Speaking of the art of management, Delphi, the largest US auto parts supplier filed for bankruptcy over the weekend. CNN is reporting that employee wages, which are very generous, may be cut by 50 percent, medical and retirement benefits may be reduced or eliminated, and many will probably loose their jobs.
On the other hand, management gave themselves a benefits raise one day before filing for bankruptcy. In addition, "Delphi also has been plagued by an accounting scandal that the FBI and the SEC are now investigating. Six people have resigned because of the investigation, including Delphi's former Chief Financial Officer Alan Dawes." It is dis-heartening to see mis-management being rewarded with increased benefits while they drive the company into bankruptcy.
So it goes in todays upside down world where mis-management is rewarded while employees are left out in the cold.
Aloha!
