Jul 20, 2009
Lear Corp., auto parts supplier, declared bankruptcy on July 7. It used the bankruptcy to force workers into a new contract with a wage freeze and higher medical costs.
Lear then asked the bankruptcy court to approve executive bonuses of more than 20.6 million dollars!
Could it be more clear? “Bankruptcy” these days is simply one more corporate weapon used against workers. Executives reward themselves for their skill in using this weapon!