Bankrupt Tribune Gives Bonuses After Berating AIG
They can't help themselves, it's in their corporate genes.
"Two months after denouncing a troubled financial company for doling out hefty management bonuses, a bankrupt news media company is doing the same thing.
"Money for nothing?" blared a Chicago Tribune editorial in mid-March, responding to news that American International Group Inc. planned to give $450 million in bonuses to its top executives during a very public federal bailout.
But this week, the Tribune Co. - which owns the Chicago Tribune, the Los Angeles Times, the Baltimore Sun, the Hartford Courant and other dailies, along with 23 TV stations - received permission from a Delaware bankruptcy judge to pay out $13.3 million in bonuses to some 700 local and corporate managers.
The payouts come as $2.7 million in severance pay to 68 employees who lost their jobs last year remains frozen."
"Two months after denouncing a troubled financial company for doling out hefty management bonuses, a bankrupt news media company is doing the same thing.
"Money for nothing?" blared a Chicago Tribune editorial in mid-March, responding to news that American International Group Inc. planned to give $450 million in bonuses to its top executives during a very public federal bailout.
But this week, the Tribune Co. - which owns the Chicago Tribune, the Los Angeles Times, the Baltimore Sun, the Hartford Courant and other dailies, along with 23 TV stations - received permission from a Delaware bankruptcy judge to pay out $13.3 million in bonuses to some 700 local and corporate managers.
The payouts come as $2.7 million in severance pay to 68 employees who lost their jobs last year remains frozen."
posted by nolocontendere at 5:02 AM
0 Comments:
Post a Comment
<< Home