say the bonuses make good business sense by rewarding good performance and keeping executives from leaving the companies. Both arguments are hollow. The first rationale rewards performance in running the companies into the ground and the retention rationale assumes other newspaper companies are hiring and would want to hire the tainted executives.
... then they cry, they blame google ...
... and surely they are harassing the world ...
... to get a handout from the cow ...
... like their wall street and detroit buddies ...
... the american joke ...
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