How business ever sold to the public the necessity or fairness of obscene executive pay and bonuses is a bit of a mystery. But just like the sheeple will defend their right to not have universal health care, the sheeple will defend the right of executive over-compensation. The media and politicians of course are fully supportive of executive over-compensation. It seems to Peacenik that companies only exist to enrich the managers. The sheeple was silent if there was stock price appreciation. But now we see that these genius managers ran companies into the ground and ripped off the shareholders and the public. Bankrupt companies, propped up by public bailouts, are still handing out bonuses, based on the old discredited rationale, and the sheeple are silent. Peacenik says its time to roll back executive over-compensation, confiscate past over-compenstation, and jail executives who have committed crimes.
by Mish Shedlock
In every corner, greed continues to amaze. Please consider Bankrupt suppliers seek exec bonuses.
A growing number of bankrupt auto suppliers are seeking court approval to pay tens of millions of dollars in bonuses to key executives, as they shed employees and cut costs.
Some of the bonuses have come under sharp criticism from General Motors Co. and Ford Motor Co., as well as the trustees named by the Justice Department to monitor bankruptcy cases.
"Considering the condition of the automotive industry and the adverse effect on auto suppliers, it is unclear why payments are even needed to retain employees who may have limited options to find employment elsewhere," said Diana G. Adams, the U.S. trustee in objecting to a plan by Lear Corp.
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