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Tribune CEOs seek $70 Million in Bonuses as Company Sinks
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It’s not like we needed one more example of greedy corporate executives at a bankrupt company making a grab for big bonuses while axing hundreds of employees and freezing wages for many others.
But that’s what Tribune Co. executives are doing as the multimedia conglomerate sinks under the weight of $13 billion in debt incurred by its corporate leaders in 2007. And they want to keep the bonuses a big secret.
The company filed for Chapter 11 protection last December and, in its most recent action, is seeking court permission to dole out nearly $70 million in executive bonuses. The company also requested the court seal much of the request. The request was denied.
The Newspaper Guild-CWA and the Teamsters, which represent employees at the Tribune-owned Baltimore Sun and WPIX-TV in New York, has asked the U.S. Bankruptcy Court in Delaware to block the company’s plan to pay up to $69.9 million in executive bonus this year, including $20.6 million to the 10 top managers (about $2 million each). Some 700 other managers would share in the bonus booty.
UAW Vows to Resist More Concessions
UPDATE: The UAW media site has been updated with new video clips and photos from the union’s Special Convention on Collective Bargaining. Check it out here.
UAW President Ron Gettelfinger opened a two-day auto bargaining conference Tuesday in Detroit with a vow to hold steady against concessions and a promise of worker unity and determination in negotiations, particularly on the issues of job security, wages, health care and pensions.
