Circuit City Bankruptcy Judge Slaps Justice in the Face

By Fred

Thanks to U.S. Bankruptcy Judge Kevin Huennekens, the last ones shoveling dirt into Circuit City’s grave may divvy up about $4 million in bonuses. It’s short of the $4.65 million they originally wanted, but nobody will suffer because one executive left, and James Marcum, the vice chairman and acting president and CEO, took his name off the handout list.

However, they hope to reward Marcum for his noble gesture by slipping him a little something later when the heat’s off.

Meanwhile, 34,000 employees being robbed of their livelihoods by this bunch will lose their health insurance after March 31.

Marcum still doesn’t seem to get it, trying to justify the bonuses because, “We are asking people to put off their futures” by helping to wind down the business.

No, Marcum. The people whose futures are on hold are the ones scrambling because you kicked them to the curb. The jerks still occupying the offices around you know exactly how long they have to update their résumés (don’t they say it’s best to look for a job while you still have one?). They’re still collecting regular paychecks. And if they do a crackerjack job dismembering the rotting carcass of your company, they’ll get a bonus.

It would be refreshing for Marcum to be the first CEO in history to admit that those whose string of breathtakingly bad decisions are the last people on earth who deserve bonuses. And that he will seek a bottom-rung position in fast food to atone for inflicting financial and medical chaos on tens of thousands of people who depended on Circuit City’s top dogs for sound leadership and judgment.

But why should he? Judge Huennekens thinks the bonus idea is dandy. As long as we keep rewarding incompetence, Corporate America’s clueless CEOs will never take responsibility.

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6 Responses to Circuit City Bankruptcy Judge Slaps Justice in the Face

  1. Bob says:

    That is such crap…. More of trickle down economics??

    Thought that crap was done..Hope this new black cat can pull the shit out of the fire…

    maybe just a bit bored today, Get to see my Hunny tomorrow :)

    Doing the happy dance

    Bob

  2. I should be used to reading about this crap by now but I’m still shocked and appalled every time. They have proven (very publicly) that they are inept at their jobs. Any other employee who proves they are inept are escorted to the door, with no severance or bonus. This is so outrageous!

  3. catsworking says:

    Bob and Mom, there is so much to be outraged about with Corporate America these days, it’s hard to know where to hiss first.

    Cats Working is taking an uncharacteristically conservative stance on this whole bailout business. These banks, car companies, and retailers ran themselves into the ditch. What their boards of directors should be doing is firing the management responsible for it and promoting common sense from within the ranks to take over (because we all know it’s there in abundance — among the people who actually ran the show), not begging for government handouts and bankruptcy concessions to reward the top dogs’ incompetence.

    Our government should be working on legislating jail time for CEOs who defraud customers, employees, and stockholders while enriching themselves, not stroking checks to these crooks.

    We are somewhat disappointed in the black cat on this. He’s not showing enough teeth (snarling) to these bozos and insisting on changes in their behavior BEFORE they get the money. That belated cap on CEO compensation THAT WASN’T RETROACTIVE was an insult to taxpayers’ intelligence and made him look ridiculous.

  4. MC says:

    james marcum did a classy thing by turning down his bonus. He also did he best to try and save the company which schoonover f’d up so badly.

  5. catsworking says:

    MC, I agree with you. Turning down the bonus was the right thing for Marcum to do at the time. However, the gesture will become moot if the court ends up granting him a bonus in the end, which is what the article I read stated was the plan.

    Marcum does have the thankless job of cleaning up the mess left by his predecessors, but I assume he was there and going along when they were making all the bad decisions that led to the company’s demise, so his skirts aren’t totally clean, either.

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