Blog on the Run: Reloaded

Thursday, May 27, 2010 9:30 pm

Feed the starving executives

Filed under: Evil — Lex @ 9:30 pm

This also is what a “free market” looks like:

Tribune Co. has unveiled plans for a third round of top executive bonuses, nearly $15 million, bringing to more than $72 million the amount of pay enhancements the media company handed out while operating under bankruptcy protection. …

The new bonuses, which cover 42 top executives, include nine of Tribune’s 10 top-ranking corporate leaders, according to papers filed with the U.S. Bankruptcy Court in Wilmington, Del.

They are in addition to $57.4 million worth of bonuses already approved by a bankruptcy judge over the protests of unions whose members lost jobs due to the company’s financial struggles. The earlier bonuses were paid out between May 2009 and February 2010.

Sam Zell’s takeover of Tribune Co. was doomed from Day 1, but the inevitable suffering could have been far more evenly shared. And in a great country, it would have been.

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