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Executives at Bankrupt Companies Made $131 Million in Bonuses

Jul 19, 2020 | Business

While a wave of bankruptcies crashed into the U.S. as a result of the pandemic, of the 100 companies that filed for bankruptcy since the Covid-19 lockdowns began, Bloomberg estimates that 19 paid a total of $131 million in retention and performance bonuses. In the weeks, or sometimes days, leading up to their bankruptcies, executives at J.C. Penney, Chesapeake Energy and Hertz received bonuses totaling $10 million, $25 million and $1.5 million, respectively.

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