I don’t know why I continue to be amazed at stories like this…..
Corporate America is really big on “accountability” and “results driven performance.”
At the worker’s and Middle Management level….
Personally, I think these “bonuses” and Golden Parachutes for failed upper Management ought to be taxed at round the 99% rate if the Company is in Bankruptcy. If the Company shows a profit, then regular tax rates should apply. That would drive true accountability and performance based rewards at all levels….
I know, impossible to enforce, but I can dream of wage equality, can’t I?
As I said earlier, it’s really hard to fail making junk food for Americans…..
From AmericaBlog.com:
You remember Hostess. Home of the Twinkie. Gone bankrupt and closing down after the previous CEO tripled his salary, knowing full well they were on their way to the poor house.
Well here we go again, Lucy.
While it’s worth noting that current Hostess acting CEO Gregory Rayburn, to his credit, is not accepting a bonus, you have to ask yourself why anyone would be getting a bonus in the first place, with the company in bankruptcy.
Well. It seems that at the same time the company went into bankruptcy, and now is cutting employees’ pay by 8%, just in time for Christmas, the management team finagled itself a whopping $1.8m bonus. ”The money is intended as an incentive for 19 top-level managers to remain with the Twinkies and Ding Dongs maker to oversee its liquidation,” the LA Times reports. Right, because you wouldn’t want to lose any of the winners that oversaw a company going into bankruptcy.
via Hostess employees get 8% pay cut, management gets $1.8m bonuses.
Lost in the 21st Century 