( - promoted by Jay Stevens)
Well, the recession has certainly come home to Montana.
Across the state, layoffs and business closures are on the rise. And now we get local headlines about obscene CEO bonuses.
According to the Missoulian, Smurfit-Stone Container Corp. - which has declared bankruptcy, shuttered its
Frenchtown pulp mill and laid off more than local 400 workers - paid out $50.4 million in bonuses last year.
Smurfit Chief CEO Patrick Moore received more than $1.5 million in bonus pay, while President and Chief CEO Steve Klinger raked in nearly $1.1 million, the Missoulian reported.
Meanwhile, the company owes cash-strapped Missoula County $1.18 million in taxes.
This is just another appalling example of shameless, reckless financial practices that have torpedoed local economies throughout our nation.
While the CEOs enjoy their rewards, Western Montana will be feeling the loss of Smurfit-Stone for years to come. According to the University of Montana Bureau of Business and Economic Research, the mill closure may result in additional job losses in construction, retail and health care services. All told, up to 1,500 Missoula County jobs may be jeopardy.
Congress needs to put the brakes on such outrageous behavior and pass financial reforms that will hold CEOs, Wall Street and Big Banks accountable. At the same time, we need reforms that will help protect consumers and give small businesses a hand up in this troubled economy. |