As outrage continues to grow over Bombardier’s massive pay hikes for top executives while they begged for taxpayer money, the company attempted to defend their huge executive bonuses.
If their goal was to reduce public anger, they failed miserably.
Bombardier sent out an open letter saying they need the bonuses in order to “compete” globally and get the best “talent.”
The “best talent?”
What the hell are they talking about?
That “talent” led Bombardier to a $5.34 billion loss in 2015, and a $981 million loss in 2016.
They already got $1 billion from the Quebec government, and then had to come begging for $372.5 million from the federal government (Canadian taxpayers) – which their elitist lackey Justin Trudeau was more than happy to give to them without any conditions.
If that’s what the “best talent” does, it seems Bombardier has pretty low standards.
People are not satisfied with Bombardier’s explanation for the huge pay hikes, since most of us have to actually show results before we get more money. Of course, the rules are different for those at the top: no matter how wrong they are or how much they fail – they keep getting rewarded.
Bombardier’s explanation also doesn’t change the fact that they are putting 14,500 of their employees out of work by 2018 in a “cost-cutting measure.”
Interesting how costs rarely get cut at the top.
In a desperate attempt to reduce the justified public outrage, Bombardier’s chairman Pierre Beaudoin is asking the board to cut his bonus. This would cost him $1.4 million, but he won’t even notice it.
As Aaron Wudrick of the Canadian Taxpayers Federation said, “Mr. Beaudoin is member of a billionaire family that controls the company. So no, a sacrifice of a million dollars doesn’t change anything.”
Bailouts must come with conditions
I’m generally pretty wary of bailouts. But if they occur, they must come with conditions. Those conditions must include protecting workers jobs, massive salary reductions/firings for top executives, and guarantees that ensure the taxpayers will profit when all is said and done.
Of course, Justin Trudeau achieved none of those things in his “deal” with Bombardier – hence the massive public outrage.
Once again the elites get richer at our expense.
That’s life in Trudeau’s Canada.