Nortel execs approve more raises: document

[nitroglycol]

They don't blush easily, do they?

Management at Nortel Networks Corp., already under fire for handing out executive bonuses, approved a plan this fall to give another round of raises to its top managers, according to an internal corporate document obtained by the CBC. The raises, in the form of increases in salary, investments or bonuses, are part of the company's plan to retain employees as it restructures after filing for bankruptcy protection in January.
But they come at a time when many laid-off and retired Nortel employees are having to fight the company in court for their severance packages, pensions and disability payments.

Source.

[unlucky]

Re: Nortel execs approve more raises: document

They sure don't blush.

The executives don't believe that the company has a future. Neither do the shareholders. But the shareholders want to sell the remants for whatever they can get, and they need the executives to help them do that. The executives, having a strong sense of their own worth, know that they have to be paid a lot to hang around doing this job.

If the executives believed the company had a future, they would cut their own salaries and demand stock in lieu.

If the shareholders believed the company had a future, they would fire the executives.

I guess it's a tricky situation... :p