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Why Are Execs of Bankrupt Companies Being Rewarded With Millions?
It’s hard to tell people not to be angry with capitalism when the system is rewarding failure with millions of dollars in bankruptcy bonuses.
Updated Sep 14, 2021, 9:30 a.m. Published Jul 14, 2020, 7:00 p.m.
It’s hard to tell people not to be angry with capitalism when the system is rewarding failure with millions of dollars in bankruptcy bonuses.
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This episode is sponsored by Bitstamp and Crypto.com.
Today on the Brief:
- A followup on Tesla, corporate earnings and PayPal’s crypto ambitions
- New COVID-19 shutdowns in California
- Small businesses on the brink
See also: The Real Story Behind Tesla’s Crazy Rally
Our main conversation:
Bloomberg has reported recently bankrupt companies including J.C. Penney and Hertz had provided executives with more than $131,000,000 in bonuses.
On this episode of The Breakdown, NLW examines:
- The logic behind these bonuses
- Why that logic is stupid
- How this sort of reward for personal failure in the wake of 2008 led to the rise of populism on the right and left
- Why we should allow companies to fail
- Why people’s sense that the system is a crony system isn’t wrong
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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