Nothing wrong with that. Besides, it was the final installment from bonuses earned in 2004.
A company that lost money is giving bonuses;these people have divorced their compensation from the bottom line...why am I surprised...cut 7000 jobs too. Well, it is their right-private business-but I have a right not to shop there.
So, they aren’t selling as much and need fewer employees.
Deferred compensation for earnings in 2004? I guess since the economy went south, they’re not entitled to it anymore.
The media sure is working on ginning up support salary caps for all execs.
The proletariat must rize up and sieze from these people what is rightfully theirs! Then we will live in peace and harmony for ever and ever, in a land of plenty. ... *sigh*
At least Macy’s kept its promise. What a novel idea.
So???
If cutting 7,000 or 17,000 jobs resulted in the greatest shareholder value the did the right thing and deserve the bonuses. If anyone wants to participate in the decision making of a private sector institution like Macy’s all they have to do is buy stock and vote your shares.
These executive bonuses are chump change compared to the money scammed between Tom Daschel and his lobbist wife.
Off with their heads! Take over Macy’s!
I can’t wait to walk in a government Macy’s and see all those previously packed racks with all the latest styles turned into an empty store with one government issue sweater that no one wants hanging by itself.
Oh and 500 government employees to treat me rudely.
Gawd, doncha just LUUUUUUVVVVVVVV wealth envy????
If it’s deferred compensation from 2004, why shouldn’t they be paid???
It’s THEIR money, NOT ours!!!
Tacky. Mean-spirited. But not illegal.
My question would be, did the actions taken by the executives save Macy’s from going under? Bonuses from 2004 are not worthy of discussion in 2009.
I hope that some of the people here who want CEO pay cut and laid off workers rehired and businesses that laid off workers boycotted, will step back and also right some historical wrongs:
Isn’t it about time the government got involved and rehired all those people laid off from the beaver skin cap companies? Those filthy capitalist bastards laid everybody off when the market for beaver fur collapsed.
Then we can turn to helping the blacksmiths union and the horse feed industry.
They’re bonuses from 2004 that were agreed upon long before the current economic crisis. So what’s the big deal?
Sounds as if the compensation is in the form of stock. When employees get stock as compensation,they have to wait years before they can finally cash all in. If it’s in the form of options, then the stock has to be above where it priced at when they were first awarded.
I’m getting the feeling that the media is trying to get us all to become anti business.
shouldn’t the federal government be cutting jobs too?
Just awesome....Macy’s execs get compensated for poor performance (regardless if it is from 2004...the company is losing money, now)...all the while pushing the burden of 7000 employees on the government....as we the taxpayer fund those 7000 until they find another job (thru unemployment, food stamps, taxpayer paid re-training, etc)...of course, if they find another job in this bad economy....
Business Socialism running amok....
If that’s what it took to make a profit. If you don’t like it
start up a business that will employ 500 million people and
put them out of business. (But don’t use the government to do
it.) You’ll have to look up in the Constitution what the
government’s job exactly is.
So what? Many salespeople and others on incentive pay program deserve and should receive “bonuses”. In many cases this is a part of their total compensation. Besides I haven’t heard that the gummint bailed out Macy’s (yet!) so it’s no concern of theirs.