Executives are biggest winners in Delphi game

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Executives are biggest winners in Delphi game
2006-07-24
Picture this: A company tries to force employees to take a 60 percent pay cut, then turns around and gives executives "performance" bonuses of nearly $40 million for losing $2 billion. [an error occurred while processing this directive] The kicker comes when another nearly $40 million is allocated for the second half of the year. Now, I'm not saying the game is rigged, but these are the same executives who made the earnings projections on which their bonuses are based. Hello! In case you were wondering, they projected a loss of $2.6 billion and "only" lost $2 billion, thus kicking in a series of so-called performance bonuses. How nice for them. This may sound like a broken record, but why pay these 450 folks an average of $90,000 in "retention" bonuses? Weren't these the same people who helped drive the company into the ground to begin with? And right now, they're in a slash and burn mode anyhow, preparing to close or sell off as much as 80 percent of the company.
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