The bankruptcy trustee handling the Furniture Brands International, Inc. (FBI) case filed papers with the bankruptcy court that asks to court to deny a request to pay about $3.4 million in incentive pay bonuses related to efforts to sell the bankrupt company’s assets, especially with a significantly underfunded pension plan, about $200 million short of what is needed. One objection was that the executives’ goals were too easy to reach. The company also decided on Sept. 4 to terminate medical, disability, life insurance and death benefits for retirees and former employees. Wow, run a company into bankruptcy and get a bonus! How American is that!
On a better note, Food Lion is donating $500,000 to several North Carolina food banks to help people who lost federal food vouchers because of the government shutdown. The money will be donated in the form of $5 gift cards to food banks in Asheville, Charlotte, Elizabeth City, Fayetteville, Raleigh and Winston-Salem. Republicans are proud of the shutdown, but should be really ashamed of what it did to programs like WIC.
One company trying to pay bonuses and republican efforts cause a government program like WIC to shutdown. Both are examples of mismanagement.
But, at least we have companies like Food Lion stepping in to help with food. There are also other examples we’ve read about where companies or individuals are stepping in to help those hurt by the government shutdown.
Republicans are holding this country hostage with unreasonable demands and need to stop now. Republicans need to remember that the political fallout will hurt them in the future, but the other down side is that all Americans will have to live with the economic fallout for years.
Republicans, you are nuts!