Twitter Is Enraged After An Entrepreneur Reveals A List Of Companies That Went Bankrupt But Paid The CEOs 7-Digit Sums
Boy, what a year. Millions of people lost their sources of income for an indefinite time. Essential workers (or “heroes,” like we all like to label them nowadays) are risking their health in order to pay their bills. Companies are going bankrupt. But no need to worry about the CEOs or the big guys—apparently, they’re all doing just fine.
Dan Price—an unorthodox entrepreneur—has recently shared what the retention bonuses of the CEOs of big companies look like. The man, whose Twitter bio reads “I cut my CEO pay by a million dollars so all workers could make at least $70,000 per year,” shared a list of companies that went bankrupt in the pandemic and paid their CEOs a bonus. And apparently, the amount of money that these businessmen made is not sitting right with most people.
More info: Twitter
This entrepreneur shared a list of companies that paid their CEOs huge bonuses after going bankrupt
Image credits: DanPriceSeattle
“Regular person goes broke in the pandemic: 4-hour bread lines and homelessness,” Dan Price wrote in a now-viral tweet. “Company goes bankrupt in the pandemic: employees get laid off and the CEO gets a seven-figure bonus.” He went on to share a list of the companies who did just that.
The list included such giants like JC Penney and Chuck E Cheese
Image credits: DanPriceSeattle
“If you’re wondering why CEOs get bonuses for driving their companies into bankruptcy, it’s called a ‘retention’ bonus so they’ll stay on,” Dan explained. The financial incentive called a retention bonus is offered to senior execs and key employees to persuade them to stay with the company while it’s going through a disruptive period. “Just spitballing here, but maybe the CEO who led you into bankruptcy isn’t the best one to get you out, let alone at a higher pay rate,” the entrepreneur continued.
“Maybe the CEO who led you into bankruptcy isn’t the best one to get you out”
Image credits: DanPriceSeattle
The tweet shared by Dan has already been liked by more than 10k people and spread onto other social media platforms as well. “Man, some of those poor CEOs only made 6-figure bonuses. They must be practically starving in the streets,” one Imgur user commented on the tweet. “America needs a nation-wide strike,” someone added.
Here’s what other people thought
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Share on FacebookThis is ridiculous. People have to line up at food banks and the guys that drove their companies out of business are paid ridiculous amounts of money. Pisses me off. And as for the last comment, boomers do not wonder why the youth are open to socialism... we all get it and a huge group of us would love to see social reform. (Sorry, I'm tired of the boomer's are stupid comments.)
Yes! I think most boomers know more history than younger people do, and aren't thrown off by the "socialism" dog whistle employed by the right. We know what the New Deal, Social Security, Medicare and other social programs have done for ALL of us.
Load More Replies...What? The rich look out for each other at the expense of everyone else? The system is rigged? Because the rich white slaveowners who wrote the Constitution did it that way on purpose? Well, I never....
Republican way and the Ceos have convinced them that this way is righteous.
Load More Replies...As the first comment, this is the least offensive comments section I’ve ever seen
When we fail it can ruin our lives, when the rich fail they get richer. Tell me that isn't a rigged system.
It is rigged. And that's the American way. Yet, 70M Americans LOVE this system. Land of opportunity, work hard and be rewarded for it. If you were born in the right place, at the right time to the right parents, of course. Until there's a civil war and a reboot of the constitution, it'll just keep being this way.
Load More Replies...The system is severely skewed. I've heard it defended by people who "don't like to criticize successful people". This isn't success, it's paid ineptitude. Everyone likes to bitch about government. I was a manager and I certainly did not make multiple times what my subordinates did, nor did I get a huge (or any) bonus pkg.
Here I am struggling to make rent because I am $500 short and some of these people could literally make my rent payment for 100+ years just with their BONUS! Think my boss is gonna give me a bonus this year? Hell no! Bonuses come out of the bosses profits!
Like I said above when the Rich fail they just get richer, but when we fail it can ruin us. For example, I'm trying to finish my Bachelor's degree, but I failed a coding class. The last class I have to take to get my degree. I'm just not good at coding, but they make you take the class for the degree. AND, I got through the Associate's and Bachelors programs when I was homeless, living out of my car. I even made the Deans or President's list almost every quarter. But, since I failed that class and my GPA went down, I"m no longer eligible for Financial Aid, or Student Loans. So now I don't have the money to retake the class at all. When they fail, it doesn't even effect them. When we fail it can ruin us.
Load More Replies..."And Boomers wonder why the youth are open to socialism." We ALL should be open to it. After all, corporations and the wealthy have had socialism for generations. Why shouldn't the rest of us benefit?
And still, you see people declaring that a universal healthcare, accessible for everyone and not even close to being free is "communism" and therefore a threat to their freedom, usually by those people reduced to the freedom to bear arms - nothing else is of any interest to them.......
No surprises in these things, and does it really matter if it's six figures or seven at this point? For $500K, you can provide salary for 10 people at $50K fora year. Or a "sorry this s**t deal hit you" bonus to THE EMPLOYEES. Y'know. The ones who don't have a fortune to fall back upon. That is not socialism or communism. That is "make sure people have money to spend so the capitalist economy doesn't go kerploeey".
This happened when K-Mart went bankrupt too. The CEO got a seven figure bonus, meanwhile thousands of employees lost everything.
We will see another revolution in our time. The question is only when.
The way things are going, sooner than you might think. Texas is going to the Supreme Court in an attempt to keep Trump as president by accusing Georgia, Michigan, Pennsylvania and Wisconsin of voterfraud. Which in fact means that the United States have become the Ununited States.
Load More Replies...Let me first say I'm all for capping salaries for executives and bringing a close to the wage gap. However, thus article misrepresents several things and I believe facts are important. 1: Going bankrupt for a business isn't always bad. Yes, Chapter 7 BK is complete liquidation and closure; however, Chapter 11 (which is far more common) is just debt restructuring. Sure there may be layoffs, but the business still exist. 2: As one poster pointed out, some executives get retention bonuses. In the corporate world of huge companies, it's not uncommon to have a new CEO every decade. A business going bankrupt (CH11) is not a quick process. Most likely the business has been nearing BK for years like JCPenny. The old CEO was already fired and a new CEO that may experience in BK was hired several years prior to the official filing. The board wants to make sure the CEO stays throughout the whole BK process so they pay them a bonus even in the year the BK happened.
I don't agree with these greedy corporate actions, but you could end the headline a lot sooner, meaning when is Twitter NOT enraged?
And you wonder why Communism is rearing its ugly head here. I could get in a lot of trouble if I wrote here what should be done to those vile scumwad CEOs who take the money and run, who get the gold mine while the rank-and-file workers - who made their obscene fortunes possible - get the shaft.
This is ridiculous. People have to line up at food banks and the guys that drove their companies out of business are paid ridiculous amounts of money. Pisses me off. And as for the last comment, boomers do not wonder why the youth are open to socialism... we all get it and a huge group of us would love to see social reform. (Sorry, I'm tired of the boomer's are stupid comments.)
Yes! I think most boomers know more history than younger people do, and aren't thrown off by the "socialism" dog whistle employed by the right. We know what the New Deal, Social Security, Medicare and other social programs have done for ALL of us.
Load More Replies...What? The rich look out for each other at the expense of everyone else? The system is rigged? Because the rich white slaveowners who wrote the Constitution did it that way on purpose? Well, I never....
Republican way and the Ceos have convinced them that this way is righteous.
Load More Replies...As the first comment, this is the least offensive comments section I’ve ever seen
When we fail it can ruin our lives, when the rich fail they get richer. Tell me that isn't a rigged system.
It is rigged. And that's the American way. Yet, 70M Americans LOVE this system. Land of opportunity, work hard and be rewarded for it. If you were born in the right place, at the right time to the right parents, of course. Until there's a civil war and a reboot of the constitution, it'll just keep being this way.
Load More Replies...The system is severely skewed. I've heard it defended by people who "don't like to criticize successful people". This isn't success, it's paid ineptitude. Everyone likes to bitch about government. I was a manager and I certainly did not make multiple times what my subordinates did, nor did I get a huge (or any) bonus pkg.
Here I am struggling to make rent because I am $500 short and some of these people could literally make my rent payment for 100+ years just with their BONUS! Think my boss is gonna give me a bonus this year? Hell no! Bonuses come out of the bosses profits!
Like I said above when the Rich fail they just get richer, but when we fail it can ruin us. For example, I'm trying to finish my Bachelor's degree, but I failed a coding class. The last class I have to take to get my degree. I'm just not good at coding, but they make you take the class for the degree. AND, I got through the Associate's and Bachelors programs when I was homeless, living out of my car. I even made the Deans or President's list almost every quarter. But, since I failed that class and my GPA went down, I"m no longer eligible for Financial Aid, or Student Loans. So now I don't have the money to retake the class at all. When they fail, it doesn't even effect them. When we fail it can ruin us.
Load More Replies..."And Boomers wonder why the youth are open to socialism." We ALL should be open to it. After all, corporations and the wealthy have had socialism for generations. Why shouldn't the rest of us benefit?
And still, you see people declaring that a universal healthcare, accessible for everyone and not even close to being free is "communism" and therefore a threat to their freedom, usually by those people reduced to the freedom to bear arms - nothing else is of any interest to them.......
No surprises in these things, and does it really matter if it's six figures or seven at this point? For $500K, you can provide salary for 10 people at $50K fora year. Or a "sorry this s**t deal hit you" bonus to THE EMPLOYEES. Y'know. The ones who don't have a fortune to fall back upon. That is not socialism or communism. That is "make sure people have money to spend so the capitalist economy doesn't go kerploeey".
This happened when K-Mart went bankrupt too. The CEO got a seven figure bonus, meanwhile thousands of employees lost everything.
We will see another revolution in our time. The question is only when.
The way things are going, sooner than you might think. Texas is going to the Supreme Court in an attempt to keep Trump as president by accusing Georgia, Michigan, Pennsylvania and Wisconsin of voterfraud. Which in fact means that the United States have become the Ununited States.
Load More Replies...Let me first say I'm all for capping salaries for executives and bringing a close to the wage gap. However, thus article misrepresents several things and I believe facts are important. 1: Going bankrupt for a business isn't always bad. Yes, Chapter 7 BK is complete liquidation and closure; however, Chapter 11 (which is far more common) is just debt restructuring. Sure there may be layoffs, but the business still exist. 2: As one poster pointed out, some executives get retention bonuses. In the corporate world of huge companies, it's not uncommon to have a new CEO every decade. A business going bankrupt (CH11) is not a quick process. Most likely the business has been nearing BK for years like JCPenny. The old CEO was already fired and a new CEO that may experience in BK was hired several years prior to the official filing. The board wants to make sure the CEO stays throughout the whole BK process so they pay them a bonus even in the year the BK happened.
I don't agree with these greedy corporate actions, but you could end the headline a lot sooner, meaning when is Twitter NOT enraged?
And you wonder why Communism is rearing its ugly head here. I could get in a lot of trouble if I wrote here what should be done to those vile scumwad CEOs who take the money and run, who get the gold mine while the rank-and-file workers - who made their obscene fortunes possible - get the shaft.
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