From an ethical perspective, is it moral for a company facing bankruptcy to pay out millions in bonuses to departing executives while declining to pay any form of severance for hourly employees?
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Corporate bankruptcy
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Corporate bankruptcy
"I am not angered that the Moral Majority boys campaign against abortion. I am angry when the same men who say, "Save OUR children" bellow "Build more and bigger bombers." That's right! Blast the children in other nations into eternity, or limbless misery as they lay crippled from "OUR" bombers! This does not jell." - Leonard RavenhillTags: None
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I once heard such an executive say that if they weren't paid thusly, then all the executives would abandon the company en masse creating an even bigger mess than bankruptcy. I suppose we could try keeping executives who run companies into the ground a bit more accountable."Down in the lowlands, where the water is deep,
Hear my cry, hear my shout,
Save me, save me"
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Originally posted by guacamole View PostI once heard such an executive say that if they weren't paid thusly, then all the executives would abandon the company en masse creating an even bigger mess than bankruptcy. I suppose we could try keeping executives who run companies into the ground a bit more accountable.
If worker severance bonuses are an issue they should simply require corporations to actually have the funds they owe their employees at all times, possibly held by a different dedicated legal entity."As for my people, children are their oppressors, and women rule over them. O my people, they which lead thee cause thee to err, and destroy the way of thy paths." Isaiah 3:12
There is no such thing as innocence, only degrees of guilt.
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Originally posted by Darth Executor View PostOften executives come in to try and save a dying company and make sure they have solid contracts before tying their name to a sinking ship that may well be impossible to save.
If worker severance bonuses are an issue they should simply require corporations to actually have the funds they owe their employees at all times, possibly held by a different dedicated legal entity.The first to state his case seems right until another comes and cross-examines him.
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Originally posted by KingsGambit View PostFrom an ethical perspective, is it moral for a company facing bankruptcy to pay out millions in bonuses to departing executives while declining to pay any form of severance for hourly employees?
And, you kinda use "ethical" and "moral" in the same.....The first to state his case seems right until another comes and cross-examines him.
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If companies have to do escrows for severance pay, as a general business practice, companies would have to hire fewer people and would have a harder time staying functional. in effect, non-BK businesses would be harder to start and operate in order to be prepared for bankruptcy.
It may be possible to regain severance pay through an appeal to the BK court. Also, late payments to executives may be called back -- which I can safely say since it is April 1.
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Originally posted by mikewhitney View PostIf companies have to do escrows for severance pay, as a general business practice....The first to state his case seems right until another comes and cross-examines him.
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http://theintercept.com/2019/03/25/g...severance-scam
This article would indicate that bankruptcy was an option from the time of the original purchase of Gymboree. There could be reason to pierce the corporate veil so as to collect severance pay that was promised but not given.
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