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  1. #1
    Brian C. Miller's Avatar
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    WSJ: Ex-Kodak Employees Blast Bonus Plan

    WSJ: Ex-Kodak Employees Blast Bonus Plan

    Former Kodak employees who fear for their pensions and other benefits are urging a bankruptcy judge to think of them and not rubber-stamp $8.8 million in executive bonuses.

    In letters filed to Kodak’s bankruptcy docket Wednesday, Richard Pignataro and Cecil D. Quillen Jr. said it’s not fair for Kodak to reward executives while they and other former Kodak workers face the risk that the company could seek to trim or modify their benefits.
    I hope the judge adjudicates fairly. Of course, true fairness in this instance would mean that the executive's pay would be docked, as in a "claw-back," but justice has a nasty tendency to be only found in fantasy land.

  2. #2
    Ian Grant's Avatar
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    These Kodak executives have been fleecing the company for years, it wouldn't be allowed in most countries.

    Ian

  3. #3
    Roger Cole's Avatar
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    As far as I've heard they haven't done anything criminal. It isn't illegal to make bone-headed business decisions nor to find other people bone headed enough to pay you handsomely to make them.

    But they certainly shouldn't get a penny of bonuses while the company is on the rocks. Can't throw 'em in jail, can't even kick 'em in the butt, but at least don't pay them extra.

  4. #4
    Roger Cole's Avatar
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    That's destructive, not productive.

    After they break 'em up, have them glue the little rocks back together into big rocks.

    Seriously, I'm as frustrated as anyone else but I don't see criminality. Where's the hostility at the board who has put up with this crap?

    Part of the problem is in the very nature of the stock market and publicly held companies. People invest for short term, or at least relatively short term, gain. Long term profit and sustainability will be sacrificed in a heart beat anytime it's possible to do so in order to improve this quarter's bottom line. I'm very glad I work for a private company that can, and does, take a long term view.

  5. #5
    CGW
    CGW is offline

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    Anarchy for the Rich!

    No Banker Left Behind!

    Do Kodak employees really think they'll get what's theirs without a fight? Sad.

  6. #6
    Steve Smith's Avatar
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    Quote Originally Posted by Roger Cole View Post
    After they break 'em up, have them glue the little rocks back together into big rocks.
    Split them up into two teams. One breaking rocks and one gluing them together. After two hours, change sides.


    Steve.
    "People who say things won't work are a dime a dozen. People who figure out how to make things work are worth a fortune" - Dave Rat.

  7. #7
    Roger Cole's Avatar
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    I don't think so. Sounds like they're fighting.

  8. #8

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    Quote Originally Posted by Ian Grant View Post
    ...it wouldn't be allowed in most countries...
    And thus you have zeroed in on the real meaning of "American exceptionalism."

  9. #9
    jnanian's Avatar
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    i think the workers don't have a chance.
    the bonuses are already a done-deal ...

    its too bad that GEastman doesn't do
    a dickens novel sort of thing and scare the
    daylights out of the current execs for wrecking
    the company he built with his own sweat and blood.

    its hard to believe GE paid the roll film-minister something like 11milliion
    in damages back in 1910 or so and then went on to build kodak ...
    i guess that's the difference between a visionary and a ceo ...

  10. #10
    Brian C. Miller's Avatar
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    Quote Originally Posted by Sirius Glass View Post
    The ritual of hara-kiri would be most appropriate, honorable sir.
    What did the Olympus executives do? They got arrested, but none of them slit their stomachs. The Olympus execs committed fraud, but the Kodak execs have simply been stupid. There's no legal penalty for simply being stupid.

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