I simply cannot believe what is going on here - the bonus debacle, the pay freeze, the silly stupidity of the senior managers and YET they are still in their positions. In any normal company the CEO would have resigned after teling everyone that bonuses would be paid and then this is counter-manded by the owners.
My firm belief is that this is a deliberate policy. They are actively demoralising people and you know why? It is cheaper for them if people leave than having to pay them off. Sheer economics. Thats why the Hobbit is still in his cave and not drawing the dole himself.