- Hertz paid top executives $16 million in bonuses ahead of its bankruptcy filing by CNN Business.
- British Airways Sneaks A Change To Its Frequent Flyer Program That May Backfire by VFTW.
- REI: “Free” Lifetime Co-Op Membership With $50 Purchase by Frugal Male Fashion
- Building the Perfect Squirrel Proof Bird Feeder by Mark Rober.
Deals starting/expiring at the end of today or starting today (view the full deal calendar here):
- [Targeted] WeBull: Deposit $$500 & Get 3 Free Stocks
- Giant, Stop&Shop, Martin’s: 2x Fuel Points on Mastercard Gift Cards (5/29-6/4)
Deals starting/expiring at end of tomorrow:
- CIT Bank $150/$300 Savings Bonus + 1.75% APY; New & Existing Customers ($25,000/$50,000 Deposit Required)
- [OH, VA & PA only] Dollar Bank $400 Checking Bonus
- [Targeted?][NY, MA, RI, and CT Only] Webster Bank $250/$400 Checking Bonus
- [YMMV] MyPoints: Long Game ~$67 Checking Bonus
- Office Depot/Max: Save $10 When You Spend $100+ On Visa Giftcards
- 11% Home Depot Rebate in Many States
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Typical… but yet again things like this make you wonder why such widely practiced last minute payouts never caught any issues in the bankruptcy proceedings. In a “normal” bankruptcy filed by individual, any last minute payment/payment transfer/purchase will be deemed fraudulent transfer and will be restored by the judge. How come highly irregular compensation like this doesn’t fall into this category?
It’s a shame that BK judges and administrator s can’t claw back a bonuses or convert it too stock shares. It’s amazing that it is even legal.
I know that they said the same thing about the C-suites executives for ToysRus, Sears, JC penniless, etc that bonuses are paid to keep them around during BK.
i think that it might be better to bring in turn-around specialist with a flat salary and bonuses tied to effective reorganizing, than paying people that helped run the ship aground.
issue being: would someone that has a good chance of turning things around take anything less to assume command of a burning ship?
I’d assume that a flat salary less than $80 mm would only attract ‘fraud specialist’ to run the ship aground again right away;)
more executives robbing workers and owners blind
The looting has started we need to start some shooting.
Yes, these executives could certainly teach a thing or two to some people in Minneapolis about the “proper” way of looting.
https://www.paddleyourownkanoo.com/2020/05/22/qatar-airways-accused-of-forcing-south-asian-cabin-crew-to-work-covid-19-repatriation-flights-while-sparing-european-crew/
Came for the deals. Stayed for the squirrels. Anyways, thanks for sharing the video. It was definitely unexpected, but a very pleasant delight.
Can this guy make a trap for squirrels so that I can relocate them 50 miles away. I am willing to pay $100-$200 for that.
They have made a pad between first and second floor in my house. Already spent $600 on plugging entries by experts, no success. They cut open a new one. Havahart traps costs $50 plus and are useless. Help!
Not surprised about the executive pay. Yesterday, Reuters identified a handful of companies with bonuses to executive pay despite major lay offs. Same thing happened on the last crash of 2008. Then again, Boeing handed a nice bonus for the executive that just left the company and with a miserable handling of the 737 MAX. Boeing should send more millions to that CEO, now that they just raised 25 billion.
What’s new?
CEO and executive pay practices are outrageous. With that said, the payout right before bankruptcy is not uncommon, as the execs cannot get paid once the company enters bankruptcy proceedings. The business is still operating during bankruptcy, so to prevent the biz from falling apart, the execs get a payout early. It’s not a good look, but that’s how these things work.
16 Million seems a lot , but its fairly tame when you compare actual One to One bonuses . The CFO got 190k retention , lowly Software Engineers touch that figure easily in Silicon Valley .
JB SanDiego – Spot on. I always wonder what creditors and employees think of their company handing out millions for poor leadership, while declaring bankruptcy and laying of hundreds in the same month.