Wanna get REALLY angry?

Check out Media General's SEC filings from last month.

Here are links to the "Definitive Proxy Statement" and the "Annual Report."

In the 2008 Annual Report, Media General reports a net loss of $631,854,000.

But despite the layoffs, downsizing, furloughs and massive cuts... the Company's upper management did pretty well for itself.  Seems everyone ELSE had to make cuts.

Here's what the SEC filing says about their "Total Compensation for 2008:"

Marshall Morton, CEO                  $2,767,867
Reid Ashe, EVP/COO                    $1,555,073
Graham Woodlief, VP                   $1,000,616
George Mahoney, VP/General Counsel    $1,064,601
John Schauss, VP Finance/CFO          $  884,856

Even shareholders had to sacrifice because "due to the economic uncertainty, the Board of Directors suspended the dividend in January 2009."  But management still got eye-popping paychecks.   Shouldn't the shareholders be outraged?

And the Annual Report says employees will continue to make sacrifices in 2009.  The Company is 

"delaying compensation increases, suspending payment of dividends, suspending the company match on the 401(k) plan effective at the beginning of April through the end of the year, and employee furlough program; additionally, the Company does not anticipate a level of earnings in 2009 that would generate a 401(k) plan profit sharing contribution or warrant management bonuses."

In other words:  no raises, cost of living or otherwise... nothing for the shareholders... no retirement contribution... and more mandated, unpaid time off.

Hmmmm... the only sacrifice upper management is making... is giving up its bonuses.  THE COMPANY LOST $632 MILLION DOLLARS.  And all you're giving up is your BONUS?  Are you kidding with this?!

Many Media General employees live paycheck-to-paycheck. Taking pay cuts and furloughs makes it very difficult for people to make ends meet. Some are even trying to pick up second (or third) jobs to make up the difference.  But upper-level managers still want us to think they're making sacrifices.

Let's review the Company's Values Statement:

Our mission is driven by our core values of Integrity, Quality and Innovation. We have a long-term commitment to our employees, our customers, the communities we serve and our shareholders.

So, what happened to the "long-term commitment to our employees?"