Revenge of the comment section: Bombardier wins gold for gall
Commenters aren't happy to see Bombardier executives pay themselves big bonuses with taxpayer money
With a recent $372.5 million injection in federal aid, Bombardier looked inward to spread the wealth — notably, among its top executives. Over the past year, the company has received nearly $1.6 billion in government aid, and with it, it raised the compensation of its top executives by nearly 50 per cent.
The move has ignited anger of what some consider misuse of funds, and CBC commenters are overwhelmingly of the opinion that the government needs to close the bank.
Bonus for what?
Performance-based bonuses as part of a compensation package makes sense for senior executives. However, when the result of performance is so poor that it requires a company to go with hat-in-hand, and get $1 billion in Canadian citizens' tax dollars, it is impossible to justify bonuses.
Taxpayers should get a say
So Quebec is saying that the government has no right to say how Bombardier conducts its affairs. Then I say, government should offer absolutely no financial support to Bombardier. Taxpayers should not offer any financial support to corporations that refuse to recognize our concerns. The same would go for Ford, General Motors and so forth.
- Mic Beda
Business as usual
I have sympathy for the politicians caught in the middle. "Our" money kept Bombardier afloat during a very difficult time. The compensation levels for the top executives are obscene, as is typical with big companies, and yup, if you take the government's nickel, you'd damned well better practise a little more humility on the compensation front.
It seems to be business as usual, and that has to change. Either corporations practise self-control, or something external imposes control.
Bordering on fraud
Using money you borrowed to give yourself a performance bonus — after you laid off workers — borders on fraud. There is just too much misuse of public monies in Canada and greed and selfishness gone wild, with no repercussions. It's simply unbelievable that the people involved had a media conference to give each other pats on the back for a job well done.
An award for gall
If there was an award for gall, it would have to be handed to Bombardier. Going cap-in-hand to the taxpayers, begging for cash, all the while paying top salaries to the executives who cannot manage to maintain profits that would justify those salaries.
A tight spot
So, let's explore the tight spot resulting from the Bombardier scandal. A politician can either: (A) Take the high road and condemn propping up Bombardier and the greediness of the executives or (B) Take the low road and maintain this corporate welfare. Yup, that's a pretty tight spot.
Should've gotten a cut
This is the company that has fallen way behind deadline when it comes to so many projects. The executives should get a pay cut, not a bonus. I would have been fired for that kind of performance in any of the jobs I had.
Ask for equity
It's not really an "investment" unless the public gets something back for it, is it? Instead of loans and bailouts, the government should ask for equity. If Bombardier pulls through and its share price improves, the public might even see a financial return. Imagine that.
Outrageous
Just plain greed and insensitivity. Bombardier is a classic example of a company whose product is largely underwritten by public money. Take that away and you have another Nortel. If you want jobs in Quebec, make sure tax dollars are used to secure jobs, not pad executive salaries. Outrageous is all I can say.
Incentivizing bad behaviour
While I personally agree that the actions of Bombardier's management are in very poor taste, they are not surprising. And let's be honest here, at least half of the people would probably do the same thing in the same situation. Human nature.
The problem here is the government incentivizing this behaviour. Again, and again, they incentivize and subsidize this behaviour with your money.
Corporations and rich people can't take your money. They can't. There are only two ways in which they get your money:
1. You voluntarily give it to them in exchange for a product or service they provide.
2. The government takes your money, and then the government gives it to these people.
It is very easy to put a stop to Number 1, but it's harder to put a stop to Number 2. Corporations and rich people are not a problem in a world where Number 2 doesn't happen. And make no mistake; Number 2 is a government problem, not a rich-people problem
RIP money
Bombardier: Where money goes to die.
Comments have been edited for length and clarity.