Talk about bad timing.
It appears the A.H. Belo Corporation — which owns The Dallas Morning News and The Providence Journal among other holdings — announced almost simultaneously that it would be laying of more 500 employees and giving out bonuses to managers who hit their financial marks.
There’s an explanation for the oxymoron, of course: the layoffs are needed as a cost-cutting effort and the bonuses were promised to these managers a year ago.
Still, doesn’t this kind of remind you of all those banking industry execs who were giving themselves bonuses and planning lavish corporate trips while at the same time receiving bailout money?
I’m just saying....
yeah--they should be putting that money into a safety cushion to make sure they are still in business three years from now.
ReplyDeleteOK, here's a mild defense of managers, though not necessarily these managers: The economy has turned downward at such a rapid clip that it caught everyone by surprise: elected officials, businesspeople, homeowners, you name it. December 2007 was a lot different from December 2008. Just ask Sam Zell, who didn't become a multibillionaire by being stupid.
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