(16-11-2012 09:50 PM)I and I Wrote:
(16-11-2012 09:46 PM)BryanS Wrote: You have the timing a bit wrong here. According to the news postings, the CEO was paid $750k until right before they filed bankruptcy again. It was a clear attempt by the company to try to pay their management a retention bonus as they prepared to file again for bankruptcy--which the story I posted made clear would be improper and was therefore challenged by creditors.
when is cutting pay of the common worker a good thing? And what economic fantasy land do you live in to think that it was necessary to cut wages to even stay in business?
You are so right--it is so much better to have no job at all rather than one with a 8% pay cut. That is such a thoughtful, caring attitude towards those poor workers who would have had to otherwise suffer the indignity of full employment. Now that the company's assets and brands will be sold--no doubt to a large foreign company like Mexico's Bimboo--perhaps the bakers union employees could emigrate to Mexico where those jobs will be sure to permanently relocate?
You seem to think that the cut was necessary to stay in business.
The bankruptcy court judge thought so. Based on the financial condition of the company as revealed by independent analysis provided by professionals offered by both the company and the unions. The bakers union decided to stay silent until after the deal was negotiated and then intended to act as spoilers. They lost--unfortunately they took everyone down with them.