So, the bonuses are contractual? Okay, well, one, they're Income then, not Bonuses (depending on how they're paid there are different taxing concerns). I hope you all paid your back taxes. Two, how many people have stood up and declared that Detroit should break or at least re-negotiate those contracts with the UAW. How many of them are now saying that AIG should break or re-negotiate those contracts?
So here is how you handle it. One, check the language. If it's "pay for performance", the company needed bailing out. Your performance sucked (maybe not personally, but as a group, yeah, I know, it sucks, too bad). No bonus. Two, here is a paper asking you to waive your bonus this year in consideration of the dire financial straights the company in which the company finds itself. Please sign over your bonus. Want your bonus? Fine, here's your check, sign off on any golden parachutes, there's the door. Don't like it? You could sue, which would take several years. Did we mention we're breaking the company apart?
Think that's rough? If you worked in a factory, you wouldn't even get that consideration.
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