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03-23-2008, 02:35 PM
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Location: Michigan
334 posts, read 1,295,677 times
Reputation: 150
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It seems that everytime a big corporation goes bankrupt, the executives want big bonuses. Delphi filed for chapter 11, and the top exec.'s wanted huge fat bonuses. The company I work for went bankrupt, we didn't get our yearly wage increase, yet the exec.'s wanted a bonus.
It just doesn't make sense. The same people that led these companies into the ground, want money for it. They reason that this is a must, because they need to retain the top people. Bull ****! If they get extra money when the companies doing well, and when it's doing bad, when do they not get these bonuses!? In my opinon they are scum, no better than the common criminal.
Last edited by Brent85; 03-23-2008 at 03:46 PM..
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03-23-2008, 03:10 PM
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Location: State of Being
35,883 posts, read 70,025,015 times
Reputation: 22557
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Quote:
Originally Posted by Brent85
It seems that everytime a big corporation goes bankrupt, the executives want big bonuses. Delphi filed for chapter 11, and the top exec.'s wanted huge fat bonuses. The company I work for went bankrupt, we didn't get our yearly wage increase, yet the exec.'s wanted a bonus.
It just doesn't make sense. The same people that led these companies into the ground, want money for it. They reason that this is a must, because they need to retain the top people. Bull ****! If they get extra money when the companies doing well, and when it's doing bad, when do they not get these bonuses!? In my opinon they are scum, no better than the common criminal. If I were a firefighter, paramedic, etc., I wouldn't even save these people's lifes.
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It's called a contract. Simple as that. |
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03-24-2008, 05:34 AM
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Location: Charlevoix
750 posts, read 2,587,353 times
Reputation: 627
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I agree with you, its insane, utter bull*****. If the company has no money to run and pay it workers, how does it see fit to give the bigwigs more money? This country at its finest I tell you!
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03-24-2008, 06:23 AM
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Location: Atlanta
281 posts, read 984,604 times
Reputation: 200
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Contract and the order of payments in a bankruptcy proceeding. Dont lash at the companies, change the law.
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03-24-2008, 07:14 AM
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Location: Charlevoix
750 posts, read 2,587,353 times
Reputation: 627
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LOL, just because its the law doesnt make it right or mean it makes sense!
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03-24-2008, 09:06 AM
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5,656 posts, read 17,944,638 times
Reputation: 4053
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Yes, but there have been rumblings that some stockholders are thinking (or have?) sued the CEOs. Likely for not holding up their end of the contract (i.e. if the corp goes bankrupt). Read this somewhere...
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03-24-2008, 10:15 AM
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Location: Pocono Mts.
9,482 posts, read 11,298,186 times
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Totally  . I don't think they deserve it. Take Toll Bros. for example. They have just voted for like a 7 million dollar bonus package for chief executives, even as the building industry and Toll Brothers itself is at it's lowest mark ever. Their shares are down, the quality is questionable - & they deserve even more than their already lofty salaries? Is that going to lower the cost of their homes? Be of any benefit to anyone building one of their homes? |
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03-24-2008, 11:17 AM
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48,508 posts, read 88,422,285 times
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That is their contracts but many times the contract is based on performance and that means they are paid bonus on year before also.Bonuses fro performance is part of their salary basically.
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03-24-2008, 11:35 AM
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2,775 posts, read 3,233,744 times
Reputation: 3026
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It is all about their contracts. You want to know the largest difference between a successful executive and a typical unsuccessful one? The successful one knows the value of having a high-powered attorney represent him at hiring to iron out a golden parachute and incentive package. It may cost them upwards of 10-20k to have such a lawyer work/negotiate on their behalf... but they are well worth the money.
I'm saddened when I hear of people who work for employers (usually non executives) make statements such as "I'll just shake his hand and he'll follow-through"... I've seen many such deals not work out for the employee. If company management changes, that employee is just out of luck. If the future relationship with that person falls through, all promises previously made usually fall by the wayside.
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03-24-2008, 12:32 PM
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Location: Atlanta
281 posts, read 984,604 times
Reputation: 200
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Quote:
Originally Posted by poconoproud
Totally . I don't think they deserve it. Take Toll Bros. for example. They have just voted for like a 7 million dollar bonus package for chief executives, even as the building industry and Toll Brothers itself is at it's lowest mark ever. Their shares are down, the quality is questionable - & they deserve even more than their already lofty salaries? Is that going to lower the cost of their homes? Be of any benefit to anyone building one of their homes? |
   I needed the laugh today. I love the "crap" |
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