Check it out:
- Nortel lost $2.13 billion in Q4 of 2008
- They have filed for bankruptcy protection
- More than 3200 additional jobs have been cut
- Way back on Feb. 25, they said that bonuses will not be issued
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!
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.