On eve of bankruptcy, US firms shower executives with bonuses
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Re: On eve of bankruptcy, US firms shower executives with bonuses
#2The execs getting the bonus know that other USA execs won't frown on this.
The execs getting the bonus know regulators won't come after them.
The execs getting the bonus know the media won't name and shame them.
The execs getting the bonus know that nobody in their social circle will shun them.
The execs getting the bonus don't even think this is wrong, as the main aim is to grab what you can when you can, and if it's immoral, well someone should change the rules.
Yes laws need changing, but laws are set by culture, ultimately.
This is a deep, deep cultural problem that is killing the USA, and I've yet to see it acknowledged anywhere in the mainstream.
Re: On eve of bankruptcy, US firms shower executives with bonuses
#3I’m not pro this or trying to justify it. But I just had a thought.
Maybe they want to retain the execs to fix the mess?
I think most people would start looking for a new job as soon as they heard that the company they work for is filing for bankruptcy.
What would happen to a company if all good people left?
Re: On eve of bankruptcy, US firms shower executives with bonuses
#4The execs getting the bonus know that other USA execs won't frown on this. The execs getting the bonus know regulators won't come after them. The execs getting the bonus know the media won't name and shame them. The execs getting the bonus know that nobody in their social circle will shun them. The execs getting the bonus don't even think this is wrong, as the main aim is to grab what you can when you can, and if it'…
Depends what you mean by mainstream, or acknowledged. That's one of main talking points of Bernie Sanders, which was almost there as the Democrat candidate. I feel like everybody had the chance to see it, so it was mainstream.
Acknowledged in the sense that we recognize this an as actual, structural and cultural problem? Yeah, not happened. Not in this country, where "the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires".
I at least hope people understood being rich and running a business doesn't automatically translate to being good at public office.
Re: On eve of bankruptcy, US firms shower executives with bonuses
#5This sort of thing ought to be grounds for a lawsuit from shareholders, or other creditors.
Re: On eve of bankruptcy, US firms shower executives with bonuses
#6The execs getting the bonus know that other USA execs won't frown on this. The execs getting the bonus know regulators won't come after them. The execs getting the bonus know the media won't name and shame them. The execs getting the bonus know that nobody in their social circle will shun them. The execs getting the bonus don't even think this is wrong, as the main aim is to grab what you can when you can, and if it'…
It's completely rational. The company is going into bankruptcy. The money can be mine or someone else's. If you had a chance to get $1,000,000 or the bank takes it with no consequences what do you do?
Re: On eve of bankruptcy, US firms shower executives with bonuses
#7Is there any research claiming that giant executive bonuses, in this case seemingly at the expense of the company they govern, is optimal for some macroeconomic quality that benefits the society at large? Or do we allow this behavior because we believe it is immoral to prevent giant executive bonuses as a matter of principle?
Re: On eve of bankruptcy, US firms shower executives with bonuses
#8Can't creditors go after them in bankruptcy court? If not I see a easy way to make money.
Re: On eve of bankruptcy, US firms shower executives with bonuses
#9I’m not pro this or trying to justify it. But I just had a thought. Maybe they want to retain the execs to fix the mess? I think most people would start looking for a new job as soon as they heard that the company they work for is filing for bankruptcy. What would happen to a company if all good people left?
Apparently they were not that good considering they bankrupted the company
If anything you want them to leave,. Good riddance
Re: On eve of bankruptcy, US firms shower executives with bonuses
#10I’m not pro this or trying to justify it. But I just had a thought. Maybe they want to retain the execs to fix the mess? I think most people would start looking for a new job as soon as they heard that the company they work for is filing for bankruptcy. What would happen to a company if all good people left?
You could argue the people responsible for the decisions that resulted in the company going bankrupt aren’t the good people.