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Judge Rules That Bankrupt Toys-R-Us Can Pay Out Millions in Bonuses to Executives

Discussion in 'North American Politics' started by Stevicus, Dec 7, 2017.

  1. Stevicus

    Stevicus Well-Known Member
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    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.
     
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  2. Brickjectivity

    Brickjectivity simple man
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    @Stevicus nothing will be done about it.
     
  3. Stevicus

    Stevicus Well-Known Member
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    I hope you're wrong.
     
  4. Brickjectivity

    Brickjectivity simple man
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    I hope so, but in almost every country I am correct. This comes down to the protection of shareholders which is very important. A poor person can buy a share in a large concern and make money that way, and this is one of the advances over patronage systems where poor folks do not have the status to get in on opportunities. Unfortunately it creates problems, too. The executives have argued that they are going to protect the shareholders. I think that the judge should consider removing the executives and putting someone else in charge, but I don't know how it all works. Maybe the shareholders are incompetent?
     
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  5. Quintessence

    Quintessence Tale Weaver
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    I knew someone who worked at a Toys-R-Us once. It was terribly managed, and they were fired over something really stupid. This sort of thing doesn't surprise me, especially in a country where Money is the one true god and Capitalism is the state religion.
     
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  6. Nakosis

    Nakosis crystal soldier
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    Executives get paid for making the decisions that no one else wants to.

    They are not necessarily any better at making decisions than the next guy, but they are willing to make them when a decision when one has to be made.

    Everyone is going to make bad decisions in business. Hopefully an executive will make more good decisions than bad.

    It's hard to predict the business environment. It's mostly luck IMO. Most folks aren't willing to put their reputations on the line in making decisions which could cost millions.

    So their value to the company is their willingness to make the decisions no one else is willing to make. It's actually pretty hard to find this person and someone has to make them. Someone's got to be there to make them. Even a bad executive is better than no executive.
     
  7. tytlyf

    tytlyf The Mind's Eye

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    Guess which party is in favor of giving these bonuses?
     
  8. David1967

    David1967 Well-Known Member
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  9. sunrise123

    sunrise123 The sea remains the sea whatever the drop thinks
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    Corporate executives should get nothing. Shareholders should be protected. To do this, we need to smash the power of the kleptocrats/plutocrats.
     
  10. Brickjectivity

    Brickjectivity simple man
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    The Libertarian party is, or were you going for 2 out of 3?
     
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  11. YmirGF

    YmirGF Bodhisattva
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    It really boils down to what kind of contracts these executives have with the corporation. If they have a contractual clause that allows for such bonuses then the court pretty well has to rule in their favor no matter how unseemly the ruling seems. That said, I'm not quite sure why they would jump to the front of the queue to be paid out before other creditors.
     
  12. The Emperor of Mankind

    The Emperor of Mankind I poop out warp storms just coz...

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    And thus the concentration of wealth in the hands of the affluent few continues.

    You can't spell 'trickle down' without spelling 'trick'.
     
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  13. tytlyf

    tytlyf The Mind's Eye

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    Republican/Libertarian...same thing.
     
  14. Mister Emu

    Mister Emu Emu Extraordinaire
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    Disgusting.

    Remember when one party led the charge for giving failing businesses hundreds of billions in loans and didn't restrict CEO bonuses? The party that had the presidency and complete control of congress? What party was that again? That's the party I would guess.
     
  15. Stevicus

    Stevicus Well-Known Member
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    I would agree that they have a responsibility to the shareholders, but it would seem that if they're mismanaging the company and driving it to bankruptcy, then it doesn't seem like very good "protection."
     
  16. Stevicus

    Stevicus Well-Known Member
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    Your post reminded me of this:

    [​IMG]
     
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  17. Brickjectivity

    Brickjectivity simple man
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    Good point, but suppose they are removed because of the bankruptcy. Then the message to other CEO's will be never to file bankruptcy, since they will lose their positions if they do. So then they will refuse to file for bankruptcy protection and will instead destroy their companies. CEO's have a terrific bargaining position.
     
  18. Brickjectivity

    Brickjectivity simple man
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    It really does seem that way when the voting happens.
     
  19. Brickjectivity

    Brickjectivity simple man
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    You refer to the recent (less than 10 years ago) bailouts that happened under Pres. Obama's administration in the 2008 system crash.
     
  20. tytlyf

    tytlyf The Mind's Eye

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    Got an example? The Bush bailout?
     
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