Where The Money Goes
Apr. 5th, 2010 06:03 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
forsythSo, Kraft foods buys Cadbury, the British company that makes chocolate eggs and other chocolates. CEO of the company gets a huge bonus, to the tune of $26,000,000 due to her "exceptional role" in the deal. (Her nominal salary? $1,500,000. The rest is "bonuses", because they "froze" executive pay at Kraft) $4,200,000 of her salary increase came in the form of bonuses to her pension.
Meanwhile, Kraft is threatening three thousand employees at Cadbury with three year salary freezes unless they "voluntarily" opt out of Cadbury's pension plan, because there's a clause that prevents them from just closing it.
Once upon a time, a very brief time, executives who manipulated the company to enrich themselves while screwing the company and the workers over was called embezzlement or fraud. Before that, it was the way aristocracies ran. Now? It's "good business".
Welcome to the wonderful world of modern capitalism.
Meanwhile, Kraft is threatening three thousand employees at Cadbury with three year salary freezes unless they "voluntarily" opt out of Cadbury's pension plan, because there's a clause that prevents them from just closing it.
Once upon a time, a very brief time, executives who manipulated the company to enrich themselves while screwing the company and the workers over was called embezzlement or fraud. Before that, it was the way aristocracies ran. Now? It's "good business".
Welcome to the wonderful world of modern capitalism.
