Inquirer Files Bankruptcy: Owner Took Substantial Raise

The Philly Inquirer is among the most liberal papers in America--they ran a 21-day endorsement of John Kerry in 2004.

Today, they filed for bankruptcy protection and Forbes brings to light this little trick by the controlling owner:

As the parent company of The Philadelphia Inquirer and Daily News slid toward the Chapter 11 bankruptcy filing it made over the weekend, one employee did well on the pay front: CEO Brian P. Tierney.

Documents filed Sunday by Philadelphia Newspapers LLC and seven affiliates said that the pay of Tierney, a public relations executive who put together the investment group that bought the paper from McClatchy (nyse: MNI - news - people ) in June 2006 for $562 million, was boosted just two months ago by 38% to $850,000.

That sounds like another story I heard recently but can't seem to recall...er, maybe it was this one.

Now I have no problem with the owner of any corporation taking a raise; he gambled the money and he deserved to be rewarded for his risk but when he runs a biased paper that slammed other execs, well, I have to take a bit of umbrage with his hypocrisy.

For the record, I subscribe to the Inquirer and don't want to see them fail but for crying out loud, he would have been better served flying on a private jet to the bankruptcy anouncement.