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March 20th, 2009:

Nortel, AIG and the culture of corporate entitlement

So the suits at Nortel are asking for permission to pay bonuses to its top executives because they have done such a damned great job.

Check it out:

Wow! There is a list of accomplishments if I ever ever seen one! If my annual performance review ever looked like this, I would not only lose my job, but my employer would haul my sorry ass in front of a judge and I’d end up making license plates while enjoying the company of my new bunkmate named “Bunny“.

What gall! It’s the Canuck version of the AIG fiasco.

Give us our bonuses ’cause dammit, we drove the company and our shareholders right smack into a platinum coated wall and then left the scene with our wallets intact! After all, we are entitled to this compensation!

But hell, since y’all seem a little pissy about this, I tell ya what – we’ll “ask” our trough feeding execs to give HALF of the bonus back! Does THAT keep you quiet?

The crass greed of these guys and those inhabiting the soon to be sold exec suites at Nortel are the best (and worst) examples of the odour of corporate entitlement that has permeated much of corporate culture. Now, I am not at all against paying those who are in charge of large companies (or governments, for that matter) a considerable amount of coin when it comes to their compensation. BUT, when these same captains of industry let the wheel goes free and the ship head butts an iceberg… well, they don’t deserve anything.

They merit even less when the said ship is raised again using public funds and those same Captains of that same ship clamber back aboard, raise the sails and raid the treasure chest that have most thoughtfully re-stocked with public money.




Pope cartoon in the Globe and Mail this morning