Tuesday, February 03, 2009

Well, this would never work on Wall Street

If there not going to go real old-school and consider seppuku at least Japanese businesses are considering the more just alternative.

Hitachi Ltd, Japan's biggest electronics maker, posted a quarterly loss on struggling chip operations and a slump in demand for electronics products, and reaffirmed its forecast for a $7.8 billion annual loss that would be the biggest ever by a Japanese manufacturer...

...In the restructuring steps announced with the outlook cut on Friday, Hitachi also plans to reduce its work force, especially in the struggling auto, TV and digital media segments, while cutting the number of its subsidiaries and executives' pay and bonuses.

Nakamura declined to give the size of the executive pay cut but said it will be substantial.

"I'd say it's pretty big," he said about the size of the reduction. "I think my life will be tough."


Cutting executive pay and bonuses is plainly therefore, "un-American".

There, I just did Glenn Beck's work for him.

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