Rewarding failure is having a bit of tough time catching on in Germany. While Dick Fuld disciples argue that managing a company into bankruptcy is worth about $233 million, three former Dresdner employees were being given the message by their new master, Commerzbank, that massive losses do not provide too much leverage for suing for million dollar performance bonuses.
"Given the huge losses at Dresdner Kleinwort last year, Commerzbank objected to the bonus and severance claims of the former Dresdner Kleinwort senior management," Frankfurt-based Commerzbank said in a statement. "We continue to contest these arrangements that we inherited with no clawback position and have no further comment."
Hopefully these guys realize this should be viewed as just a dress rehearsal. Pay day doesn't really come until the company you are trying to bankrupt actually goes bankrupt.