The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Laughing All the Way to the ... BANKRUPTCY

Oct 26, 2020

Hertz, the car rental company, claimed the protection of the U.S. bankruptcy courts in May. The company closed most of its car lots and laid off thousands of people.

Hertz paid 16 million in bonuses to executives shortly before it closed down and now it is asking the bankruptcy judge to allow it to pay another 14 million in executive bonuses.

When a Texas fracking company, MDC, went to the bankruptcy court, it had just paid 15 million dollars in bonuses to its executives.

JCPenney did the same, filing for bankruptcy while giving its chief executive a five-million-dollar bonus as it laid off 85,000 people and shuttered 850 stores.

When the fourth owner of the Baltimore-area Bethlehem Steel mill left the city, he had not paid a seven-million-dollar water bill. And earlier, Bethlehem Steel used the bankruptcy court to get out of paying retirees’ promised pensions and health care.

Bankruptcy court ... where richly paid executives claim the company is broke.