Let me get this straight:
A business unit loses $40.5 billion in one year, causing the company to nearly collapse, and jeopardizing the world economies. The government provides up to $173 billion in public funds to bailout the company. And key company employees are getting about $450 million in bonus payments.
The company claims the bonuses are “retention” payments, even though 11 of the employees receiving $1 million or more each are no longer with the company.
- Does this make any sense to anyone?
- What would these employees get in a good year?
- Why retain the very people who caused this mess?
- Did the government do any due diligence before throwing an enormous amount of public funds at the problem?
- Who designed this bonus program?
- Who approved this bonus program?
It gives “pay for performance” a whole new meaning.