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#1
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I'm not so sure that execs are that rare -- so many of them screw up so
many times and, then go off to other companies and ruin them, too. Same can be said about quarterbacks. In the end the board must decide they are worth the money. The boards of directors appear to have an incestuous relationship with each other and with other companies, allowing the above phenomenon. The board are elected by the owners. If the board is not acting in the best interest of the owners they should be voted off (and actually can face large civil penalties). Companies are mostly owned by mutual fund managers and portfolio companies. Those managers are paid SOLEY on the return the portfolio they put together returns. There is no room for "friends". I'm not going to keep my money in a fund that isn't performing. -Robert |
#2
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("Robert M. Gary" wrote)
[snip] Shall we also talk about "unrealistic" management compensation packages? The owners of the company have to decide how much they are willing to pay them. What the owners decided to pay their execs is none of the employees business. The purpose of the company is to return value to shareholders (owners) **NOT** to provide employement. If you don't like it, there are still some communist countries out there for you to choose from. You and I see a different America. Not so much Red and Blue, but rather the Gilded Age (with an occasional Homestead Mill thrown in) vs. the stabilizing force of a strong middle class ...1935-1985. http://www.pbs.org/wgbh/amex/carnegi...mh_horror.html Al Checchi took over 1 Billion (with a B) dollars out of NWA when he left - clearly his hand picked Board of Directors was on the ball with that one - returning value to investors and all. Checchi left when NWA was in the mid $70's. Then it slid to the $50's, $40's, then $20's, (9/11) in the $teens, then $7, then $2 ....then zip. Montblack The Copper Bosses killed you Joe, they shot you Joe" says I. Takes more than guns to kill a man Says Joe "I didn't die" Says Joe "I didn't die" |
#3
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Al Checchi took over 1 Billion (with a B) dollars out of NWA when he left -
clearly his hand picked Board of Directors was on the ball with that one - That sucks, and the owners should fire the board. But that is a private decision between the board and the owners (actually public in this case because of the voting), but it has nothing to do with employees. Employees work for a company so long as they can add value. When a company goes belly up, the environment in which the employee can add value goes away and therefore, the employee should go away. This natural supply/demand and laws of economics ensure the employee is most productive (in this case, moving to a company where they can be more productive). If I over pay my top employees that's my decision, it has nothing to do with guarantying employment for my employees. Owners will not want to over pay their employees (CEOs or otherwise) but sometimes unions push them into it. -Robert |
#4
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![]() Orval Fairbairn wrote: A neighbor, who is UAL (ret) asked me to circulate this one. They make some pretty good points, as the UAL people currently stand to get reamed pretty badly. They do? Not half as badly as a lot of much poorer people got reamed on the Gulf Coast earlier this month. I'll bet a good survey would show that these guys by and large are in the upper 10-15% of net worth between real estate, investments, and the like. Are you going to see retired UAL pilots selling their houses on golf courses? No doubt. Are you going to see retired UAL pilots in soup kitchens? Pretty unlikely on a $50k/year pension. As far as I'm concerned, that's where my responsibility ends. I'm 29 and can make a very good income and would still struggle to raise a family and put a few bucks in the bank so I have something to fall back on when I don't collect the pension I never had and Social Security raises the retirement age to one day short of my life expectancy. Oh, and now we're going to buy you all prescription drugs, too. Wunderbar! When do I get my handout? |
#5
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Let's remember that the majority of those who are losing in the
UAL pension debacle are NOT the senior pilots. They are the mechanics, the flight attendants (who NEVER joined into the "employee owned" mantra), the gate people, baggage handlers, the admin staff (usually not union), and so on. |
#6
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![]() Blanche wrote: Let's remember that the majority of those who are losing in the UAL pension debacle are NOT the senior pilots. They are the mechanics, the flight attendants (who NEVER joined into the "employee owned" mantra), the gate people, baggage handlers, the admin staff (usually not union), and so on. It's not quite that simple. The PBGC will not guarantee over ~$50k/year in pension payments, and it's mostly pilots who are getting payments above that range. There is pain being distributed throughout the organization, but the mechanics, FAs, etc are losing proportionately a lot less than the upper-tier pilots. Also, I read somewhere that around 1/3 of UAL's pension funds were non-guaranteed funds (meaning UAL opted to not pay to insure them through PBGC) which is a pretty high percentage. This was not a secret nor were the under-fundings that had been going on for years. Frankly, UAL's unions were so uniquely obnoxious that I can't excuse them from culpability for all this. That place was a roaring party when times were good but hangovers are a bitch. -cwk. |
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