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Tens of millions of American employees have become unemployed during the Covid pandemic.  Others have had their hours cut and/or had to take on risky essential jobs.  On the opposite end of this spectrum are people that are doing extremely financially well at the expense of the unfortunately unemployed.  Corporate CEOs are thriving, earning over $12.3 million on average.  There are many ways these CEOs attain this type of income including massive layoffs, hour and pay cuts, declaring bankruptcy, receiving government stimulus bailouts (CARES Act).  To add to the deception, corporations have been releasing statements claiming that their focus is on fair treatment and the livelihoods of their employees, vowing to improve the way they operate when, in fact, they’re doing the opposite.  Consider these examples:

·         Executives at a major company within the oil and shale industry may receive $50 million after declaring bankruptcy and its board approved a $6.4 million bonus for the CEO.

·        JC Penney paid millions to top executives right before filing for bankruptcy.

·         Hertz paid over $16 million in bonuses to chief executives days before filing bankruptcy.

·         A healthcare corporation cut thousands of jobs due to the pandemic with the CEO pledging to renounce three month’s pay “to help employees”.  Nice gesture?  Not so much.  The CEO still gained over $13 million in salary, bonuses and stock, as well as a contract worth millions.

There are many more incidents however, the take-away is that CEOs are deliberately gaming the system and are not being held accountable. 

If you are one of the millions that have become jobless and financially displaced, you have the right to take advantage of the Bankruptcy Code to help your financial situation too. It is not just for BIG Corporate America.   Call us today to see how we can help improve your situation.