How does a company bankrupt by virtue of incompetent management that owes others billions and can't pay its bills justify giving its execs tens of millions in bonuses while having the sheer gall to lay off off tens of thousands, cut pensions of people who've given their whole lives, cut severance pay, some of whom work in the very same building. Hoffman Estates is not very far from Chiraq, right? I'd be hiring a lot of extra building security if I tried to pull something as ballsy as that.
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Welcome to America
I just retired and will start collecting the pension Dec 1. I was not informed there was going to be any cuts. The paperwork stated I will get the full pension monthly payment as expected. The PBGC website continues to confirm this when you read the link(s). I guess I will find out in a couple of days. If there are any problems then I will post something here.
https://www.pbgc.gov/news/press/releases/pbgc-statement-on-sears-bankruptcy-filing
The System is set up for them to win at all cost. You don't see anyone giving the little guy a tax break, but they will give you a swift kick in the a-- on your way out. Goodbye!!!!
It's another example of "legal" but not ethical. By the way, how did Eddie get away with being the CEO making big decisions on company direction while being the major shareholder and making millions if not billions as a result. If it was you or I even on a small scale, we would be prosecuted for insider trading. Another example of our two-tier justice system..... don't hold your breath on fairness in this whole process.
They justify it by saying they need to retain key leadership to keep the company operating. These are highly-paid upper management positions to begin with, so these people need extra-large bribes to make it worth their while to not jump ship early. (The richer they already are, the less valuable a more modest additional amount of money would be to them.)
It seems like there must have been people underneath each of these figureheads who did most of the real work anyway and could be convinced to stay just by getting the pay-increasing promotion when their boss quits...
I can’t wait to read the docket on prime clerk to see how these crooks justify this bonus while the eliminate the severance for the workers
Just shameful.. and once it becomes even more public, even more shoppers will walk away from sears/Kmart leaving holiday sales in shamble as usual
Welcome to "merica" bend over and take it.
Because things are backwards today. The people at the top get rewarded regardless, whereas back in the day they were rewarded for good performance and were not rewarded when performance was bad or the business was in trouble (if they weren't fired outright, keeping the same old execs who got the company in the mess would have been unthinkable). This is not unique to Sears. All it takes is for the bankruptcy judge to say "no" (and he has the legal grounds to do so, as any spending has to be more or less preapproved by the BK court) but it probably won't happen because there is too much cronyism today and who knows if Eddie paid the BK judge under the table. It is already well established that Eddie had the company chose to file BK protection in a court that is known for showing favor towards the debtor's requests, often at the expense of the creditors/stakeholders.
Because some people are more equal than others
Pensions are being cut?
Because those sharing the 18 million in bonuses are part of eddies gang that caused the collapse of a once great retailer! They are crooks and I hope the judge sees this