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…