Circuit City - Update

Last year I posted saying I was going to boycott Circuit City over their policy of firing employees who had too much seniority.

Looks like it worked, they are going into bankruptcy.

Too bad for the honest people working there, but this is what happens when you pay people like Phil Schoonover, their (now ex) CEO, millions and fire the people who actually do the work. If the market is supposed to efficiently allocate resources then I guess the market is working in this case by putting these guys out of business. (Technically they are still in business but I won't be buying anything from there. I imagine they'll completely die off soon enough.)

Does it make me a socialist that I think rank and file workers should be paid reasonably and not fired for working at the same place for years and that I think CEO's who drive companies out of business aren't worth millions of dollars in compensation? If so, I have no problem being a socialist.