Clearly This Is the Internet’s Fault Somehow

Craigslist strikes again:

Let’s say that a group of corporate executives uses scads of debt to
take over a struggling company, sells off some profitable assets, lays
off thousands of employees while achieving miserable results. And then,
less than a year after saddling the company with $8 billion in debt,
they opt for bankruptcy.

You’d expect them to walk the plank, or at the very least, spend a
good stretch of time in the naughty corner. But you wouldn’t expect the
top 700 managers to collect $66 million in bonuses.

But that’s just what might happen at theTribune Company.
A week ago Friday, lawyers for the company, which publishes The Los
Angeles Times, The Chicago Tribune, The Baltimore Sun, and owns other
newspapers and television stations, were in Federal Bankruptcy Court in
Delaware suggesting that the proposed 2009 bonuses were critical for
the health and survival of the company.

There are days I’d love to take credit with helping to take down badly run peddlers of vaguely conservative smuggery, I really would, but despite my bloggity lack of standards and editing I can’t bring myself to believe I could make THIS happen. These people could screw up anything. Cotton candy at a carnival, they could find a way to make it lose money.

Via Romenesko.


6 thoughts on “Clearly This Is the Internet’s Fault Somehow

  1. Unfortunately, I’m not sure that the honchos can see the obvious failure involved.
    It became the rage during the 70s for an MBA graduate to take over a business, sell off everything profitable, take the money and run, and dump the remaining bankrupt business. (Of course, it destroyed anything and everything that made it a business in the first place).
    This is the natural result of 30 years experience doing this.

  2. The dude quoted in the article: named Chandler Bigelow III, grew up on Riverside Drive, went to Deerfield Academy, didn’t take pre-calc in high school. I don’t have a joke here, other than something about underpants gnomes that the Crack Den made first.

  3. But MBAs are smart! They know about numbers and how to run things. I’ve been told I need an MBA to really understand business.
    They understand business alright they know who profits. They do.

  4. I think Rhett Butler nailed it. He said that there were two kinds of money. There was slow money that one got from building an empire, and there was the quick money one got from taking one apart. We’ve been dismantling our empire since 1981.
    Gone With The Wind is the great American novel. It is also a piece of racist trash.

  5. These days, Iwould expect them to collect millions in bonuses. Isn’t “failing upward” the done thing the last thirty years or so? Seems to me the last guy who was sitting in the White House failed upward five or six times before landing behind the Oval Office desk. Also, given that the corporate MO these days seems to be more akin to barratry than business, looting everything that isn’t nailed down and throwing away the empty husk is obviously a Job Well Done, no?
    Kaleberg, given that many Americans themselves arealso pieces of racist trash, I must reluctantly concur with your assessment.Gone With The Wind reallyis the worst aspects (at least) of the US in miniature: Loud, overdramatic, prone to going on endlessly about nothing, prone to making huge dramatic scenes over minutiae, hopelessly romanticised to the point of discarding intellect or pragmatism, and starring a cast of aristocratically self-important, pompous, arrogant boobs — and then referring to itself as a wonderful epic romance.

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