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Automotive News & Views Do You Favor A Government Loan To The Detroit 3?
3958 messages, Last post on Oct 02, 2009 at 4:52 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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... did the UAW just blink? Say What? 
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Replying to: pf_flyer (Nov 21, 2008 10:42 am) |
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Replying to: dave8697 (Nov 21, 2008 9:36 am) There is a statutory limit on the amount that PBGC can guarantee. Under the single-employer program, the limit is adjusted annually based on changes in the Social Security contribution and benefit base and is permanently established for each pension plan based on the date the plan terminates except for cases in which termination occurs during a plan sponsor's bankruptcy or for certain airline industry plans. For plans with a 2008 termination date, the maximum guarantee is $51,750.00 yearly ($4,312.50 monthly) for a single life annuity beginning at age 65. The maximum is adjusted downward for retirees younger than age 65. For example, the maximum guarantee for a participant who retires at age 62 is $40,882.56 yearly ($3,406.88 monthly) for a single-life annuity. At age 55, the maximum guarantee is $23,287.56 yearly ($1,940.63 monthly). At 55 you will be stuck paying your own Health Care. Most I have seen will be about $900 per month or more. You would be better off waiting till near 65 to retire. |
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- Ford's new CEO, Alan Mulally, got $27.8 million in salary and bonus in his first few months on the job, including an $18.5 million signing bonus. - Toyota's top executive, Hiroshi Okuda, earned $903,000 in 2006. "There is a huge difference between Asia and here when it comes to the top executive compensation," says Han Kim, a professor of business administration at the University of Michigan. "Rarely in Asia, especially Japan and Korea, do the CEOs get paid more than a million dollars." http://www.usatoday.com/money/autos/2007-10-09-auto-exec-pay_N.htm
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If a company fails, why does the CEO get a golden parachute? It was his ineptness that lead them to this situation, why should it be rewarded? Rarely in Asian countries do CEOs have such a huge golden parachute. Maybe some unemployment wages, since finding a CEO job is not easy.
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Replying to: chikoo (Nov 21, 2008 12:01 pm) Because the CEO was clever to have the provision written in his employment contract. It doesn't have to be liked, but it does have to be honored because it is legal. 
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Replying to: chikoo (Nov 21, 2008 11:58 am) Regards, OW |
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Replying to: euphonium (Nov 21, 2008 12:44 pm) I am not arguing that. I am raising this question if this is fair and as a lesson learned, we, the shareholders, should not approve of a golden parachute that puts us to shame, in the future. |
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Replying to: pf_flyer (Nov 21, 2008 10:42 am) "Nothing will get through Congress to be signed by President Obama if there aren't some serious changes on each side, and telling the American people to 'wait until 2010' isn't the answer. Obama isn't going to start his term by infuriating the moderates who really put him into office. Offer some sacrifices and get something, or take your chances in bankruptcy court." |
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So lets pump stupid money into something that's not working. Meanwhile back at the ranch out West, Aptera struggles to get production going, Tesla is going now but not like anything on the scale of Detroit. Do they get any money? Of course not. Clean sheet design of electric cars and it's eerily quiet from the federal government..... got to keep that oil strong. Detroit clinks their tin cup on the sidewalk and the money is expected. Oh, but don't worry, R&D is getting the Volt going with GM. The only problem is the car is a complete joke.
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