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Economy
Times bigs make out big: Proles, rank-and-file hardest hit
2010-03-13
Manolo! Break out the Napoleon brandy!!
Top executives at the beleaguered New York Times Company reaped hefty rewards last year, with Chairman Arthur "Pinch" Sulzberger more than doubling his total compensation to $6 million. CEO Janet Robinson got even more, reaping $6.3 million, a 31.9 percent hike. The pay numbers were disclosed in Securities and Exchange Commission filings yesterday.
Fine job, Janet!
Fine job, Pinchy! I toast you!

The increases come against a backdrop of declining ad revenue, layoffs, frozen pension plans, unpaid vacations and a 5 percent pay cut for most of the rank-and-file workers last year. "Our members are really unhappy with what is happening," said Bill O'Meara, president of the Newspaper Guild of New York. "They made a voluntary sacrifice to give up some of their pay to help the company out. People are losing their jobs still."
Feeling like a sap, Bill? Well, you should.
One corporate governance expert warned that even if a publicly traded company's compensation committee OK'd the compensation, it could backfire in the court of public opinion.
Let 'em eat cake!
"I think the board may want to weigh the consequences of rewarding their executives, who may be worthy of the increases, against the damage that may occur to the company's reputation," said William Sannwald, a business professor at San Diego State University.
HA! And who do you think you are? Krugman? Begone with you, hayseed!
Michael Golden, a first cousin of Pinch's who is vice chairman and chief operating officer of the Times' Regional Media Group, took home $2.4 million in total compensation last year, up 71 percent. CFO Jim Folo received a 20 percent boost, earning $1.3 million.
Great job, men! Call girls for everybody!
A Times spokeswoman explained that the pay hikes were driven mainly by payouts tied to performance-based bonus plans with preset goals.
Like what? You're still in business?
Times shares closed at $11.53, up a penny, in Big Board trading.
Posted by:tu3031

#7  True- Mr. Slim would get something out of a controlling stake- a national newspaper that will print anything with a straight face. Walter Duranty is but one postcard-perfect example.
Posted by: Free Radical   2010-03-13 16:53  

#6  I doubt he's into it for the money you get from selling issues of the NYT per se; it's more of a loss-leader for the general project of turning the US into a feudalistic society.

And if you don't think that's working... last election the two major candidates both believed in cap and trade, the new Morgenthau Plan for the United States. And the winner has worked very hard at "sealing in" the bank crisis of late '08 so it turns into a decade-long hard depression.
Posted by: Thing From Snowy Mountain   2010-03-13 15:45  

#5  The execs are bleeding the carcass dry before they sell it- to a fool.

That would be Carlos Slim. Rich as he is, he's throwing his money away on this one ...
Posted by: Steve White   2010-03-13 14:20  

#4  ... beleaguered New York Times Company ...

A phrase that warms the deeper, colder cockles of my heart ...
Posted by: Steve White   2010-03-13 14:16  

#3  (*shrug*) The execs are bleeding the carcass dry before they sell it- to a fool. A story as old as vampires. But give them a pass- they're libs!!
Posted by: Free Radical   2010-03-13 14:12  

#2  It's good to be King. Almost as good is owning special class stock with voting rights.
Posted by: DMFD   2010-03-13 13:57  

#1  The model that the ruling caste has for the rest of us, inner party vs outer party.
Posted by: Procopius2k   2010-03-13 13:52  

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