I see something troubling these days…more and more people seem less willing to accept responsibility for their own fiscal health.
Take minimum wage: In principle I am basically against it. It’s not because I’m not in favor of worker’s rights. It’s because of economics.
Statistically it’s proven time and time again that when there is a minimum wage hike, employment goes down. Some people say we should actually legislate hiring so people can get jobs regardless of MW hikes.
So maybe it’ll surprise you that I’m against what is apparently transpiring with Toys ‘R’ Us…
In case you didn’t know, the toy giant filed for bankruptcy and 17 executives are seeking ‘bankruptcy bonuses’ totaling $16 Million.
From Business Insider:
In a fiercely worded letter, Judy A. Robbins, the Department of Justice trustee assigned to Toys R Us’ bankruptcy case, argued that the retailer’s plan to pay multimillion-dollar bonuses to executives “defies logic and sense,” as reported by The Record.
The letter was written in response to a motion, filed by Toys R Us in bankruptcy court on November 15, that requested permission to award bonuses to 17 executives. The bonuses would start at $16 million and later double should certain financial goals be met at the company.
“Apparently, this Christmas, Toys R Us intends to deliver not only ‘children their biggest smiles of the year’ but the insiders, too,” Robbins wrote, making reference to an earlier bankruptcy filing by Toys R Us CEO Dave Brandon, who included the retailer’s jingle to evoke nostalgia.
This is standard practice by the way.
Sounds to me like the higher-ups circling around to get what they can from a sinking ship…
Now, to be fair, Toys R Us filed a motion to pay between 45 and 60 million to over 3,000 employees in management positions
But what about the employees and the shareholders?
Shouldn’t publicly traded companies be more scrutinized when it comes to this? Because, as entrepreneurs, we get paid on performance, period. We don’t get paid when our business starts tanking, do we??
Who doesn't pal? If you have a rich Uncle, you're good to go. If not, then you better get real and realize that latest 'opportunity' on that Facebook group where you can make 300 bucks over and over for doing nothing is complete bullshit. ARE YOU READY TO GET REAL?? >> >> >> >>
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