BREAKDOWN: Why Are Execs of Bankrupt Companies Being Rewarded With Millions?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 14 July 2020
⏱️ 23 minutes
🧾️ Download transcript
Summary
Today on the Brief:
- A followup on Tesla, corporate earnings and PayPal’s crypto ambitions
- New COVID-19 shutdowns in California
- Small businesses on the brink
This episode is sponsored by Bitstamp and Crypto.com.
Our main conversation:
Bloomberg has reported recently bankrupt companies including J.C. Penney and Hertz had provided executives with more than $131,000,000 in bonuses.
On this episode of The Breakdown, NLW examines:
- The logic behind these bonuses
- Why that logic is stupid
- How this sort of reward for personal failure in the wake of 2008 led to the rise of populism on the right and left
- Why we should allow companies to fail
- Why people’s sense that the system is a crony system isn’t wrong
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Transcript
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| 0:00.0 | We have 39 states around the country who have an increase in the number of COVID cases. |
| 0:06.4 | We're seeing a return to lockdown in such populous states as California. |
| 0:11.9 | We're seeing the end of these additional unemployment benefits in just a couple of weeks. |
| 0:17.2 | And at the same time, $131 million in bonuses for executives of companies that have failed. |
| 0:24.7 | This is how you lose an entire generation. |
| 0:27.6 | This is how you get an entire generation to start thinking that maybe somehow, |
| 0:32.4 | this system that has undeniably pulled so many people out of mass poverty is worth rejecting because it doesn't |
| 0:40.5 | work anymore. And it has the stink of cronyism all over it. Welcome back to the breakdown, |
| 0:48.5 | an everyday analysis breaking down the most important stories in Bitcoin, Crypto, and Beyond. |
| 0:55.7 | This episode is sponsored by BitStamp and Crypto.com. |
| 1:00.1 | The breakdown is produced and distributed by CoinDest. |
| 1:04.8 | And now here's your host, NLW. |
| 1:09.8 | What's going on, guys? |
| 1:10.6 | It is Tuesday, July 14th, and today we are talking about how |
| 1:15.1 | bankrupt company executives have scored $131 million in bonuses, even as their companies fail. |
| 1:25.5 | Before we get into that, however, I want to thank you guys. Last week, |
| 1:28.8 | I mentioned that it was really helpful to me when you rate and review the show on iTunes or |
| 1:34.6 | Spotify or wherever you listen. And I saw a bunch of new reviews come in that really, really, |
| 1:38.8 | really helps. So thank you again. And if you haven't yet and you have the time, I super, super |
| 1:43.1 | appreciate it. So thank you |
| 1:44.6 | again. With that, let's turn to the brief. First up on the brief, a couple of follow-ups. |
| 1:51.0 | Firstly, yesterday's story about Tesla was clearly interesting to you guys based on the response |
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