The bankrupt carrier made much of the fact that it was rewarding loyal employees with cash, though CEO Gerald Grinstein opted out of the program.
Larry Ribstein is not impressed with Grinstein¹s alleged altruism:
"Grinstein suggests he¹s doing this to help the company succeed. However, the question is whether the company can succeed in the market, including the market for executive talent. We don¹t know that unless it can pay its employees, including its CEO, a market wage. If Grinstein is actually worthless, then he shouldn¹t be a CEO even if he¹s getting paid the appropriate wage of zero."
No good deed goes unsnarked-upon.
Ideoblog
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