This column from New York Times Media correspondent David Carr is getting a lot of attention and is a must read for those of you who still defend corporate media.
Almost two weeks ago, USA Today put its finger on why the Occupy Wall Street protests continued to gain traction.
“The bonus system has gone beyond a means of rewarding talent and is now Wall Street’s primary business,” the newspaper editorial stated, adding: “Institutions take huge gambles because the short-term returns are a rationale for their rich payouts. But even when the consequences of their risky behavior come back to haunt them, they still pay huge bonuses.”
Well thought and well put, but for one thing: If you were looking for bonus excess despite miserable operations, the best recent example I can think of is Gannett, which owns USA Today.