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Automotive News & Views United Automobile Workers of America (UAW)
16733 messages, Last post on Dec 02, 2009 at 9:47 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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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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Replying to: gagrice (Dec 29, 2008 6:25 pm) Nardelli went to Chrysler from Home Depot. Mulally left Boeing for Ford. Topps should come out with trading cards for all these guys. Could use them on the dart boards if nothing else.
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Replying to: steve_ (Dec 29, 2008 6:40 pm)
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Replying to: lemko (Dec 29, 2008 6:44 pm)
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Replying to: fezo (Dec 29, 2008 7:08 pm) 
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Replying to: dino001 (Dec 29, 2008 2:10 pm) You failed to mention, child labor. Is that legal also? Then are crimes against the environment legal? Whats the statute of limitation on environmental crimes in America? I'm all for perfect competition. Unfortunately that just something for the text books. At the moment you have every industry represented in Washington. Each seeking advantage and special treatment. Why does Japan have a lobby group in Washington? Then those people who supposedly care about our health and well being, are anything but. Its no secret that the AMA, large pharmaceutical giants, managed care, and many more are more interested in money and not as concern with health care in America. If health care is the problem. Fix it. Is that not a reasonable expectation, to level this playing field, which is often cited as an out of control concern by every major corporation, partnership, and small business. So, its as if we have to fight the competition with one hand tied behind our back to boot. WWII was won by the "Rosie the riveter" going into the once off limits factory. How ever will we be able to build a war machine, God forbid, if all of our manufacturing base is shipped overseas? If these large corporations couldn't see beyond the sub prime mess, they are thinking in the short term. Blinded by greed they are anything but patriotic and don't look past the fiscal year. What was wrong with their thinking process? There is a reasonable argument that govt has a role in this globalization craze. Enough with the large multi nationals calling the shots. If China, with their one fifth of the future consumers, tells a corporation to jump. They don't just reply how high, but rather was that high enough? Its no secret that rocket secrets were given/sold to China. Secrets which now allow them launch satellites in addition to missiles into our country. Was that GM/Hughes/Loral? Its absurd to think that we are all going to become happy capitalist and go on our way. Bottom-line is that we are trading with the communist and they have the stick as multi nationals follow that carrot. This all reminds me of when Mexico supported NAFTA. Once they saw the factories moving to China, they did a one eighty. The comparative advantage is fine and dandy, but only when its done in a slow methodical planned way. Can we think of any auto maker who saw and or did something about this global economic meltdown coming?
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Replying to: steve_ (Dec 29, 2008 7:10 pm) |
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