The Spark

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

“Bankrupt” company pays $670 an hour

Mar 13, 2006

Dana Corporation, an auto supplier, filed for bankruptcy. It will now proceed to spend money like water.

This “bankrupt” company will pay at least 12.5 million dollars to Miller Buckfire of New York, and more than six million dollars to AlixPartners of Michigan, for “executive assistance” during the bankruptcy. Plus, two executives will be paid $125,000 per month. Then there are the other l9 executives who receive pay up to $670 an hour! And Dana’s ex-CFO will be re-hired as a “consultant” at $500 an hour.

If this is a “bankrupt” company, then Dick Cheney is a safe hunter.