(This sort of corporate greed really irks – but does not surprise – me, especially since we’ve seen so much of it on Wall Street. Frankly, Wall Street is going to bring upon itself a revolution if it is not careful. – KM)
Union workers miffed
after taking cut in pay
MADAWASKA, Maine — As Fraser Papers Inc. stock tumbled in 2008 and losses culminated with Fraser seeking bankruptcy protection in mid-2009, its six top-level executives received $50,000 to $162,500 in bonuses, the company’s spring 2009 report to stockholders revealed.
Fraser’s highest-paid executive was Chief Executive Officer Peter Gordon. He received a $162,500 cash bonus atop his $325,000 base salary, stock option awards of $637,500, another $15,750 in pension value and $3,126 in “other compensation.” His take in 2008: $1.14 million.
Click on the link for the rest of the update by Nick Sambides Jr. of the Bangor Daily News.
Here’s a link to another story about the bonuses: “Bonuses at Fraser small compared to other mills“