Bankrupt Toys “R” Us wants to pay $16M in executive bonuses
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Re: Bankrupt Toys “R” Us wants to pay $16M in executive bonuses
#2Sears Canada had a similar approach... millions to a bunch of sr. execs and complete default on pensions to the workers. "We need this to save the company" was their cry. We need those sr. executives to get us out of this situation that they've been in charge of for years.
Oh, Sears Canada is now out of business and the workers got nothing... but don't worry the executives that the company was so worried about received their bonuses.
Re: Bankrupt Toys “R” Us wants to pay $16M in executive bonuses
#3Go use any gift cards you've got while you have the chance.
Re: Bankrupt Toys “R” Us wants to pay $16M in executive bonuses
#4Sears Canada had a similar approach... millions to a bunch of sr. execs and complete default on pensions to the workers. "We need this to save the company" was their cry. We need those sr. executives to get us out of this situation that they've been in charge of for years. Oh, Sears Canada is now out of business and the workers got nothing... but don't worry the executives that the company was so worried about receiv…
That's a terrible situation, but this is exactly why people should want their retirement savings to be kept in an account with their own name on it.
When the music stops for a pension, your chair is up for grabs. When the music stops for a 401k, nobody can grab your chair.
Re: Bankrupt Toys “R” Us wants to pay $16M in executive bonuses
#5Sears Canada had a similar approach... millions to a bunch of sr. execs and complete default on pensions to the workers. "We need this to save the company" was their cry. We need those sr. executives to get us out of this situation that they've been in charge of for years. Oh, Sears Canada is now out of business and the workers got nothing... but don't worry the executives that the company was so worried about receiv…
Basically, "we need to make sure they are incentivized to perform".
"I won't do my job well without a few extra million dollars."
And this, "it is the employees - and more particularly the senior management team - that must execute at this critical juncture" ...
"Screw you, people actually working the stores, you'll be lucky if we have a pension fund at the end of this. You need to be executing. Bonus? Haven't you heard, we're bankrupt, we have no money for that! Oh, wait, you're on the executive team, absolutely we do!"
Re: Bankrupt Toys “R” Us wants to pay $16M in executive bonuses
#6Sears Canada had a similar approach... millions to a bunch of sr. execs and complete default on pensions to the workers. "We need this to save the company" was their cry. We need those sr. executives to get us out of this situation that they've been in charge of for years. Oh, Sears Canada is now out of business and the workers got nothing... but don't worry the executives that the company was so worried about receiv…
That's a terrible situation, but this is exactly why people should want their retirement savings to be kept in an account with their own name on it. When the music stops for a pension, your chair is up for grabs. When the music stops for a 401k, nobody can grab your chair.
Not entirely true, the government can always take your 401k
Re: Bankrupt Toys “R” Us wants to pay $16M in executive bonuses
#7what a strange world where you can bankrupt your business, yet receive millions of bonus dollars anyway.
Re: Bankrupt Toys “R” Us wants to pay $16M in executive bonuses
#8Will anyone think of the executives?
Re: Bankrupt Toys “R” Us wants to pay $16M in executive bonuses
#9Earlier quoted context omitted.
That's a terrible situation, but this is exactly why people should want their retirement savings to be kept in an account with their own name on it. When the music stops for a pension, your chair is up for grabs. When the music stops for a 401k, nobody can grab your chair.
Not entirely true, the government can always take your 401k
Government could also just imprison you indefinitely for no reason. There can't be rule of law if nobody expects rule of law.
Re: Bankrupt Toys “R” Us wants to pay $16M in executive bonuses
#10If your business is failing what else are you going to do? The company is asking executives on a sinking skip to not jump and even trying to get some people to jump on. We're talking hiring from a population who would be risking their future careers if TRS goes under and could find much lower risk well paying work somewhere else. Paying a premium is expected.
Don't fall for the clickbait on this one -- the company's revenue is 12.4 billion, don't act like this is a bunch of evil executives drinking the company dry. The pay is tied to the company's performance and if their team manages to hit those goals it will be 16M well spent compared to going out of business.