{ "media_type": "text", "post_content": "Regular person goes broke in the pandemic: 4-hour food bank lines and eviction. \n\nCompany goes bankrupt in the pandemic: employees get laid off and the CEO gets a seven-figure bonus (that's not hyperbole - here's a partial list of companies that have done just that):", "post_id": "5fd01a4c18b45c00210b3db3", "reply_count": 42, "vote_count": 10, "bowl_id": "5e6fe1c31f5e51001d267e46", "bowl_name": "Coronavirus Work-life" }

Regular person goes broke in the pandemic: 4-hour food bank lines and eviction. Company goes bankrupt in the pandemic: employees get laid off and the CEO gets a seven-figure bonus (that's not hyperbole - here's a partial list of companies that have done just that):

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Must be nice to make it to the Exec level - get paid for succeeding and paid for failing. All on the backs of the actual productive workers that they underpay

likefunny

I dunno, super high stress job. There is a reason why they get paid so handsomely

funnylike

Ik everyone wants to eat the rich, but you are on the outside looking in. These people do a wild amount of very important work. I understand the “regular employees get nothing while the CEO gets all this money” argument, but I think it’s very one sided since none of you have the other perspective

likesmart

When the CEO expenses every meal and the employee has to expense their own from the farm fresh vending machine.

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Why are you posting KPMG’s client list?

funnylike

If we want EY’s client list just look up recent fraud cases

funnylike

How much more value destruction would occur if the CEO peaced out?

like

Real talk, probably not that much

like

So you expect the ceo to work for free or the company to navigate bankruptcy without its ceo??

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Most CEOs get wiped out when their companies go bankrupt. Much of their compensation is equity. If a CEO is truly disastrous, then they won’t be asked to stay on through a chapter 11 re-org. But the CEO of Hertz? Come on, the pandemic crushed the rental car business and it had nothing to do with the CEO’s performance. Having the continuity is valuable. The CEO isn’t going to stay for free. Most of their comp has already evaporated. In circumstances like that, retention bonuses make a ton of sense.

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Are you just now realizing a regular person does NOT equal a CEO? Lol

likeuplifting

Should have been the CEO OP

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Is it a bonus or severance?

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Grinstein took over WHEN delta was in near-bankruptcy. Not before. And he replaced a ton of executives. There was no leadership continuity- it was a leadership change. He also granted himself $450k in salary with no stock options or other forms of income. And slashed that even further the next year. That’s the near-literal opposite of multimillion dollar payouts.

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They were likely under contractual obligations to pay the bonuses.

likefunny

Not having to honor contractual obligations is kind of the point of bankruptcy

likeuplifting

Hertz CEO got less than seven figures, probably not stoked when he compares himself to the other ceos on this list

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