BREAKDOWN: 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.
July 14, 2020
Host
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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
This episode is sponsored by Bitstamp and Crypto.com.
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
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