depend on wall street journal vol places who ran the story in a slow very good
report is the wall street journal their editors uh... an editorial team has not
told me home and rupert murdoch and it's not useless their counterproductive
but some great reporting there still
so any news story about c_e_o_s
the wind up getting bonuses
even when their companies are bankrupt
now how does that make sense when you go to into bankruptcy you've lost the money
if you're done right
in fact the shareholders get wiped out the people get laid off its arab
should make c_e_o_'s who cause that be the most respond now
they get bonuses
adiganu specific examples and then they give it overall moms
for specific example is not a company called mira corporation
well twenty one in the bankruptcy they closed twenty eight factories
they cut twenty thousand jobs and they want publisher voters
i remember to shareholders are though owners
of the company
so well then
if the owners of the company got nothing
and employees got fired not all of them a twenty thousand of them well then
obviously you see it but you must log of anything in the right long again bob
uh... executives uh... and other employees got bonuses
appointee with six
million dollar
football it is
for going to bankruptcy
well how about the c_e_o_ the top gun
couple he's the most responsible usually got anything right
bonus
of five point four million dollars
the c_e_o_ robert
none of that unit that's what i'm trying to sway the system the specs this is
like capitalism we take the problem with corporate is a is that the executives
captured the corporation
and then they don't give a damn about the employees and of course they don't
care about the community it's a joke to them and they don't even care about the
owners of the company this to them they're short term problem so much more
important that whether the company's valuable to the shareholders later
such even in the middle of a bankruptcy the guy goes well i think of the company
apart in the port of all those jobs lost seventy five point four million dollars
it's insanity my faith
help come on this fifth shuttle only happen once that lear corporation
it going to happen over and over again right william bob
so in uh... wall street journal looked at a hundred different companies
they're gonna bankruptcy and they were able to find records aren't twenty one
of them as to what they did with executive compensation
so well one is a record that we have their turns out the chief executives of
those firms just twenty one for
got paid
three hundred and
fifty million dollars
in salary bonuses stock grants
and several slip here is the company's work wonders chapter eleven bankruptcy
protection
or right after
but you'll bankrupted the country back to you on the company
like the finally coming so it comes up to me is as all that i was a matter of
so sorry
but uh... i lost all your money is gone and scott
and i had to fire a bunch of people we might they get out of bankruptcy as some
point with your wife there you have no money left nineteen e five million
dollar books
bata have risen
ec os
got paid
eight point seven
billion dollars
drying bankruptcy
why because the system has been captured by these corporate executive and give a
damn about that
cheryl does that not responsible that is part of their board the bodies of they
put on it
eisner was put his dentists and his kids basketball coach on the board of disney
look at it today obviously is that the board entangled with judges they going
to have her income i you know how it is right
the judge that at the proved that the pants in the leo corporation cases
well these payout for paul customary and portfolio market competitive
quite there's a market
for c_e_o_'s who bankrupt their companies
untapped market pays an eight million dollars
now if these guys all have in the same circles they all went to the same
schools and to that of course is customary that's my friend
have worked in trying to run the company couldn't
so all of you workers are fired on local pure gold
losers would take off the impression of course i can't here there's forty
million dollars bob
now you say okay look sometimes is companies come out of bankruptcy
look and i say to if you bring in a new c_e_o_ to guide you through the
bankruptcy now the bankruptcy anyone given some incentives so that if they do
really well afterwards
then the guy gets fate that's fine because he's bringin bring you into the
bankruptcy
he's bring you out of it right the only pay may some of the senate that that
happens in a brief
i'm sorry a small number of cases the large number of cases they have the same
guy
and he said i have to have met an incentive for into statewide you should
fire immediately inventor of the company why would you want to stay
notoriety in the senate
but it was a one two thousand five saying that you cannot do retention
bonuses for these people so this is all of you a legal landscape on top of all
power out irrational in rediculous it
but they get around the world along by sea
order this is not a retention bonus this in his senate if he hits certain mark's
right
but they didn't get the marks newt said the mark so easy the several judges have
thrown it out and on
in what is this is
it this year was gonna get hit as mark
if they lost money
supplicant brings in a bag of c
and that you say that i need to pay millions of dollars because he had his
mark after at bankruptcy would continue to lose money
it's a joke on all of us man
finally spare circuitcity your morale they went totally out of business they
did not come back at a bankruptcy thirty nine thousand people lost their jobs
uh... their other top executives
dot paid two point three million dollars to carry them through backers
well they have to have an incentive to stay up for some sort of firebird
the system is rigged against us