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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
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Replying to: 62vetteefp (Dec 29, 2008 11:48 am) |
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Replying to: 62vetteefp (Dec 29, 2008 11:48 am) Why would you hear? Chrysler is a privately owned company now, and does not have to make ANY financial information public. They report to the IRS only. GM and Ford are public and must make financial statements public. |
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Replying to: dallasdude1 (Dec 27, 2008 8:15 pm) |
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Replying to: dino001 (Dec 29, 2008 6:09 am) The biggest folly of the capitalist market has been to share all secrets to everybody in the world in the hopes that somebody can make it cheaper and they can sell it for more profit. So what is specialized now? nothing?
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Replying to: chikoo (Dec 29, 2008 1:10 pm) I'll bet that GM has been teaching the Chinese to make Buicks. |
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Replying to: chikoo (Dec 29, 2008 1:10 pm) There is plenty of specialized technologies that can't be done by others: aerospace, heavy machinery, biotech just to name a few. Doesn't mean they'll never go somewhere else or parts of these processes haven't already gone. Nothing is given forever - marketshare, profits, jobs, lifestyle. We may not like it, but it's a basic fact of life. Some will try to "preserve way of life" by tariffs, trade barriers. All they'll achieve is initial slowdown of the process followed by explosive acceleration at any opening). It's like soda pop. You can cork it and shake it, but one day is has to get open.
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Replying to: dino001 (Dec 29, 2008 2:10 pm) For some reason the UAW implants into the community some sense of "god given right". My daddy made $100,000 per year making buggy whips. I should be entitled to the same living. There is a difference between the "Pursuit of Happiness" and the "Right to Happiness". I am sure it is tough on the 21 year old that is lucky enough to get one of the UAW jobs that now pays $15 per hour. I am sure he is not thrilled that some 55 year old dude next to him is knocking down $30 per hour and has a retirement in the near future. The young UAW worker can thank Gettlefinger and the old hands for selling him down the river. They would rather he live in the ghetto. Than for them to give up any of their wages or benefits. That is the reality of the Team spirit in the UAW. The new guys would be better off working for a Non Union auto maker where they have some chance of working their way up to the top wage. |
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Replying to: 62vetteefp (Dec 29, 2008 11:48 am) http://money.aol.com/bw/investing/ceo-golden-parachutes-2006 You need look no further than Gary Forsee to see why the absurdities of executive compensation rankle shareholders so much. In 2003 Forsee negotiated a pay package to join Sprint as its chief executive officer that promised to leave him rich--whether he succeeded or failed at turning around the troubled long-distance phone company. Sprint first paid him $6.5 million in cash and stock just to leave BellSouth, where he was the number two executive. Sprint also bought Forsee's house in Atlanta before he moved to Kansas City. Once on the job Forsee was paid between $1.5 million and $5 million a year. His only real claim to fame while running Sprint was engineering the disastrous Nextel merger and watching its stock price tumble from $25 two years ago to $7.40. At the end of 2007 he was fired "without cause." But he had negotiated well. Sprint gave him $40 million, including a $1.5 million salary through 2009, $5 million in bonuses, stock options and restricted shares worth $23 million and an $84,000-a-month pension for life. This package was structured under his contract as if he were still running the company and had met all his goals. Oh, Sprint also paid for "outplacement services" that landed him the presidency of the University of Missouri (where his annual salary and bonus amount to $500,000). http://www.forbes.com/forbes/2008/0519/114.html
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Replying to: dallasdude1 (Dec 29, 2008 5:50 pm) Ford's number one guy has a similar story with Home Depot. Last year Robert Nardelli walked away from a mediocre tenure at Home Depot (nyse: HD - news - people ) with $210 million. It was too late for the compensation scolds to complain; the board's real sin was committed years before in luring Nardelli to the company from General Electric (nyse: GE - news - people ). His contract said he'd get 90% of his pay regardless of performance, plus an enormous retirement package when he left. You wonder what kind of a deal he made with Ford. I know I rag on the UAW a lot. And they deserve to be chastised. What these CEOs and corporate boards have been doing over the last 20+ years is criminal. And guess what our Congress is no better on either side of the aisle. Look at Frank Raines and his $100 million scammed from now bankrupt Fannie Mae. And it was his watch when it headed into the toilet. Congress knew and did nothing. These boards can read a contract or hire a cheap attorney to do it for them. No excuse is good enough for these travesties.
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Replying to: dallasdude1 (Dec 29, 2008 5:50 pm) Sprint gave him $40 million, including a $1.5 million salary through 2009, $5 million in bonuses, stock options and restricted shares worth $23 million and an $84,000-a-month pension for life. Any ONE of those things would leave me set for life and he got ALL of them! If I had screwed up so badly on my job, I'd be lucky if I were still living indoors! |
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