I wonder where moral outrage has gone. Is it hiding, or has it gone on an extended sabbatical? I've become inured to the egregious salaries and bonuses paid to CEO’s in the financial sector. It seems to be the way of the world in this 21st century but I’m incensed when I learn that Borders, a US bookseller, who lost $75 million in their last quarter of reported earnings, who is currently under Section 11 Bankruptcy protection, is relocating its head office from Ann Arbour to cheaper digs in Detroit and, is currently for sale; is now ready to present its new business plan to creditors and emerge from beneath the protection of Section 11. Their proposal includes closing and selling off 226 stores and paying bonuses to top company executives in excess of $8 million. These executives have obviously done a tremendous job running Borders into the ground. Over 6,000 Borders employees will lose their jobs and Borders creditors are currently owed $193 million. It seems quite perverse in our consumer and corporate society that failure is so handsomely rewarded. I wonder what rewards await the rest of us if we fail?
I've managed to locate my moral outrage. I just hope that all citizens can find theirs because it seems that Borders requires a good healthy dose!