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I’m not pro this or trying to justify it. But I just had a thought. Maybe they want to retain the execs to fix the mess? I think most people would start looki

by moltar 6y ago

I’m not pro this or trying to justify it. But I just had a thought. Maybe they want to retain the execs to fix the mess? I think most people would start looking for a new job as soon as they heard that the company they work for is filing for bankruptcy. What would happen to a company if all good people left?

paulie_a 6y ago
Apparently they were not that good considering they bankrupted the company If anything you want them to leave,. Good riddance
adrr 6y ago
You could argue the people responsible for the decisions that resulted in the company going bankrupt aren’t the good people.
- ipnon 6y ago
  It's legal to be a bad person in the United States. The government is purposely mute on the matter of the morals of its citizens. As a democracy, the principle that allows us to prevent this behavior, if we deem it unacceptable, is to codify it in law, and make the specific behavior illegal.
  - Apocryphon 6y ago
    They could mean good/bad in terms of business acumen and competence, not morality.
- WrtCdEvrydy 6y ago
  They are... if you want someone to take the flak for extracting maximum stockholder value as the company fails, you call these guys in... they make a couple of million and go to the next company to fuck that one up.
- hangonhn 6y ago
  “It is possible to commit no mistakes and still lose. That is not a weakness; that is life.” - Jean Luc Picard I'm not saying everyone of those people in charge are in the same boat but maybe we shouldn't be too hasty in judging them without knowing the specifics.
  - adrr 6y ago
    Most of these companies made fatal mistakes. Hertz bought compact cars as the market shifted towards SUVs. Neiman Marcus failed to build a robust e-commerce offering unlike their competitor Nordstroms. Jc penny probably wasn’t the fault of exec team as the market shifted away from malls.
- nickff 6y ago
  Are you arguing that? If not, why are you posting that specific hypothetical argument? I ask because I find "[y]ou could argue" to be a form of 'weasel-wording'.
stepstop 6y ago
> Maybe they want to retain the execs to fix the mess? Then make this a part of their executive employment contract.
Thrymr 6y ago
Why yes, the executives do want to retain the executives, it turns out. While retention bonuses are actually fairly common for leadership of a company in crisis, it still doesn't look good to be making that decision while also plotting to lay off the lower tier employees.
manicdee 6y ago
The people you need to retain are the good ones who left because working conditions, pay, or management style were not worth it. The good people will be leaving when things start going bad, the people you are left with at the end are the ones who couldn’t find work elsewhere in the meantime. Paying executives large bonuses is the last ditch effort of stripping value out of the company before the administrators roll in and start by clamping spending.
amiga_500 6y ago
> Eight companies, including J.C. Penney Co Inc and Hertz Global Holdings Inc, approved bonuses as few as five days before seeking bankruptcy protection

by moltar 6y ago

paulie_a 6y ago

Apparently they were not that good considering they bankrupted the company If anything you want them to leave,. Good riddance

adrr 6y ago

You could argue the people responsible for the decisions that resulted in the company going bankrupt aren’t the good people.

ipnon 6y ago
It's legal to be a bad person in the United States. The government is purposely mute on the matter of the morals of its citizens. As a democracy, the principle that allows us to prevent this behavior, if we deem it unacceptable, is to codify it in law, and make the specific behavior illegal.
- Apocryphon 6y ago
  They could mean good/bad in terms of business acumen and competence, not morality.
WrtCdEvrydy 6y ago
They are... if you want someone to take the flak for extracting maximum stockholder value as the company fails, you call these guys in... they make a couple of million and go to the next company to fuck that one up.
hangonhn 6y ago
“It is possible to commit no mistakes and still lose. That is not a weakness; that is life.” - Jean Luc Picard I'm not saying everyone of those people in charge are in the same boat but maybe we shouldn't be too hasty in judging them without knowing the specifics.
- adrr 6y ago
  Most of these companies made fatal mistakes. Hertz bought compact cars as the market shifted towards SUVs. Neiman Marcus failed to build a robust e-commerce offering unlike their competitor Nordstroms. Jc penny probably wasn’t the fault of exec team as the market shifted away from malls.
nickff 6y ago
Are you arguing that? If not, why are you posting that specific hypothetical argument? I ask because I find "[y]ou could argue" to be a form of 'weasel-wording'.

stepstop 6y ago

> Maybe they want to retain the execs to fix the mess? Then make this a part of their executive employment contract.

Thrymr 6y ago

Why yes, the executives do want to retain the executives, it turns out. While retention bonuses are actually fairly common for leadership of a company in crisis, it still doesn't look good to be making that decision while also plotting to lay off the lower tier employees.

manicdee 6y ago

The people you need to retain are the good ones who left because working conditions, pay, or management style were not worth it. The good people will be leaving when things start going bad, the people you are left with at the end are the ones who couldn’t find work elsewhere in the meantime. Paying executives large bonuses is the last ditch effort of stripping value out of the company before the administrators roll in and start by clamping spending.

amiga_500 6y ago

> Eight companies, including J.C. Penney Co Inc and Hertz Global Holdings Inc, approved bonuses as few as five days before seeking bankruptcy protection