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Booking.com gives €28m in bonuses to three top execs; Took €65m in State aid

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Re: Booking.com gives €28m in bonuses to three top execs; Took €65m in State aid

#6
These "state aids" are coming from the mandatory unemployment insurance scheme that both employees and employers (in this case, Booking) are forced to pay in.

It is silly to now blame companies and employees now making use of the insurance that they paid in for years. Imagine crashing your car and the insurance is refusing to pay you, arguing "but you just bought a second car! you don't really need the insurance money!". You can claim it is morally wrong, ultimately the government set the conditions for these programs.

Also one thing to keep in mind: we don't know the exact conditions of these bonuses, they might be simply legally required to pay out the bonuses.

Re: Booking.com gives €28m in bonuses to three top execs; Took €65m in State aid

#8

The article is thin on details. Does the 65 million Euros of state aid need to be repaid? Or was it free money from the government with no expectation of repayment?

It was a deal where companies wouldn't discard the workforce in exchange for money.

It didn't come with a ban on bonuses, but it did come with a bunch of middle-aged white men frowning at different middle-aged white men for not pausing the bonus culture.

Re: Booking.com gives €28m in bonuses to three top execs; Took €65m in State aid

#9
Same thing is happening here in the US. For example, Trump's law firm Kasowitz Benson Torres took a $10m forgivable government loan for COVID relief [1] despite earning a profit of over $2m per partner in the preceding years [2].

1. https://pppwatch.com/loan/9581937109

2. https://en.wikipedia.org/wiki/Kasowitz_Benson_Torres

Re: Booking.com gives €28m in bonuses to three top execs; Took €65m in State aid

#10
I'm surprised anyone is surprised.

Here in the US we've spent several trillion dollars on Covid relief so far, and there's more to come. When you're dealing with a torrent of printed cash of this magnitude, there's of course going to be a lot of it that ends up in the wrong hands for the wrong reasons.

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