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Tuesday, September 29, 2009

You've Got to be Kidding me


Last Friday Tribune Company employee’s favorite CFO, Chandler Bigelow III, testified in front of bankruptcy Judge Kevin Carey on why the company needs to dole out $70,000,000 in bonuses to the top managers.

Never mind that Tribune’s advertising revenue through publishing is 29 percent less than last year, or broadcasting revenue is down by 23 percent.

“Still mired in Chapter 11 protection, the Tribune Co. said Friday it needs authority to dole out up to $70 million in bonuses as motivation for top managers working in a difficult environment for the media industry.”

I wonder how the employees that have been let go over the last few weeks at the Los Angeles Times feel about rewarding the upper crust with massive bonuses, could their timing be any worse?

I have an idea, instead of crying to the bankruptcy judge, allow Tribune Company Employees to vote if the executives deserve a bonus. This method would never be attempted as it would be defeated from the get go.

Judge Carey said
"In a troubled industry as this one, the argument could be made that bonuses should not be paid, or certainly not of this magnitude," the judge said.”

5 comments:

Old OC said...

Don't quote out of context Ed....

Here is the rest of what the judge said.

"In a troubled industry as this one, the argument could be made that bonuses should not be paid, or certainly not of this magnitude," the judge said.

"On the other hand, he noted, companies working to survive in a troubled industry can reasonably be expected to try to attract and retain the top-level talent needed to improve their business".

Wolf said...

So...once they can prove that they can turn this around, then you pay them the money they are asking for, until then, they get my Pickle for lunch.

Old OC said...

Ya I guess they could......

or they could just shut the doors like they did at Verizon (old TMP)or the "Rocky" or the "Seattle PI".

Wolf said...

Let's see, we print the paper everyday without a Big Boss pushing a button. I'm sure we can figure out some of the smaller issues. It's a News Paper not some Nuclear power plant.

Old OC said...

Yes.... that's true.

Your job is to "push the button".... their job is to make sure you have a "button to push".

I don't think we should trivialize or minimize the importance of either job.