As if their flagrant disrespect for Chicago history wasn't enough...
C'mon, I know this is actually 2004 bonus money, but getting all this cash ONE DAY after laying off 7,000 paycheck-to-paycheck employees... If this is your bonus, something tells me your annual salary is more than enough to pay the bills after giving back this money to save jobs of those who will be homeless without.
Seriously- I'm sleeping on my mother's couch in her living room for 3+ months because the state of California is too bankrupt to give me the unemployment funds it owes me. I'm a lucky one-- I know others who are sleeping in stairwells thanks, again, to CA bankruptcy. If WallStreet used that bonus money to pay their bills vs. incompetent staff wallets, perhaps there would be funds avail for state governments to pay their massive unemployment benefits- Jesus.
Macy’s execs get performance bonuses
By John Eckberg
jeckberg@enquirer.com
A day after Macy’s executives announced lay-offs of 7,000 workers and cut a dividend in half, top company officials received a final installment on $1.39 million in performance bonuses from 2004.
The stock credit plan created in March 2004 brought five top executives “phantom stock units” or stock credits after a three-year holding period ended on Saturday, according to a Securities and Exchange Commission filing on Tuesday.
Half of the incentive was paid in February 2008 with the remaining amount paid Monday.
Payments for stock credits and accrued dividends were as follows: Chief executive Terry J. Lundgren, $613,281; Karen Hoguet, chief financial officer, $192,742; Thomas Cole, chief adminstrative officer, $227,794; Janet Grove, vice chair, $227,794; Susan Kronick, vice chair, $227,794.
On Monday the company announced that swooning sales and poor earnings would bring thousands of pink slips to associates and reconfigure management of the company.
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