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If companies are allowed to break (aka renegotiate) Union contracts with the workers and stockholder dividends, they can damn well break contracts with the Executives. Besides most of these people ain't about to go onto food stamps if they don't get their multimillion dollar bonus. AFIC - let them sell the Mercedes and get a Focus.
I think the government should have guaranteed everyone’s pensions to $50 k/yr and let the companies go bankrupt. The courts could have figured this mess out.
Companies cannot "break" contracts (and have them remain "contracts" ) Unilaterally.
Companies cannot "break" contracts (and have them remain "contracts" ) Unilaterally.
There's normally some sort of escape clause in contracts, though.
And, many of the executives who were paid these retention bonuses have left the company. This should be a violation of the contract terms; if it is not, it was a very poorly written contract.
There's normally some sort of escape clause in contracts, though.
And, many of the executives who were paid these retention bonuses have left the company. This should be a violation of the contract terms; if it is not, it was a very poorly written contract.
Threats on their lives - or that of their family? Grounds? Maybe?
Threats on their lives - or that of their family? Grounds? Maybe?
I think that would be a matter for the arbiter of the contract. Most modern-day contracts that I have seen require that any disputes be settled by arbitration rather than litigation, BTW. Of course, my experience is in construction contracts rather than employment contracts, so they may be different than what I'm accustomed to reading.
Also, most contracts are written in the company's favor, so the employee would have little power in breaking the contract - most employees don't have a legal team poring over every nuance of language.
because there is NO WAY IN HELL that Americans should have to pay overbloated salaries for a crappy job PERIOD!!
They should take the $1 and be happy with it.
Agreed!! But how would you convince Congress that this is all they are worth right now? I don't think they'll ever vote to give themselves only $1 salary, they already get 8% raise every year.
There's normally some sort of escape clause in contracts, though.
And, many of the executives who were paid these retention bonuses have left the company. This should be a violation of the contract terms; if it is not, it was a very poorly written contract.
Of course some of them have left the company. That's often how a retention bonus works. You are paid a bonus to stay with the company until a certain task is completed and/or until a certain date, then you are paid the bonus. In this case the bonus was promised for March of 2009. IF you completed your project before that date or your division was dismantled in January of 2009 then you left the company but didn't get the bonus until March, as was stated in the contract. This isn't rocket science people.
For example, my DH was paid a retention bonus once, he had to stay until a certain date. Some guys in sales were only obligated to complete certain sales contracts or close out accounts. It is very possible they finished those contracts and accounts BEFORE the bonus pay out date, they can leave the company as they fulfilled their end of the contract and still get the bonus later. DH had to stay until the end, his contract was for a specific date, not a task.
Agreed!! But how would you convince Congress that this is all they are worth right now?
Remember, Timmy was in the room when negociations were happening, Dodd placed legislation in the porkulus and EVERYONE signed off on it. Had the public not found out there'd be no outrage by the government, you know those people who are tasked with watching out for us? People should try are direct their "outrage" at the correct people.
Of course some of them have left the company. That's often how a retention bonus works. You are paid a bonus to stay with the company until a certain task is completed and/or until a certain date, then you are paid the bonus. In this case the bonus was promised for March of 2009. IF you completed your project before that date or your division was dismantled in January of 2009 then you left the company but didn't get the bonus until March, as was stated in the contract. This isn't rocket science people.
For example, my DH was paid a retention bonus once, he had to stay until a certain date. Some guys in sales were only obligated to complete certain sales contracts or close out accounts. It is very possible they finished those contracts and accounts BEFORE the bonus pay out date, they can leave the company as they fulfilled their end of the contract and still get the bonus later. DH had to stay until the end, his contract was for a specific date, not a task.
Be nice. I, personally, have not read the terms of these contracts, and I suspect, neither have you. I have also stated that my experience is in construction contracts and not employment contracts.
Now, if these people have left prior to their retention dates, or without accomplishing their tasks, their contracts would be void. I think we can safely assume that tanking the company was not one of the reasons they'd get a retention bonus.
Remember, Timmy was in the room when negociations were happening, Dodd placed legislation in the porkulus and EVERYONE signed off on it. Had the public not found out there'd be no outrage by the government, you know those people who are tasked with watching out for us? People should try are direct their "outrage" at the correct people.
Yeah, I meant to suggest that Congress should only be paid $1 because they are doing a pretty crappy job....but it didn't come out clearly so I restated it.
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Of course some of them have left the company. That's often how a retention bonus works. You are paid a bonus to stay with the company until a certain task is completed and/or until a certain date, then you are paid the bonus. In this case the bonus was promised for March of 2009. IF you completed your project before that date or your division was dismantled in January of 2009 then you left the company but didn't get the bonus until March, as was stated in the contract. This isn't rocket science people. 
