Sunday, March 14, 2010

In A Pinch

How often have we read in the NYT about greed on Wall St. and how evil bankers were for making millions while their businesses contracted. Well, add Pinch Salzburger to that list. His NYT has been on a death spiral ever since he took over the center-left newspaper and turned into a hard left rag suitable for parakeet cage lining. This from Future of Capitalism:

Arthur Sulzberger Jr.'s overall compensation as chairman of the New York Times Company "more than doubled to $6 million in 2009," reports Dow Jones Newswires. That during a year during which many Times reporters and editors, who make about $100,000 a year, were subjected to a 5% pay cut, and reporters at the Globe, who make less than those at the Times, took a 5.9% pay cut. . . .


suek said...


We have a small business, and have little or no real problem with bad debts. 2009, we did have a customer who owed us about $2500, and who was behind in payments. We went through the required process, and eventually ended up as creditors during his bankruptcy. As such, my husband attended the court hearings. During one of the hearings, the judge asked what "these $25000 payments to himself" were. It turned out that that was what he paid himself on a monthly basis for about six months. And then...wonder of wonders - went into bankruptcy. Unfortunately for us, the judge allowed the "salary", and we - along with any other creditors he had - got zip.

Aside from my wondering what the heck they call this kind of "justice", it makes me think that Pinch is trying to "pinch" a bit for himself before the whole thing goes kaboom. The family probably sees the handwriting on the wall and approves.

OBloodyHell said...

Well, given as the publicly traded portion of the stock is non-voting -- yes: *non*-voting -- I'd say that any total lackwit who put money into NYT stock deserves to get ripped off for being such a total moron.