Nortel Paid $1M Monthly For Jets, Even Amid Job Cuts

If this doesn’t fuel your sense of outrage, nothing will.

It turns out that Nortel Networks Corp. (NT) has been spending $1 million per month on two corporate jets and related expenses.

And yet, over the past nine years, the now-bankrupt company has laid off 60,000 people.

Job cuts came before other, more responsible steps like, say, ditching the corporate jets – especially when said jets often were put to personal use by CEO Mike Zafirovski. To top it off, this inexcusable waste took place in the era of telepresence and video conferencing.

Nortel now says it’s given up the jets. But we say, too little too late. Imagine how many salaries $12 million per year would have covered.

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