Sears bankruptcy court OKs $25 million in bonuses for top execs

[basquebromance]

This is what we mean when we talk about a rigged economy. If Sears has $25 million to give bonuses to executives after closing over 100 stores, why is the company telling thousands of laid off employees they don't have the money to pay their severance?

Sears bankruptcy court OKs $25 million in bonuses for top execs

 

[MarathonMike]

That doesn't mean they will pay the bonuses but there is no way the option to pay the bonuses to their Sears management should be part of the BK.

 

[harmonica]

this is how it's always been
don't they sign contracts for this stuff?
maybe I missed it--where is the part about no severance pay?

 

[rightwinger]

They have their priorities

 

[Mr Natural]

Nothing like being handsomely rewarded for fucking up an American institution.

 

[boedicca]

So, would it be better for management to just walk away and for a bunch of even more expensive consultants to takeover to oversee the winddown/restructuring?

 

[rightwinger]

So, would it be better for management to just walk away and for a bunch of even more expensive consultants to takeover to oversee the winddown/restructuring?

You don’t reward failure

 

[Mr Natural]

So, would it be better for management to just walk away and for a bunch of even more expensive consultants to takeover to oversee the winddown/restructuring?

You don’t reward failure

Conservatopians do.

 

[boedicca]

So, would it be better for management to just walk away and for a bunch of even more expensive consultants to takeover to oversee the winddown/restructuring?

You don’t reward failure

That's a complete non sequitur. But thanks for playing.

 

[Dont Taz Me Bro]

So, would it be better for management to just walk away and for a bunch of even more expensive consultants to takeover to oversee the winddown/restructuring?

You don’t reward failure

Unless you cause a world wide recession and housing crash......

 

[rightwinger]

So, would it be better for management to just walk away and for a bunch of even more expensive consultants to takeover to oversee the winddown/restructuring?

You don’t reward failure

Unless you cause a world wide recession and housing crash......

Let’s leave Bush out of it

 

[boedicca]

So, would it be better for management to just walk away and for a bunch of even more expensive consultants to takeover to oversee the winddown/restructuring?

You don’t reward failure

Unless you cause a world wide recession and housing crash......

Or are GM and the unions who screwed (in violation of the law which Obama allowed) the shareholders during the bankruptcy process.

I'll note that often times the people faced with cleaning up a disastrous mess are not the ones who caused it. So unless Sears wants to muck up its bankruptcy process, the executives who have key knowledge for critical areas should be retained.

 

[boedicca]

So, would it be better for management to just walk away and for a bunch of even more expensive consultants to takeover to oversee the winddown/restructuring?

You don’t reward failure

Unless you cause a world wide recession and housing crash......

Let’s leave Bush out of it

Ding ding ding - we have a loser.

The roots of the problem are in the Clinton Admin.

If you really want to understand the complexity of causes, I highly recommend "Reckless Endangerment".

https://www.amazon.com/Reckless-End...&keywords=reckless+endangerment&tag=ff0d01-20

 

[rightwinger]

Sad to see Sears go

As a kid, Sears was Christmas to most kids
You couldn’t wait for their Christmas catalog to come out so you could pick out the toys you wanted

 

[rightwinger]

So, would it be better for management to just walk away and for a bunch of even more expensive consultants to takeover to oversee the winddown/restructuring?

You don’t reward failure

Unless you cause a world wide recession and housing crash......

Let’s leave Bush out of it

Ding ding ding - we have a loser.

The roots of the problem are in the Clinton Admin.

Ding, ding, ding

More conservative revisionist history

 

[boedicca]

So, would it be better for management to just walk away and for a bunch of even more expensive consultants to takeover to oversee the winddown/restructuring?

You don’t reward failure

Unless you cause a world wide recession and housing crash......

Let’s leave Bush out of it

Ding ding ding - we have a loser.

The roots of the problem are in the Clinton Admin.

Ding, ding, ding

More conservative revisionist history

I posted a link to a book that is a quite excellent analysis of what caused the crash, so I stand by my original post that you lose.

This is a good review of the book:

Book Review: Reckless Endangerment by Gretchen Morgenson and Joshua Rosner

 

[Eric Arthur Blair]

I posted a link to a book that is a quite excellent analysis of what caused the crash, so I stand by my original post that you lose.

This is a good review of the book:

Book Review: Reckless Endangerment by Gretchen Morgenson and Joshua Rosner

The self proclaimed "smart people" really don't care for no durned book larnin' if it contradicts their
preconceived notions. I think we all realize that.

 

[boedicca]

I posted a link to a book that is a quite excellent analysis of what caused the crash, so I stand by my original post that you lose.

This is a good review of the book:

Book Review: Reckless Endangerment by Gretchen Morgenson and Joshua Rosner

The self proclaimed "smart people" really don't care for no durned book larnin' if it contradicts their
preconceived notions. I think we all realize that.

The causes are very complicated, but at the fulcrum are the significantly lowered standards for loan purchases by (taxpayer funded) Fannie Mae and Freddie Mac...and a requirement that they purchase at least 50% of the mortgages made to low and moderate income people. A lot of politicians fed at the FM-FM trough. It's disgusting.

 

[Eric Arthur Blair]

The causes are very complicated, but at the fulcrum is the significantly lowered standards for loan purchases by (taxpayer funded) Fannie Mae and Freddie Mac...and a requirement that they purchase at least 50% of the mortgages made to low and moderate income people. A lot of politicians fed at the FM-FM trough. It's disgusting.

Exactly! In the Clinton years buying a home became politicized as his administration forced banks and government funded lending institutions to finance homes for people, not based on their ability to buy a home, but on their socio-economic class.

The resulting cluster fuck was predictable and like the guy who drops an expensive vase and then points to the people behind him as he walks out of the store democrats have done their best to cover their culpability is this financial mess.

 

[Crepitus]

This is what we mean when we talk about a rigged economy. If Sears has $25 million to give bonuses to executives after closing over 100 stores, why is the company telling thousands of laid off employees they don't have the money to pay their severance?

Sears bankruptcy court OKs $25 million in bonuses for top execs

This is the utmost in bullshit. The judge that approved it needs to be disbarred immediately.