Friday, January 27, 2012

Class Warfare

Wall Street Journal: "The CEO Bankruptcy Bonus: Firms Sidestep Rules that Limit Rewards for Executives" Jan 27, 2012 p. A1

[excerpt] "On the way to bankruptcy court, Lear Corp., a car parts supplier, closed 28 factories, cut more than 20,000 jobs, and wiped out shareholders. Still, Lear sought $20.6 million in bonuses for key executives and other employees including an eventual payout of more than $5.4 million for then-Chief Executive Robert Rossiter"

The article goes on to explain that an analysis of of court documents and regulatory findings revealed that chief executives at 21 of the 100 large companies that recently went through bankruptcy together earned more than $350 million in salary, bonuses, severance, etc.

Is it any wonder that George Soros predicts open class warfare?

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