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Why Is Executive Pay Not Part of Bankruptcy?

August 16, 1998

I read it, but I can't believe it ["Bankrupt FPA Seeks Pay Hikes for Top Execs," Aug. 1].

"Request for 70% increase comes as firm refuses vacation and severance allowance to fired workers. . . . The arrangement also includes a provision that would enable the executives to collect hefty bonuses."

Where are the protective measures for the creditors and workers? How is it that salaries and bonuses are even considered when bankruptcy is declared? What do we have--an "Alice in Wonderland" government of laws? Incredible!

SHIRLEY WOLF

Santa Monica

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