We should have seen this coming:
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 Richard 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. Reached by phone, Frisby told Philadelphia, “The numbers are wrong. But I’m not going to give you a number.”
Frisby refused to comment any further.
Tierney did not immediately return phone calls requesting a comment for this story.
Thayer could not be reached by e-mail for a comment.
Toll had first told Philadelphia that no bonuses had been awarded when asked earlier this week, but agreed to look into the matter. Today he said the bonuses had in fact been paid.
“I forgot,” he said.
Say, where did these newspapers stand on AIG bonuses?
Bonuses never should have been given to the people who helped to create the financial crisis. AIG’s financial- products unit devised the infamous “credit-default swaps” that helped to bring the company to the brink of collapse, necessitating the bailout.
