Nortel Execs to Get Raked Over Coals for Bonuses?

It’s time for Nortel Networks Corp. (NT) to face the music.

A Canadian government finance committee has required Nortel executives to appear before them to explain why some management qualified for hefty bonuses even after the telecom equipment maker filed for bankruptcy.

The muckety-mucks might want to avoid any bull – the committee also will take testimony from ex-employees and retirees who are enraged that Nortel isn’t paying severance and that many pensions are being reduced because Nortel says it has to cut costs.

Between 2005 and 2007, Nortel CEO Mike Zafirovski alone raked in $37.6 million in compensation.

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