Goodness gracious, the papers: where the cash at? Where the stash at?* | Bleader

Wednesday, August 5, 2009

Goodness gracious, the papers: where the cash at? Where the stash at?*

Posted By on 08.05.09 at 03:17 PM

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Good news on the Trib bankruptcy front: the US bankruptcy trustee and three unions involved aren't going to roll over for corporate's blatantly offensive plan to reward themselves for actually doing the job that reasonable people who care about their colleagues expect of themselves as employees:

"At a time when media companies are suffering incomparable losses and struggling to survive, the Debtors have proposed spending $69.9 million to reward their top management for financial performance that, year-over-year, evidences declining fortunes," the union filing said. "While creditors face limited recovery on their claims and most rank-and-file employees live with frozen pay and benefits, the Debtors believe a proper exercise of business judgment results in millions of dollars distributed to management."

$70 million would go a long way towards more better content, which has the highest correlation to the bottom line, as Michael Miner reports.

* If you're curious why I'm so likely to use hip-hop in reference to certain stories, it's because, to steal an interpretation from one of my friends, the genre has developed a language to describe economic violence that's better than almost anything American culture has produced, save for perhaps gangster movies.

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