April 28th, 2004 Shake-up at Nortel
I came into work this morning only to discover that Nortel fired several top execs with cause, including the CEO. Some are speculating that the books were cooked to activate a massive executive bonus that the board had approved.
Rather, it appears Nortel executives used sometimes vague accounting rules to help the money-losing telecom gear maker show a profit. A $100 million bonus pool set up by Nortel’s board may have been an underlying motivation.
How sad. Pride can come before a fall, but I suppose greed will suffice.
Of course, there are financial consequences for those worker bees that didn’t get the massive bonuses. Since the first sign of the accounting problems broke, our Nortel shares in 401(k)s, stock options, etc. have all been frozen out while the stock price has been in a freefall. Which is not to bemoan my lot in life or claim financial hardship, but rather to highlight the injustice.
I can’t help but reflect on the Kingdom of God, in which there are no false weights and measures, men live in God’s image by speaking the truth, and our work is blessed and fruitful. Thy kingdom come, thy will be done, on earth as it is in heaven.
[edited 4/29/2004]
April 29th, 2004 at 4:33 pm
I assume those execs got to keep their generous bonuses? And I wonder what kind of severance packages they received.
April 30th, 2004 at 4:44 pm
Eew. Condolences.
April 30th, 2004 at 7:28 pm
Be praying for you.