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.