Bad Boss on the Bench? (Werner Company)
At the request of attorneys representing Werner Company during its bankruptcy procedures, Judge Kevin J. Carey, of Delaware, "agreed to seal documents detailing bonuses that will be paid to nine Werner executives." He also "shut out the public from the Aug. 17 hearing on the pay."
Why? Attorneys for Werner argued that disclosing the amount of the bonuses paid to the executives who bankrupted the company "may create low morale and an unhealthy work environment.” As if keeping a secret of bonuses paid in any amount to those who bankrupted the company will prevent low morale and an unhealthy work environment?
It's looking like bankruptcy-for-executive-gain is becoming the business strategy of the new millennium. What makes it even scarier is anticipating that secret bankruptcy-retention bonuses may become a "trend" because judges are trying to "attract bankruptcy cases to their courtrooms"! We know what's in it for the executives but doesn't it make you wonder what's in it for the judges?
Why? Attorneys for Werner argued that disclosing the amount of the bonuses paid to the executives who bankrupted the company "may create low morale and an unhealthy work environment.” As if keeping a secret of bonuses paid in any amount to those who bankrupted the company will prevent low morale and an unhealthy work environment?
It's looking like bankruptcy-for-executive-gain is becoming the business strategy of the new millennium. What makes it even scarier is anticipating that secret bankruptcy-retention bonuses may become a "trend" because judges are trying to "attract bankruptcy cases to their courtrooms"! We know what's in it for the executives but doesn't it make you wonder what's in it for the judges?
