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