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Automotive News & Views United Automobile Workers of America (UAW)
16705 messages, Last post on Nov 25, 2009 at 6:56 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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deal, dallasdude. My take is one of 20 years of experience in Tech.Illustration at The Boeing Company in Everett, WA. I worked on the 747 and 767 widebody jetliners. Mr.Boeing(actually just a bunch of grey-suited dorks who short-sightedly decided that laying off 40,000+ people had to be done, talk about investing in your best resources, your workers)laid many of us off. I re-trained in the Allied Healthcare field. It has not been an easy road but it is going great for my wife and I now. She is working as a Cook at the same small hospital I work as a Certified Respiratory Therapist. Simple point to make: there is always a need for Respiratory Therapists and Nurses. The older RT's and Nurses are always retiring. It is good work, inside and usually clean(the pt.'s can let out some obnoxious smells and liquids that I won't spill out at this time)and full-time hours are there. You do have tests upon tests to pass and then state and national certification. Continuing education is always a requirement, too. But there are some fine schools out there and, what I'd like someone reading in here to comment on, there's usually Fed.monies to loan out to people to get this training. The system needs more workers and if there is a will there is a way to get re-trained. These types of college grads will find work out there, nationally. Wherever they want to go. This is not a field that is tied to the Puget Sound area. There's work on the beautiful Olympic Peninsula of Washington state. There's work all over Michigan! There's work all over Florida! Idaho! Montana! Wyoming! Go get it! Gary Payton is my pick alongside Michael Jordan as the two best guards in NBA hx. The '96 Finals went to da Bulls, because of Michael. But GP, with his doggedly persistent defense+a dynamite talent for picking up steals(hence his nickname 'The Glove')and constantly driving successfully to the hoop(and hitting beautiful long jumpers)has me put Gary at the Top, with MJ. Enjoy your NBA season and a bucketful of great NFL games today, for that matter.
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Replying to: tlong (Dec 28, 2008 11:46 am) Not sure how the other compensation is arrived at, but this article from March would indicate well over $2M even without the stock options. Would like to see the details on that. GM paid Wagoner a salary of $1.6 million in 2007, along with $1.8 million in non-equity incentive compensation and nearly $700,000 for other compensation that includes insurance benefits, security, aircraft expenses and other factors. OK it looks per your quote he took home a $1.6 million paycheck. and some non-equity incentive compensation for a total of a possible $3.2 million and then the $700k in other. Add it up and you get $3.9 million possible. Sure would like to see the $700 k broken down. But it is still a long way from the $14 million people like to quote. From the GM restructuring plan presented to Congress. A.7 GM Executive Compensation o No long term incentive pay out 2004 through 2008 o All stock options 1999-2008 underwater In addition, CEO/Chairman, COO/President and Vice Chairman o Salaries reduced as much as 50% from 2006 to 2007 o CEO has or will forfeit 330,000 options in 2008 and 2009 Other o Supplemental Executive Retirement Plan (SERP) frozen and adopted lower accrual rate consistent with the tax-qualified plan on December 31, 2006 o 401k matching contribution eliminated in 2008 o Post-65 healthcare benefits eliminated for all salaried employees, including executives As a result of these pay practices, as indicated in the table below, the actual compensation received compared to the Proxy reported compensation shows that the CEO and COO have actually earned far less than what is publicly reported. 2007 Actual Compensation Received Proxy Total Compensation G.R. Wagoner, Jr. actual $1.8 M reported $14.4 M |
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Replying to: iluvmysephia1 (Dec 28, 2008 11:49 am) I guess you've never heard of a guy named Cousy. |
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Replying to: 62vetteefp (Dec 28, 2008 12:58 pm) The $700K might be things like life ins, health ins, private jet travel for personal reasons (based upon a company I recently worked for, the CEO was given unlimited personal private jet travel but all the travel was added to his compensation at the end of the year. It's a great perk but still has to be listed as income). Agreed that underwater options are worthless, but they do have the potential to be worth many times salary if stock price increases. Not sure what or how much is accrual rate on Supplemental Retirement Plan - some sort of funding of a retirement account that is not actual salary but may be substantial? The links don't quantify this. In any event, Wagoner clearly has made some progress and it's not an easy situation. But he presided over many poor strategic decisions and did not have the company prepared well for the next inevitable business cycle, which was due to come. If he was losing money in good years it was bound to be bad. Also as you know I question the product decisions - not the CTS and Malibu, but more the Hummers, the Volt, the Camaro, and particularly the lack of 1-2 competitive world-class small cars. The entry level vehicles, even if not profitable, are the keys to the next generation of buyers and their brand loyalty. Too important to leave with the Cavalier or Cobalt. |
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Replying to: 62vetteefp (Dec 28, 2008 12:58 pm) |
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Replying to: gagrice (Dec 28, 2008 4:21 pm) A bandwagon jumper? I've always been a Bears/Cubs/Bama/Longhorn fan.
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Replying to: dallasdude1 (Dec 28, 2008 7:35 pm) After Joe Montana left the 49ers I lost pretty much all interest in the NFL. I do like the Longhorns and rooted for them when they last won the championship 2-3 years ago. I did not like Landry with the Cowboys. I do feel they gave him a raw deal. So it was a double dislike of the Dallas cowboy management. Kind of hard to get too excited when you don't even have a TV to watch. I spend more than enough time in front of this computer debating the UAW.
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Replying to: tlong (Dec 28, 2008 11:33 am) There many kids, who change majors in their first year. Most likely due to the demands of math or science classes. These often go into the business and or some liberal arts. I'm aware of the decline in science, engineering, and technology students. While the center believes that most December business grads will be in good shape, it's the upcoming seniors they're thinking of. "It's the May grads that I'm worried about and the May of 2010 grads that I think will really get hit hard by what's happening in the economy," said Schroeder. http://www.channel3000.com/education/18276801/detail.html Fourth-year Ashwin Nirmalkumar already knows where he will be working next year. After interning as a summer analyst at Merrill Lynch, he was offered a full-time position for 2009 as an investor banking analyst, complete with benefits and a competitive salary. His greatest fear is that his offer may not stand. http://dailybruin.ucla.edu/news/2008/oct/02/students-job-prospects-finance-negat- ively-affected/ “It’s a very predictable and reliable pattern,” said Stacey Kole, deputy dean for the full-time M.B.A. program at the University of Chicago’s Graduate School of Business. “When there’s a go-go economy, fewer people decide to go back to school. When things go south, the opportunity cost of leaving work is lower.” http://www.nytimes.com/2008/10/07/business/07SCHOOL.html |
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Replying to: gagrice (Dec 28, 2008 7:52 pm) My computer is on my TV, so is my music, and video games too. I can flip back and forth and even use the phone sometimes. If it wasn't for eating, work, and the gym.......I'd never leave the media room |
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Replying to: tlong (Dec 28, 2008 11:40 am) Unfortunately, the business schools are teaching the no value added concept. So where do you think these folks in banks and Wall Street add value? I'm certain that in the future more business will be done online. Realtors, car sales, banking/investment, the mail, news papers and many other industries will evolve to be more efficient. Sound financial advise is one thing. The growth in exchange traded funds also presents a challenge for the fund industry. These non-traditional funds, with names like SPDRs, WEBs and DIAMONDS, have obtained relief from the commission to facilitate secondary market trading in their shares. These funds have enjoyed tremendous growth. Broker increasingly are offering brokerage accounts with asset-based fees or use other alternative pricing structures, and are developing products that compete with, and are alternatives to, mutual funds. These asset-based pricing structures now are highly competitive with the costs of mutual funds. Thanks to technology, which has provided better software and portfolio management systems, investment managers who in the past would take institutional accounts with a minimum of $5 million or higher, are more willing to take much smaller accounts. Its all rather easy and the first $100,000 is what I see as anyones first hurdle. If done soon enough, one is more than not likely to become wealthy. If I can do it, so can anyone else. Knowing the rule of 72 and having a soundly grounded knowledge of economics its a sure thing. While some discuss annuities, I'm of the mind of perpetuities, which will pass from generation to generation.
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