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.