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Bronfman bonus criticised given Warner’s multi-million dollar losses
By CMU Editorial | Published on Thursday 19 March 2009
While we here in the UK are all still getting angry about that Fred Goodwin numpty getting a nice multi-million pound pension, primarily at the tax-payer’s expense, in return for taking the term “fuck-up” to a whole new level, the US press have been bothering themselves about the bonuses being awarded to execs at loss-making American companies, questioning why performance-related bonuses are still being paid to those suits whose performances have mainly involved overseeing record breaking losses.
This is relevant here because one of the bonus-grabbing execs picked on is Warner Music top man Edgar Bronfman Jr. In fact American website The Huffington Post leads its slide show of bonus-taking loss-making business chiefs with the Warner boss, observing: “Edgar Bronfman Jr received a $3 million bonus in 2008 even though his company, Warner Music Group, lost $56 million and the stock dropped 25%. According to the Wall Street Journal, the board awarded him the bonus because he did a ‘good job in a tough environment'”.
You can read about the American corporate world’s other bonus-grabbing losers at this URL.
