Bankrupt Toys R Us can pay executives millions of dollars in bonuses, judge rules
Stories like this always floor me. This seems to be a recurring theme in the capitalist world, where executives of failing companies still believe that they deserve huge salaries and bonuses for being complete screw-ups.
They get paid obscene salaries to do next to nothing already, but the argument here is that because they have to do "two full time jobs," they deserve even more money. This is what encourages the "entitlement" attitude that has been often criticized in our society.
What, exactly, do these executives do to make them feel entitled to such large compensation? Do they work at the stores? Are they stocking shelves, working the cash register, cleaning restrooms? If not, then they're not doing any real work and therefore do not deserve larger compensation than people who do work. Some might criticize those on welfare as "lazy bums," although these executives are equally lazy (if not more so), yet take far more than the average welfare recipient.
So, a failed company which began the year with employee layoffs still contends that they need executives to earn millions in salaries, bonuses, and perks, including personal drivers and private planes. This is a total scam. These executives are malicious, dishonest, manipulative con artists who should be put in prison. They represent everything that is wrong with America's economy and culture of entitlement.
Stories like this always floor me. This seems to be a recurring theme in the capitalist world, where executives of failing companies still believe that they deserve huge salaries and bonuses for being complete screw-ups.
“Timing, of course, is everything,” they wrote in a Nov. 14 filing. “Now more than ever the senior management team must be properly motivated and incentivized to handle the panoply of responsibilities attendant to their two full-time jobs of leading the Debtors through this restructuring and, at the same time, implementing a worldwide strategy to increase sales following a near shut-down of operations just eight short weeks ago. The task at hand cannot be underestimated.”
They get paid obscene salaries to do next to nothing already, but the argument here is that because they have to do "two full time jobs," they deserve even more money. This is what encourages the "entitlement" attitude that has been often criticized in our society.
What, exactly, do these executives do to make them feel entitled to such large compensation? Do they work at the stores? Are they stocking shelves, working the cash register, cleaning restrooms? If not, then they're not doing any real work and therefore do not deserve larger compensation than people who do work. Some might criticize those on welfare as "lazy bums," although these executives are equally lazy (if not more so), yet take far more than the average welfare recipient.
But Judy Robbins, a Department of Justice attorney representing the interests of creditors, contended that the bonuses were excessive given the company’s financial situation.
“It defies logic and wisdom, not to mention the Bankruptcy Code, that a bankrupt company would now propose further multi-million dollar
bonuses for the senior leadership of a company that began the year with employee layoffs and concludes it in the midst of the holiday season in bankruptcy,” she wrote.
“Apparently, this Christmas, Toys ‘R’ Us intends to deliver not only ‘children their biggest smiles of the year’ but the insiders, too,” her Nov. 28 objection read. She added later that some executives already receive other perks, including personal drivers and private planes.
So, a failed company which began the year with employee layoffs still contends that they need executives to earn millions in salaries, bonuses, and perks, including personal drivers and private planes. This is a total scam. These executives are malicious, dishonest, manipulative con artists who should be put in prison. They represent everything that is wrong with America's economy and culture of entitlement.