The pandemic caused many businesses to struggle, so why did so many pay their executives giant bonuses after filing for bankruptcy? Ana Kasparian discusses on The Young Turks. Watch LIVE weekdays 6-8 pm ET. http://youtube.com/theyoungturks/live

Read more HERE:  https://time.com/6104555/covid-executive-bonuses-bankruptcy/

"The last time Congress made a major change to bankruptcy laws in 2005, legislators cleverly inserted a provision that barred troubled companies from tucking executive bonuses into the books right as they were skidding through bankruptcy unless a judge signed-off on the paycheck.

The thinking was pretty straightforward: the execs at the wheel during their companies’ crash shouldn’t get lavish payouts while creditors were, at best, going to get pennies on the dollar for their debts. Back then, in 2005, the memory of Enron’s 2001 collapse was still fresh and the enduring populist rage about the 2008 Wall Street bailout was on the horizon. Almost two-thirds of Americans thought income inequality was an unfair feature of the American system back then, and back-door paydays were roundly loathed."*

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