Despite Massive Losses NYT Execs Enjoy Bonuses, Salaries Steady
-By Warner Todd Huston
Apparently the long knives President Obama has out for the blood of CEOs and high paid executives does not apply to the bigwigs at The New York Times. In a March 11 piece ABCnews.com posted a Reuters report that the suits at The Times are still doing quite well despite the downwardly spiraling fortunes of the newspaper they helm. Not only are salaries holding steady, even rising, but they are also receiving bonuses. All of this while profits have plummeted along with advertising sales.
While other large corporations are freezing executive salaries and or even cutting them, the top two NYT execs have seen salaries holding at the same rate since 2006 if not rising. Arthur Sulzberger, Jr, even got a one-time bonus of $38,045. NYT CEO Janet Robinson saw her total compensation rise from $4.1 million to $5.8 over last year.
So, where is President Obama to ask for their heads on a pike?
Who can deny that what we have here are executive officers at the head of a corporation that is failing yet they are getting all sorts of bonuses and keeping their high salaries untouched by the ravages of business losses resulting from their incompetent leadership?
Isn’t this exactly the sort of thing that Obama has made the heart of his attack on private businesses? So where is the searing Obama remarks against The New York Times?
In truth, I no more care to hear Obama’s opinion on the ineptitude of the NYT than I want to hear his opinion of any other private business. If the boards and shareholders of these business are happy with their failed CEOs, who are we to say anything different? And who is Obama to meddle?
But, what we have here is a matter of hypocrisy. While Obama cruises the country in Marine and Airforce One on his perpetual election campaign plying his populist anti-corporate rhetoric, the NYT is curiously not on his list of naughty executives.
Could it be that Obama hasn’t mentioned the overpaid and failing execs at The New York Times because he doesn’t want to bite the hand that inks him?
Whatever the case, it is quite interesting that while other CEOs are being held accountable for the failures under their leadership and finding their pay slashed accordingly, the fat cats as The Times are still partying like it’s 2006.
Party on Art. Party on Janet. Campaign on Barack.
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Posted by Warner Todd Huston on March 13, 2009 5:33 am
» Filed Under Anti-Capitalism, Democrats, Economy, Journalistic Malpractice, Liberal Media/Bias, News, liberalism
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2 Responses to “Despite Massive Losses NYT Execs Enjoy Bonuses, Salaries Steady”
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Modest proposal to the NYT: Change your masthead logo from “All the news that’s fit to print” to “Nothing succeeds like failure!”
Precisely what is the difference between what this sack of, er, something Pinch and his family are doing to the stockholders of the NYT and what Ken Lay did to the folks at ENRON? Precisely nothing. Paul Krugman ought to know as he was a paid shill for ENRON. James Taggart and Pinch Sulzberger are one and the same. Alan Greenspan has emerged as Dr. Robert Stadler. Katrina vanden Heuvel is Lillian Reardom-a woman who has to fake faking an orgasm. What a crew.