Thursday, May 14, 2009

Hypocrisy in the media: Tribune blasts AIG bonuses, convinces bankruptcy judge to permit $13.3 million in bonuses for its own upper-level employees

Nothing is worse than hypocrisy in the media and an article in today's Washington Times offers a stark example of it.

The Tribune company, after its Chicago Tribune newspaper ripped AIG for its extravagant bonuses, received permission from a bankruptcy judge to award $13.3 million in bonuses:

Tribune Chief Financial Officer Chandler Bigelow III explained the rationale for the bonuses during an appearance in U.S. Bankruptcy Court on Tuesday, using an argument reminiscent of that used by AIG.

"We need to motivate and incentivize the key people who will implement change. These are really good people we're talking about. They're the best and the brightest in the company," Mr. Bigelow told Judge Kevin Carey.

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