1. Bankruptcy is a Jackpot for CEOs Helming Failed Oil Companies

    Bankruptcy is a Jackpot for CEOs Helming Failed Oil Companies

    For Whiting Petroleum Corp. Chief Executive Officer Brad Holly, filing for bankruptcy had at least one perk: a US$900,000 pay raise. Across the oil industry, leaders of failing companies are hitting the jackpot even in the aftermath of COVID-19 lockdowns that destroyed energy demand, crushed prices and threw almost 100,000 rank-and-file employees out of work...

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    1. It's this bizarre world where the CEOs drove the company into bankruptcy, but it's important that the company pays them bonuses because they're the only ones who can get them out of bankruptcy.
    2. CEO pay can remain high as long as management teams destroy less value than peers.
    3. I understand why people look at those packages and feel incensed.
    4. The more you displace management as you're hurtling toward bankruptcy, the more expensive it will be for everyone.
    5. Everything revolves around value preservation.
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