Executives of Sears stand to gain up to $1 million in bonuses, should Sears be liquidated, and $500,000 if it’s restructured. Meanwhile, ordinary workers at Sears are being laid off without severance payments. Bill Black talks about how US bankruptcy law is rigged to favor executives
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Sears was extremely profitable before Eddie Lampert bought it! The first thing Eddie Lampert did when he took over Sears was to cut employee benefits, matching 401k and medical insurance! When Lampert filed for bankruptcy, he canceled millions of dollars in open orders with deposits on them! He screwed all his hard-working commissioned employees and took all the money they generated to prop up his real-estate business! He then shafted all his suppliers by not paying them which hurt the employees even more because no one would extend credit to Sears Holding! He also shafted all his customers as well! Eddie Lampert is a real dirt-bag and I hope he goes to prison, but I'm not holding my breath! The bankruptcy judges were totally soft on Eddie Lampert and let him get away with murder! He should be forced to pay anyone who worked for Sears Holding a severance fee and deny "ALL" managers any bonuses! That money belongs to the people that worked for Sears, not to the BILLIONARE thieves that have stolen from it! If the bankruptcy judges had any balls, that's exactly what they should do, but they're probably being paid off by Lampert and his goons! The Bankruptcy judge should seize all property and assets owned by Eddie Lampert and give the money generated by those seizures to Sears Holding employees! This is an example of corporate fraud on a grand scale, and Eddie Lampert has crushed so many people both financially and mentally!
You’re rewarding them for going bankrupt?
That's the way it is , you'll be in jail from stealing from Them. Yet they can steal from. You. Our whole system is fucked up Thank god wall Street is in control. We were never meant to learn more. Money always for money. Yet nothing changes. Until now
Reaganisim at it,s best. Now it is called Trumpisim. Working class Americans tend to be the stupidest voters.
Corrupt management !!!!
Obvious. The little man always gets screwed
A quick way to strike back is not buy anything even if it's marked 99% off see for every item not sold they can't collect money off of it so their forced to take a lost on each item
The stupid business laws this country has only breeds greed and selfishness. And the politicians are the culprits paid by these corrupt ceo's allowing these crooks to ruin a good company! And this just demonstrates the corporate mentality in the US.
Sorry, but an expert who thinks our new Democratic-controlled House is going to deal with this evil is an idiot. From Hillary on down are the party of corporate corruption, particularly corruption involving lawyers. It is Trump who champions ordinary people.
It's sad I never thought that sears in Greensburg pa would go out of business, it's slated to close end of January 2019
I am currently living in China, and people criticize China for being all about business. Is North America really that different? North America is all corporate now, and the little people are constantly stiffed by corporations. I would argue that in some cases, North America is worse than China in its abuses of its people. Shame on you!
sears eddy lambert is a big crook , thief and rob his employees to gain wealth for him self , big scam man , what the FBI is doing , lock him up .God will take care of you Eddy.
Trickle down effect is happening.. The catch is Trump Republicans Evagencials forgot to tell the masses that its piss trickling down
We need Sears. Please bring it back. Only place for good quality work clothes and good deals on appliances all in one place 😪😦😯😳😫👈👢👖
This is normal where has everyone been. I would like to see proof to show this is not the norm.
When I shop for clothing I like to see it in person I will not shop online they need to save this store now
This is a REALLY GOOD STORE. They need to save it from closing. Besides all the people that will be losing their jobs.
Some sad stuff here.
What business/corporation doesn't engineer bankruptcy to favor the executives?
Why is there any bonus for a bankrupt company. The courts should not allow this.
Toys 'R' US was run into the ground by an LBO and not because of general business circumstances.
i need to get a job as a executive i wouldnt have to do anything but play dumb
The company stopped giving raises since the original merger, they stopped contributions to employees' 401Ks and they restructured the company to eliminate full time positions (all so they could reduce the benefits that came with it.. medical insurance, paid sick days, etc). Uniforms were changed but the employees were responsible for buying their own, job titles were changed and signs were changed. But no investment was ever made into upgrading or even maintaining basic equipment or shelves in the stores. As soon as the company begins to make a profit, things will get better. That is what was said by corporate while executives continued to collect bonuses. Now many employees left at existing stores make the same hourly wages as an entry level employee even if their job title includes lead. And if you've worked at a company for over twenty years and then get told you're only getting four weeks of severance pay… hard pill to swallow.
I read in the newspaper the other day about a pretty big investor who wants to buy a good bit of Sears to keep several stores open and fifty thousand people in a job. That may come about, and better than everyone losing their jobs.
As if Trump had anything to do with Sears going bankrupt. Sears has been circling the drain for years.
why are you people slamming this move – you voted for the parasites dems and repukes…you got what you voted for…a million if your fail.
it’s America take from the poor and give to the rich
They are commuting Fraud against the consumer and using bate and switch tactics! They put a product on sale when they don’t even have the product and then can’t deliver said product over and over and over because they are out of stock. Then they try and offer you something comparable which they still don’t have!!!
I paid for a refrigerator that they said they could deliver by Nov. 15, 2018 and then can’t until the 26th, then reschedule that delivery without notifying one to the 4th of December and deliver a Damaged product and now can’t deliver one till the 28th of December, because they are out of stock! So I buy product on the 12th of November under the guise I can have it by the 15th, ohh no no, sorry it has to be the 26th but we will not deliver it till the 4th ( damaged) and screw you yet again because guess what we don’t have any in stock till the 28th of Dec, but mean while still offering said product on website! Bait and switch is what they are offering me now! We don’t have the one you bought so how’s this one! If I wanted that one I would’ve bought That One in the first place! I have a house full coming the 24th of December and no Refrigerator! Oh but they are sorry and thank you for Shopping at Sears😳🤔🤬🤬🤬🤬🤬🤬
cannon towels the Execs took their golden parachutes and put the company in to bankruptcy
Well what's the point of becoming an exec if you just get laid off like a common asshole who's going to pay for the 2019 jetliner poor people will always be poor with or without a severance package
Goes to show. Never trust a big company or government with your retirement money.
'Under the new majority'? You mean the same corrupt vermin who pushed 'too big to fail'? Only hope for this country is a damn military junta.
Golden parachutes for executive people. Take down a company get a big bonus. Oldest company in the country and goes under. Wtf
Corporate greed once again, right?
1st GM, now Sears! I'm talking about people getting lay off.
You are so right they rip Sears apart in the last 8 years to benefit themselves how sad the greed gives greedier
Pretty much the status quo with crooks like these bastards, filling their overstuffed wallets with more cash, even though they're the ones who screwed up the whole thing from the start! Fast Eddie should have his crooked ass hauled into jail, for putting hard working employees and the people who bought into the mess in good faith by opening franchises! The government won't do anything about it, as they get dirty envelopes of cash into their pockets as well!
Very
😞
So; as Sears goes down in flames, Lampert & his cronies make out like BANDITS! 😤
Take the money and run assholes. Sears is the last of the Federated Department Stores. They've been cleaning them out as they closed. They've bought the laws they needed to make it work. This is the end of a long on going scam and it's become obvious. Prosecution is in order. Chain of evidence needs to be presented.
One simple question..
Are those executives Jewish?
Yes or no?
Your answer is the real answer.
(I am niether American, nor interested in living in America (Jewish run America)), I am an Arab, from the Middle East, and living happily everafter, praise Allah/ God.
Anyways, we Arabs are Semites too, and we are the cousins of Jews, so we know them better than anyone else, trust me.
Anywho,
It seems to us non-Americans that the Jewish folks at the top, as well as their richest Christian friends, have shaped America, and the businesses run in America, and the "rules of play" in their favor!! They made it in a way where the poor stay poor and small business lose easily, while big companies get out of trouble winning! So, basically when the weak "wins" he actually loses more, and when the powerful loses he actually ALSO wins!! Again!!
They rigged the system so that "oppertunities in America", (the new land of dreams), is no longer a place where big businesses can florish anymore!! Only those who are from their own circles, i.e. Jewish or related to their supporters, do recieve cuts and more relaxed rules and can actually make it big.. :^)
Christian mom and pa shops lost their businesses while the Jewish corporations grew exponentially!.. A Christian restaurant gets to be checked out throughtly by a Jewish government agent to check for faults and misconduct, while a Jewish restaurant gets no fines whatsoever and the Jewish agents drinks tea with the Jewish restaurant owner while getting his list checked "execellent" in all fields..
Another example, any new non Jewish business gets destroyed through "tax on everything" while Jewish trade gets cuts.. They made it so deficult, there is tax on income, tax on property, tax on import, tax on export, sale tax (both sides, shop and customer), even TAX ON INVENTORY!! Like WTF?? In Islam? ALL TAXES ARE FORBIDDEN!! (Even in Judaism, (but not on Goyem)). To be honest, taxes in America are actually considered ANTI-ENRICHMENT TAXES!!! What are anti-enrichment taxes? They are taxes designed to stop you from growing or make you grow extremely slow.. mostly designed and implemented by Jews throught history to slow down the wealth gain by the Goyem.. While big Jewish conglaramates get tax cuts (under the excuse "we make Jobs, give us a break", smaller people get destroyed!! Seriously, the Jews are fucking your America up, and you are OK with that???
You know what tax on income actually is? It is a theft where they take that sweet, very sweet spot of precentage that grants growth to your business!! The precentage that God puts his blessing in to help you grow rich and have a life.. They know it!! These people conduct social and economic studies all the time!!
Making business in America today is like blowing in a punctured baloon.. unless you are Jewish.. because Jews are in all government offices snd they hold the data..
Weak people cant influence the country!!
One of the reasons they do it, is because they knew that money = power!! The moment others start climbing the ladder of power they start influencing the congress!! With bribes or without! They know that!! So they take away your growth precentage to keep you weak!! With no voice!!
People, please understand, these elites PRINT MONEY!! They DON'T NEED YOURS!! They need to stop you from growing financially!! And thus not gaining power!!
And this is the rule for the game they are playing..
America is not a land of oppertunities anymore, otherwise, why do start-up companies in Silicon Vally and other places leave America?? :^)
Solution??
BAN AAAAAALLL TAXES!!!
And God's blessing will come down on oeople and their wellfare!!
I don't know but somebody a while ago here on YouTube made a video about a certain EU country where they stopped or reduced all taxes, their country managed to come out of their national dept, everyone became rich and they became one of the leading financial powers in the EU..
I forgot which country.. but the video maker drew a comparision between that country and Amercia.. it was interesting.. :^)
But.. ehh.. you Evangalics love your Jewish folks.. you support Israel for Biblical reasons..
What one can do.. ? <:^)0-
Peace.
The way it stands Sears is filing bankruptcy on some of its own financial institutions. Looks like a huge tax scam.
Well…the system always protect those in its gang. Your average Joe/Jane is not apart of such!
Golden parachutes.
The executive management of Sears had no intention whatsoever of revitalizing this business. Their sole purpose was milk this business for every penny in order to pump-up their hedge funds, and other investments. And if they bankrupted the company into Oblivion in the process they didn't give a shit.
That is the corporate policy nationwide. Companies not run for stockholders anymore, just to benefit upper management, most of which is pretty much the same people in different positions at all the companies.
keep your eyes on GM in the coming months, bad times ahead
Why didn't they fire the CEO years ago?
None of what you have to say is relvant.You cant print what ever books you want and cry like cry babies. The true story is all these people cant receive much thanl these stock holders. That philosophy that you cant attack a mans personal fortune went out years ago.A classes action suit against a campiness's exs that are in chapter 7 doesn't guaranteentee them any money and may cost them more than the one million if caught trying to side step federal laws.That dosent include class action law suits from employees. Employees can take over what assets that are being paid out to exs and take over what assets are left .If the court is being fraudulent We saw this happen before.The employees circumvented the chaper 5 filing,sue the the cort for the owners filing fraudulent papers and the employees taking over the company.