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* Tribune Co. wants to award executives another $16.2M
Tribune Co. plans to pay top executives and managers bonuses of $16.2 million when its bankruptcy reorganization plan takes effect, the company said in a court filing.
The Chicago-based company — owner of the Chicago Tribune, Los Angeles Times and broadcast outlets — said in a revised reorganization plan filed Monday that it will pay $10.3 million in incentive compensation to its top 19 executives, who earned the maximum amount possible for their performances last year, and $1.3 million to other employees who made “valuable contributions.”
Under a separate bonus program that rewards some of the same executives, another $4.6 million will be paid out to business unit leaders, the filing said.
The payouts follow a move in February to award $42 million in bonuses under the same programs to top managers for their work last year.
* Register Star’s publisher and president to resign
* Thousands of Illinois students turned down for college aid
* State’s money crunch affects aid to college students; 21,000 applicants denied
* SJ-R: Disappointing decisions by U of I board
There is no doubt a university presidency is a difficult, 24/7 job. But the fact that new U of I President Michael Hogan’s salary of $620,000 is more than the $177,412 that Gov. Pat Quinn earns and President Barack Obama’s $400,000 salary shows how university administrator salaries have gotten out of hand.
* No Invasive Asian Carp Turn Up in Recent Fish Kill
The Illinois Department of Natural Resources led the effort to poison two and a half miles of the Little Calumet River. It’s just a few miles from the lake.
* Fish kill fails to turn up any Asian carp in Little Calumet River
* No Asian carp found in fish kill
* Pagano: ‘I can’t take this anymore’
* Metra’s Pagano admitted ‘mistake’ but no wrongdoing
* Teachers ring City Hall during protest of layoffs, larger classes
With mounted police lining the route, teachers decried Schools CEO Ron Huberman’s plan to raise class sizes to 35 — causing up to 3,000 Chicago Teachers Union layoffs — to battle an estimated $600 million deficit.
* Stroger vetoes bill requiring board vote on pay raises
* Daley to hold line on property taxes, halt tree planting
Daley’s 2010 budget was precariously balanced by draining revenues from the $1.15 billion deal that privatized Chicago parking meters and ordering city employees to take unpaid furlough days that amounted to a nine percent pay cut.
Since then, top mayoral aides have been forced to propose a $160 million short-term borrowing to bankroll back pay raises for Chicago police officers mandated by an independent arbitrator.
* Daley Says No Property Tax Hike
* Daley rules out property tax increase next year
* Ald. Mell: Crack down harder on abandoned buildings
Foreclosed and abandoned Chicago buildings are “the same type of disaster as the BP oil slick” in Louisiana, a Northwest Side alderman said today, demanding a full-court press by city, state and federal officials and by banks that owned the buildings.
“It’s not an exaggeration,” said Ald. Richard Mell (33rd). “They’re having the same devastating effect in communities and neighborhoods as the oil slick is.
* Ald. Mell wants banks to post night guards at foreclosed buildings if they’re not boarded up
* Kadner: Time someone acted On 4-office holder
[Keith] Price is a Harvey alderman, park district commissioner, library board member and school board member.
* Cicero to cut back on benefits for new board appointees
* DuPage Co. cuts board pay, ups other wages
* DuPage County Board OKs salary freeze
* Voters speak up for Aurora alderman facing expulsion
Lawrence became enraged at the previous council meeting when his request to ask questions of Aurora Housing Authority appointee Avis Miller was denied by Weisner. Lawrence is a longtime thorn in the side of the authority, questioning its use of tax dollars and the conditions of many of the authority’s properties. He routinely calls for the dismantling of the board.
Weisner has said he denied Lawrence’s line of questioning so as not to allow Lawrence to unfairly “rip into” Miller
* Lawrence supporters turn out for council meeting
* In public or private? Oak Lawn trustees debate where to review probe’s report
* New Lenox OKs wind, solar energy systems
* RR Star: Great opportunity for Chrysler, region must not be wasted
Chrysler is an economic engine for the Rock River Valley that must be fueled. In today’s Register Star print edition, we run an exclusive report that the plant may be in line for a 592,000-square-foot expansion that would be a welcome addition to the local economy.
However, as encouraging as it seems that the expansion may happen in Belvidere as soon as this fall, we know that nothing is certain until the first shovel is turned.
That makes it imperative for local, state and federal representatives to do whatever is legally and morally necessary to get the deal done.
* Q-C chambers consider merger
* AFSCME upset with city negotiations in Rock Island
* Pike County Board OKs raises in three of next four years fior four elected offices
* [Springfield] council tentatively agrees to freeze pay for aldermen
* Company sues over big SIU project
* St. Clair County cuts tax levy by reducing spending
* Ruling: East St. Louis must end furloughs for cops and grant back pay
* Your property taxes could drop as housing slump hits
posted by Rich Miller
Wednesday, May 26, 10 @ 9:34 am
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1. Still waiting for someone to report how many other university salaries are in Hogan’s ballpark. I know it’s more than a couple.
2. Bowers’ resignation sure seems sudden….
Comment by Excessively Rabid Wednesday, May 26, 10 @ 9:38 am
Liberals would no doubt say that we should open our wallets and agree to a hefty income tax increase on the middle class in order that every applicant for college aid receive a grant.
It might be useful to know what percentage of applicants have been denied in past years, or, at least, recent past years. How does that compared with the current number, and so on.
Of course, in an ideal world, college tuition and living expenses would be free. But it’s not an ideal world. Perhaps the individual grants should be lower so as to accommodate all applicants. Perhaps state, as well as private, universities should work harder to help their students obtain private and federal scholarships. Perhaps they should do a little more active fundraising. Even government entities like university administrations have to do a little work these days, distressing as that may seem to the imcumbents.
Comment by cassandra Wednesday, May 26, 10 @ 9:44 am
Maybe the Asian carp were killed by the swine flu. That was supposed to be a big deal, too.
Comment by wordslinger Wednesday, May 26, 10 @ 9:52 am
- Maybe the Asian carp were killed by the swine flu. -
More likely it was a redneck fishing tournament like they have back in my old stomping grounds:
http://www.pekintimes.com/news/x488833113/-Redneck-fishing-returns-to-Bath
Comment by Small Town Liberal Wednesday, May 26, 10 @ 10:22 am
Bankrupt tribune wants to pay millions in bonus money…. that is pay something that is not a priority bill…. and yet blasts the State for no making cuts…. Do they read their own press?
Comment by Ghost Wednesday, May 26, 10 @ 10:35 am
Tribune executives pay themselves pay themselves bonuses while running the newspaper into the ground. Just like any other big corp. The big guys at the top always look out for themselves - to hell w/ anybody else. They have no shame and monstrous egos. It’s a symptom of what is wrong with America.
They do it because they can. Who can smell BS.
Comment by jaded voter Wednesday, May 26, 10 @ 1:54 pm