{"id":26174,"date":"2018-11-21T13:14:02","date_gmt":"2018-11-21T18:14:02","guid":{"rendered":"https:\/\/ssgreenberg.name\/PoliticsBlog\/?p=26174"},"modified":"2018-11-21T13:20:43","modified_gmt":"2018-11-21T18:20:43","slug":"sears-bankruptcy-engineered-to-benefit-executives-and-stiff-workers","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2018\/11\/21\/sears-bankruptcy-engineered-to-benefit-executives-and-stiff-workers\/","title":{"rendered":"Sears Bankruptcy Engineered to Benefit Executives and Stiff Workers"},"content":{"rendered":"

The Real News Network <\/em>has the video Sears Bankruptcy Engineered to Benefit Executives and Stiff Workers<\/a>.<\/p>\n

\nBILL BLACK: Oh, this is absolutely the norm. And again, strategic bankruptcies where you don\u2019t necessarily have to go into bankruptcy, but you do so to screw the workers and benefit the executives, are extremely common among the wealthy. And that\u2019s being done in this case, and Toys R Us is a good example. What kind of bonuses \u2013 remember, in 2005, Congress changes the law to say you\u2019re only supposed to be able to get a bonus for really extraordinary efforts. Well, Toys R Us just died. It wasn\u2019t brought back to life as some wonderful, efficient entity through brilliance of the management team under bankruptcy. So under the very logic of the 2005 Reform Act, they should have gotten zero in the way of bonuses. So you can see that\u2019s yet another area where, in practice, the bankruptcy judges tend to be extremely generous to the senior management that have looted and destroyed the place, and extremely hostile to the workers. It\u2019s an outrageous, utterly stacked system, and it\u2019s getting worse, and it should be a major area where the House of Representatives, under the new majority, should be acting to reform the law.\n<\/p><\/blockquote>\n

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