Speaking of the art of management, Delphi, the largest US auto
parts supplier filed for bankruptcy over the weekend. CNN
is reporting that employee wages, which are very generous,
may be cut by 50 percent, medical and retirement benefits may be
reduced or eliminated, and many will probably loose their
On the other hand, management gave themselves a benefits raise
one day before filing for bankruptcy. In
addition, “Delphi also has been plagued by an accounting scandal
that the FBI and the SEC are now investigating. Six people have
resigned because of the investigation, including Delphi’s former
Chief Financial Officer Alan Dawes.” It is dis-heartening to see
mis-management being rewarded with increased benefits while they
drive the company into bankruptcy.
So it goes in todays upside down world where mis-management is
rewarded while employees are left out in the cold.