Polaroid retirees see little ($47.00) from sale. (PRI's Marketplace)

[Up2Late]

(As a long time fan of Polaroid, I find this very sad)

Polaroid retirees see little from sale

To listen to this story, click here, than click below photo

Retired employees at Polaroid won't be seeing much of a payout when the $426 million sale of the company goes through today. They'll each get a mere $47. (Yes, 47 Dollar each!)

Compare that to a combined $21 million sendoff that Polaroid's chairman and chief executive are getting. Marketplace's Helen Palmer has the story.

[Bo]

1. nice post

[lanlady]

2. heard that on the way home

It's heart-breaking. But happy days for the former CEO, who's getting a $20 million payout.

[IntiRaymi]

3. Fear for your SS safety net!

The market, in general, happens to be a massive scam designed to take money from the little people, to later concentrate it in the hands of the 'big' people.
What has happened to the Polaroid retirees is a symptom of this in action.
We need to fight the pugs to save FDR's safety net.

[Hobarticus]

13. Welcome to DU!!!!

:hi:

[Octafish]

4. God Bless America.

Perhaps one day the greedy CEO turds will get what they really deserve.

[Up2Late]

5. Thanks, we need it.

Any Idea why your Avatar image (and a few others) isn't showing up here for me, but it shows up when I go to your profile page? :shrug:

[Octafish]

14. Perhaps I'm now a persona non status.

Wow! Thanks for the heads-up, Up2Late! I see that my stellar signpost's burned out. I'll have to fork over some green in order to display the golden star of unlimited devotion. Sniff.

[quaoar]

6. And former U.S. Rep. Rick Lazio (R) New York

who is a director of the company, will get more than $500,000.

Sick bastards.

[quaoar]

7. Here's the Boston Globe story

http://www.boston.com/business/articles/2005/04/27/polaroid_shareholders_approve_sale/

< snip >

More than 4,000 retirees last month began receiving checks for $47 -- a one-time payment from a trust fund to compensate retirees for legal expenses.

"It's such a shame, because we got killed," said Peter Bass, a 72-year-old Lexington resident who retired 13 years ago after 35 years at Polaroid. Bass, who used his $47 to take his wife out for pizza, said he's considering searching for work to make ends meet -- as are many other Polaroid retirees.

"A lot of them are hurting," he said.

Retirees receive pension payments from a federal agency that took over the company's underfunded plan. Colcord declined to comment on retiree issues.

Meanwhile, executives who joined the company during bankruptcy stand to receive large payouts from the cash value of their stock and options. For example, Chairman Jacques A. Nasser stands to get $12.8 million; J. Michael Pocock, the CEO and president, is due $8.5 million, Polaroid spokesman Colcord said.

[bluestateboomer]

8. I heard the story this afternoon

and it really made me angry. When are people going to wake up and fight the RW corporate dominated kleptocracy in this country.x( :puke: :grr:

[Bo]

9. should i 2800

[dbt]

10. Kick for the Morning Crew.

Forty-seven dollars versus twenty million. But let's not be talking about Class Warfare!

:freak:

[Up2Late]

12. I don't know if you read the "Boston Globe" artical...

But, here is a quote from it that pretty much sums it up for me,

"It's such a shame, because we got killed," said Peter Bass, a 72-year-old Lexington resident who retired 13 years ago after 35 years at Polaroid. Bass, who used his $47 to take his wife out for pizza, said he's considering searching for work to make ends meet -- as are many other Polaroid retirees.

"A lot of them are hurting," he said...:grouphug:

<http://www.boston.com/business/articles/2005/04/27/polaroid_shareholders_approve_sale/>

[Solly Mack]

11. Unreal...and people defend this type of thing all the time

with their votes.