Delphi

The major auto parts manufacturer is in bankruptcy. The management team whose strategic thinking lead them into filing in the courts has asked for deep wage cuts from their employees. They've announce that only 6,000 of the 33,000 employees will be able to keep their jobs. Seems they want to offshore all the rest to be competetive, that's 17,000 jobs lost!

For leading the company into huge losses, for cutting the pay of the workers and for eliminating most of thier jobs, and closing factories in the US the compensation committee on the board of directors is paying out $100,000,000 in bonuses to the management team. Sounds like sound management to me.

Where is the corporate governance? What the major investors think of the plan? Who is who who accountable?