Nortel pensioners tag
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May Nortel Execs' Stockings Be Laden With Coal
Canada's CBC reported Thursday that Nortel's management approved a plan earlier this fall to reward themselves with salary increases, investments or bonuses. An internal document obtained by the broadcaster outlines a new compensation scheme for 72 Nortel executives that will see them get a total of $7.5 million on top of their current salaries in 2009.
This greedy self-serving, yet not surprising move given Nortel's record of incompetent, questionably ethical management--one whose stupidity is matched only by its board who failed in its duties to properly oversee this outfit--comes out at a time when those that actually did their jobs well--its pensioners and long-term unemployed--are being denied what is rightfully theirs.
