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These payouts were handed out as little as 2 days before the public announcement of bankruptcy and that the company was going back on the promises made of severance payments to laid-off employees. Executives were rewarded handsomely, while the employee severance commitment was conveniently reneged. These so-called retention bonuses failed to achieve their objective anyway since a large number of the recipients of this money left the company anyway or agreed to stay till February of 2002, all the while looking for their new job (Tapper, 2002)...
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Executives were rewarded handsomely, while the employee severance commitment was conveniently reneged. These so-called retention bonuses failed to achieve their objective anyway since a large number of the recipients of this money left the company anyway or agreed to stay till February of 2002, all the while looking for their new job (Tapper, 2002)...
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