Execs From Titsup Nortel Want A Share Of Millions In Bonus Money…… WTF? [UPDATED]

Nortel Networks goes bankrupt, but that little detail doesn’t stop senior executives from wanting to cash out from a bonus pool that might be as high as $23 million. According to The Globe And Mail, a group of Nortel workers who haven’t received their severance pay are trying to stop that from happening:

Toronto lawyer Eli Karp, who is representing about 60 of Nortel’s 1,100 Canadian workers who have not received severance payments, said the employees are dismayed to see large bonuses paid to executives at the same time the company is refusing to honour their promised severance costs.

He said that leaves the workers forced to turn to government employment insurance for income.

“In the context of the global financial climate the way it is today, our clients object to millions of dollars of bonus payments being made,” Mr. Karp said.

“Our clients are now on the government employment insurance payroll and at the same time, the company seeks to pay millions of dollars to its executives while leaving employees not receiving their severance payments.”

Nortel of course sees it differently, which is why they’re in court to try and stop this from happening. Meanwhile people at Nortel continue to lose their jobs, and retirees get screwed out of their pensions.

I guess it’s a another day in the big bad world of private enterprise.

UPDATE: The link to the story has been updated by The Globe And Mail to reflect that the court has approved the execs getting the bonus money. How craptastic….

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