Categorized | General Interest

Justice Objects to Dana Exec Windfall

[Had a couple of days that I went “dark” here]
Well, here’s a minor step that would can salute:

U.S. Opposes Bankruptcy Bonus Plan
By FLOYD NORRIS

The Justice Department has joined with unions and creditors of the Dana Corporation, an auto parts company in bankruptcy protection, in opposing a proposed pay system for top executives of the company.

The move sets the stage for what could become the first major test of a new provision in the bankruptcy law aimed at curbing large retention bonuses for top management.

The United States bankruptcy trustee, a Justice Department employee charged with assuring that bankruptcy laws are complied with, also raised questions about the integrity of the proposed compensation plan.

Think of that–government steps in and says class warfare has some limits. Whew. The rest of the article is here.

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