Bankrupt companies gave $165 million in bonuses to top execs before going belly up last year [CBS News]
Whiting Petroleum Corporation (New) (WLL)
Last whiting petroleum corporation (new) earnings: 2/27 08:30 am
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Source: CBS News
Penney are three very different companies but share one thing in common: oddly timed executive bonuses before their corporate bankruptcy filings. Each company gave its top executives a pay bonus last year just before declaring Chapter 11 bankruptcy. So did Neiman Marcus, as well as oil companies Whiting Petroleum and Chesapeake Energy. All told, 42 companies awarded millions of dollars in so-called "retention" bonuses in the days leading up to their bankruptcies, the Government Accountability Office, or GAO, found in a new report "These companies paid bonuses totaling $165 million anywhere from five months to as little as two days before the company filed for bankruptcy," Michael Clements, the GAO's financial markets director, said in a GAO podcast discussing the report. The awarding of retention bonuses by dozens of companies ahead of Chapter 11 filings shows that the U.S. bankruptcy code needs fixing, experts told CBS MoneyWatch. The change perhaps involves amending a bankrupt
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