HECKUVA JOB, TIERNEY: Inky/DN Big Wigs Were Paid $650,000 In Bonuses As Papers Went Bankrupt

THE DAILY EXAMINER: Though the company teetered on the verge of bankruptcy at the time, this past December Philadelphia Media Holdings awarded bonuses to CEO Brian P. Tierney, vice president of finance RichardNewspaperchart_042808_1_1.jpg  Thayer and Daily News publisher Mark Frisby. PMH board chair Bruce Toll confirmed bonuses of $350,000 for Tierney and $150,000 each for Thayer and Frisby in a phone conversation on Friday. […] PMH filed for bankruptcy in February. Toll, of the homebuilding Toll Brothers company, confirmed that the PMH board knew the company¹s fiscal situation was dire. “The financial condition of the papers was obviously not good,” said Toll. “We knew what was going to happen sooner or later.” So why give out $650,000 in bonuses? “We thought it was deserved,” he said. “But we can’t get into the details because we’re involved in bankruptcy proceedings.” MORE

PREVIOUSLY: Inky Bigwigs Shamed Into Giving Back Big Raises 
PREVIOUSLY: Inquirer/Daily News Go Bankrupt 

RELATED: The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said. The White House confirmed Wagoner was leaving at the government’s behest after The Associated Press reported his immediate departure, without giving a reason. […]Obama and his aides may have honed in on Wagoner for two reasons. First, his company is asking for the most in total federal aid: $26 billion, a figure administration officials fear could grow even larger. Second, the GM chief was tied more directly to the ill-fated decisions that that brought much of the American auto industry to the brink of collapse. Wagoner joined GM in 1977, has had a senior role in GM management since 1992, and became CEO of the company in 2000. He is considered responsible for increasing GM’s focus on trucks and SUVs—at the expense of the hybrids and fuel efficient cars that have become more popular in the last couple of years. MORE


WEEK IN REVIEW: The Good News Flower Hour

The week that was in just five minutes hosted by a stoned daisy with the obligatory voice of gawd. Funny. Sad. Good for you. Tastes great, less filling. Just do it!

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