Bankruptcy or bailout?

Steve Waldman, the creator and sustainer of Beliefnet, has some unsolicited advice for Detroit. Beliefnet was *this* close to shutting its doors until Waldman sought concessions from his staff. As such, he knows a thing or two about how to navigate (and survive) bankruptcy. Money quote: “Management and workers could agree to substantial pay and […]

Steve Waldman, the creator and sustainer of Beliefnet, has some unsolicited advice for Detroit. Beliefnet was *this* close to shutting its doors until Waldman sought concessions from his staff. As such, he knows a thing or two about how to navigate (and survive) bankruptcy.

Money quote: “Management and workers could agree to substantial pay and benefit cuts with each dollar earning them stock in the companies. This would provide a huge short term cash savings to the company and give workers a permanent stake in ensuring that the company is managed for success and innovation, not just for job preservation.”


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