UNBELIEVABLE...WELL, MAYBE VERY BELIEVABLE – AT 7:03 P.M. ET:  John Hinderaker at Power Line alerts us to the latest obscenity from the bizarre world of major media.  It seems that The New York Times, not to be outdone by the publisher's friends on Wall Street, now pays out the big bucks for failure, and the publisher is first in the gravy line.  From the New York Post:

Top executives at the beleaguered New York Times Company reaped hefty rewards last year, with Chairman Arthur "Pinch" Sulzberger more than doubling his total compensation to $6 million.

CEO Janet Robinson got even more, reaping $6.3 million, a 31.9 percent hike.

The pay numbers were disclosed in Securities and Exchange Commission filings yesterday.

This is the newspaper that constantly lectures us on our obligations to our fellow citizens.  Pinch was a hippie in the 70s, and still considers himself a man of the people.  What people?

The increases come against a backdrop of declining ad revenue, layoffs, frozen pension plans, unpaid vacations and a 5 percent pay cut for most of the rank-and-file workers last year.

"Our members are really unhappy with what is happening," said Bill O'Meara, president of the Newspaper Guild of New York. "They made a voluntary sacrifice to give up some of their pay to help the company out. People are losing their jobs still."

Maybe the working stiffs at The Times now realize the kind of management they really have.  Forget those liberal editorials.  This is Real Life.

One corporate governance expert warned that even if a publicly traded company's compensation committee OK'd the compensation, it could backfire in the court of public opinion.

"I think the board may want to weigh the consequences of rewarding their executives, who may be worthy of the increases, against the damage that may occur to the company's reputation," said William Sannwald, a business professor at San Diego State University.

COMMENT:  They won't weigh anything.  Sulzberger is chairman because he comes from The Times's ruling family.  It's like being a journalistic Windsor. 

Sickening.  Pinch Sulzberger couldn't get a job on his own newspaper in an open market.  He should set an example.  Instead, he mocks the very institution he's helped to destroy.

March 14, 2010