(This sort of corporate greed really irks – but does not surprise – me, especially since we’ve seen so much of it on Wall Street. Frankly, Wall Street is going to bring upon itself a revolution if it is not careful. – KM)
Union workers miffed
after taking cut in pay
MADAWASKA, Maine — As Fraser Papers Inc. stock tumbled in 2008 and losses culminated with Fraser seeking bankruptcy protection in mid-2009, its six top-level executives received $50,000 to $162,500 in bonuses, the company’s spring 2009 report to stockholders revealed.
Fraser’s highest-paid executive was Chief Executive Officer Peter Gordon. He received a $162,500 cash bonus atop his $325,000 base salary, stock option awards of $637,500, another $15,750 in pension value and $3,126 in “other compensation.” His take in 2008: $1.14 million.
Click on the link for the rest of the update by Nick Sambides Jr. of the Bangor Daily News.
Here’s a link to another story about the bonuses: “Bonuses at Fraser small compared to other mills“
My name is Keith Michaud and this is “Letters From Away,” a blog written by a Mainer living outside the comfortable and sane confines of New England. The blog is intended for Mainers, whether they live in the Pine Tree State or beyond, and for anyone who has loved ’em, been baffled by ’em or both. Ayuh, I am “from away.” Worse still, I live on the Left Coast – in California. Enjoy! Or not. Your choice.
Letters From Away 