The sad part about this is the company will "emerge" from this with employee compensation slashed by some drastic measure. Management of course will probably get a "bonus" for "saving" the company. No one remembers it was their (management's) fault for getting the company into that shape to start with.

The cracks in the damn usually start small and no one really pays any attention to it, till its too late. Point the finger at the employee's. Its easier to blame a "generic" group, than accept responsibility.