Nothing like pay for performance, huh? McClatchy saw its credit rating lowered again just as CEO Greg Pruitt was taking home $4.6 million. Great job, Greg.

Most mystifying is the $800K bonus. For what? Goes to the clubby little world of mainstream journalism. Where is the push for reform going to come from?

Not from Uptown paper of record publisher Ann Caulkins. She’s doing fine in a $1.5m. Myers Park manse.