America's 10 Highest-Paid CEOs of 2011 (and How They Earned It)
What Happened When Alex Kenjeev Paid His Student Loan in CashWith its stock trading at around 16 cents per share in the midst of bankruptcy proceedings, the executives running Delphi Corp. (OTC: DPHIQ) decided it was time to pay themselves a bonus.
The New York Times' Gretchen Morgenson summed it up this way: "Even as it asked workers, creditors, and owners to accept big losses, Delphi requested a lush executive pay package that included $87 million in cash bonuses to be paid to top managers upon the company's exit from bankruptcy. It was a wonderful example of unshared sacrifice that has become deplorably common in corporate America."
Thankfully, those of who support cutting back on the outrageous sums paid to managers have a new hero: federal bankruptcy judge Robert D. Drain refused to OK the reorganization plan unless the pay package for the executives was cut back to $16.5 million.
It's hard to imagine that the company's top executives thought they should take home such a huge package while creditors and workers got stiffed. Somehow they'll have to survive on $16.5 million.
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