Borders Executives Fire 6,000 Employees…and Apply for $8 Million in Bonuses

[The Straight Story]

Borders Executives Fire 6,000 Employees…and Apply for $8 Million in Bonuses

After filing for bankruptcy and announcing the layoff of thousands of employees, Borders hopes to hand out million-dollar bonuses to its executives.

Borders filed for Chapter 11 protection in February, and as part of its restructuring decided to close about 30% of its stores nationwide. The closures will cost 6,000 workers their jobs.

In March, CEO Mike Edwards says he wanted to give out $8.3 million in executive bonuses—including $1.7 million for himself. Edwards’ annual salary is $750,000. Of the total, $7.1 million would go to 17 top executives, most of whom have been with the company less than 18 months. Another $1.2 million would go to 25 “director-level” managers.

U.S. Bankruptcy Judge Martin Glenn declared that this was not acceptable and suggested instead that the bonuses for Borders’ top five executives be based on how much money they were able to recover from a sale of the company or restructuring.

http://www.allgov.com/Controversies/ViewNews/Borders_Executives_Fire_6000_Employees__and_Apply_for_8_Million_Dollars_in_Bonuses_110420

[Trajan]

1. It's the American way ...

Apparently ...

[Blue_Tires]

2. for all the rhetoric about free markets and survival of the fittest

No institution in the history of Western Civilization has rewarded fuck-ups like corporate america...

[Poll_Blind]

5. +1 Dude you got that right....

PB

[doc03]

3. I am surprised the Bankruptcy Judge said it was not acceptable

back when my company went bankrupt a Republican appointee handled the the case and management pretty much got anything they asked for.

[90-percent]

4. These elites are pushing it

They are turning more and more of us into hopeless people with NOTHING LEFT TO LOOSE.

desperate people do desperate things.

If I was one of these greedy sociopaths, I would be in fear for the safety of myself and my family.

Hmmm, but that would require the capacity of HUMAN EMPATHY. Therefore, my conclusion is that the elites are just too base to be fearful of WE THE PEOPLE YET.

Perhaps there have already been a few Lindbergh baby type kidnappings, but we don't hear about it because of the absolute control the elites have over our MSM pravda?

Wouldn't want to trigger a new BOTTOM 98% FAD now, would we?

-90% Jimmy

:sarcasm:

[Vinnie From Indy]

6. This has become the American Way

What is truly fascinating is that you can be damn sure that these assholes feel entitled to the gargantuan bonuses. It is their birthright and if that means throwing thousands of people under a bus, so be it!