American bankruptcy trustee questions $20M severance for CEO

[FoxHunter]

With the shipping of jobs to other countries, that's capitalism. It's called capitalism for a reason, those with capital win and everyday workers lose, otherwise it would be called workerism or something.

Not only do the everyday workers lose. The country and the economy lose. History will tell but there is no guarantee the USA will exist 50-100 years from now.

 

[FoxHunter]

I've read retirement heist, the only thing I got from that is join a unionized workforce. Why has every US airline been in chapter 11? They don't pay their executives enough to get the top talent.

The top talent was there. That is why they walked away wealthy. You are correct that union members have a level of protection. The rest just have to live with the transfer of the value of their benefits from them to senior management. We are talking about companies like Verizon, AT&T, UPS, FedEx, DuPont, IBM, GE. According to the book Retirement Heist pension funds in the USA had a $250 Billion dollar surplus in 1999. That surplus was transferred by various methods to benefit a select few. General Electric had a $25 Billion surplus in their pension fund. They managed to change that to an under funded pension, and then freeze or eliminate the pensions.

 

[OHGOON]

First off I'm guessing he has a contract that requires some sorta payout like this, good for him you get what you can get.
Secondly I feel the BOD made the biggest mistake by not making this a $40 to $50 million payout. How are they going to attact the top talent if they are not willing to make the top payouts to their executives? As we all know executives are far more valuable and effective at adding value to the company as a whole. For every dollar they decrease the regular workers payroll and then add to the executive payroll is adding value to the company while its a breakeven to total payroll. By not paying him more the company is actually decreasing the overall value of the company.

You write for the Onion don't you?

Reducing the value of the company by not paying themselves more....Priceless!! :laugh:

maybe there is a future for you on the Daily Show...

 

[Mamma]

Bizicmo, I want to go fishing with you! You are hauling them in right and left! It's not just your bait but I admire the technique. Good work!

 

[PBRstreetgang]

I've read retirement heist, the only thing I got from that is join a unionized workforce. Why has every US airline been in chapter 11? They don't pay their executives enough to get the top talent.

You are too stupid for air, the companies went into BK to steal the pay and workrules, from its very own employees, negotiated in good faith. As well as trash contracts with other companies also negotiated in good faith. Airline management are the worst of the worst in the CEO world, the very bottom of the barrel, see J.Orenstein a convicted felon, he was just stupid enough to get caught, the rest are just slightly more crafty.

 

[tomgoodman]

Bizicmo, I want to go fishing with you! You are hauling them in right and left! It's not just your bait but I admire the technique. Good work!

Awww, I think you just splashed the water with an oar.

 

[tankerhead]

Awww, I think you just splashed the water with an oar.

Nope, they'll hit it anyway.

 

[bizicmo]

You are too stupid for air, the companies went into BK to steal the pay and workrules, from its very own employees, negotiated in good faith. As well as trash contracts with other companies also negotiated in good faith. Airline management are the worst of the worst in the CEO world, the very bottom of the barrel, see J.Orenstein a convicted felon, he was just stupid enough to get caught, the rest are just slightly more crafty.

You just further proved my point, airline management is the worst they aren't paying enough to get the proper talent. They need to be offering more in pay and comp to get the people that aren't felons and poor managers.

 

[CASHMAN797]

I believe PBRstreetgang's reference to airline management as the "worst" relates to the lack of business ethics. The solution is not so simple as raising airline management compensation for results. CEO pay doesn't correlate to performance in numerous American companies today.

 

[PBRstreetgang]

You just further proved my point, airline management is the worst they aren't paying enough to get the proper talent. They need to be offering more in pay and comp to get the people that aren't felons and poor managers.

Ethics cannot be purchased. The airline industry attracts the bottom of the barrel as far as CEOs are concerned. I had this explained to me by a successful electronics industry CEO. In the CEO world the brightest and best, rise to the top of the profit margin column, and the CEOs who spent their MBA years drunk, sleeping in the bushes drift to the bottom of the profit margin column. Since the airlines historically have the bottom of the profit column numbers and since management cannot even figure out how to price their product so to as make a profit, they must use the stacked deck of the legal system to insure a profit. Has any other industry had to resort to BK to manage profit margins? The airline industry is run by shysters and outright theives, and some are even convicted felons. The industry is run by criminal retards, and overseen by the FAA, many who, are washed up from the bottom of the airline industry....

 

[labbats]

Ethics cannot be purchased. The airline industry attracts the bottom of the barrel as far as CEOs are concerned. I had this explained to me by a successful electronics industry CEO. In the CEO world the brightest and best, rise to the top of the profit margin column, and the CEOs who spent their MBA years drunk, sleeping in the bushes drift to the bottom of the profit margin column. Since the airlines historically have the bottom of the profit column numbers and since management cannot even figure out how to price their product so to as make a profit, they must use the stacked deck of the legal system to insure a profit. Has any other industry had to resort to BK to manage profit margins? The airline industry is run by shysters and outright theives, and some are even convicted felons. The industry is run by criminal retards, and overseen by the FAA, many who, are washed up from the bottom of the airline industry....

Agreed. Good post.

 

[General Lee]

Ethics cannot be purchased. The airline industry attracts the bottom of the barrel as far as CEOs are concerned. I had this explained to me by a successful electronics industry CEO. In the CEO world the brightest and best, rise to the top of the profit margin column, and the CEOs who spent their MBA years drunk, sleeping in the bushes drift to the bottom of the profit margin column. Since the airlines historically have the bottom of the profit column numbers and since management cannot even figure out how to price their product so to as make a profit, they must use the stacked deck of the legal system to insure a profit. Has any other industry had to resort to BK to manage profit margins? The airline industry is run by shysters and outright theives, and some are even convicted felons. The industry is run by criminal retards, and overseen by the FAA, many who, are washed up from the bottom of the airline industry....

Totally stupid post. The current DL CEO and team run circles around your "electronic company" CEO. The stock is up more than 200% from a few years ago (hit $17 a share, up from $5 a share at merger---most pilots got between 3000 and 3800 shares too---thanks!). They thought outside the box, bought a refinery, which should contribute $50-60 million in savings per quarter. They also found a way to lower DCI costs, which was pure genius. (That is why PBR is upset)

So, not all airline CEOs are bad. Some Brasilia FOs like PBR are bitter, though. Too bad....


Bye Bye---General Lee

 

[PBRstreetgang]

Totally stupid post. The current DL CEO and team run circles around your "electronic company" CEO. The stock is up more than 200% from a few years ago (hit $17 a share, up from $5 a share at merger---most pilots got between 3000 and 3800 shares too---thanks!). They thought outside the box, bought a refinery, which should contribute $50-60 million in savings per quarter. They also found a way to lower DCI costs, which was pure genius. (That is why PBR is upset)

So, not all airline CEOs are bad. Some Brasilia FOs like PBR are bitter, though. Too bad....


Bye Bye---General Lee

Wow,
Who came in 3rd in the Special Olympics, Genny! Given the past history, they will come after pilots, again and again. Don't worry your mom's job at Waffle House is safe, so you will still get free waffles in your basement "apartment"
Too bad you are retarded enough, so you will never have a real job, don't worry,
The parks need trash picked up too, so you are safe too!

 

[General Lee]

Wow,
Who came in 3rd in the Special Olympics, Genny! Given the past history, they will come after pilots, again and again. Don't worry your mom's job at Waffle House is safe, so you will still get free waffles in your basement "apartment"
Too bad you are retarded enough, so you will never have a real job, don't worry,


AHAHAHAHA! You and "Uncle Steve" can have a blast in Twin Falls. I hope you're studying up for your Brasilia upgrade sometime in 2015. Bye!


Bye Bye---General Lee

 

[PBRstreetgang]

Wow,
Who came in 3rd in the Special Olympics, Genny! Given the past history, they will come after pilots, again and again. Don't worry your mom's job at Waffle House is safe, so you will still get free waffles in your basement "apartment"
Too bad you are retarded enough, so you will never have a real job, don't worry,


AHAHAHAHA! You and "Uncle Steve" can have a blast in Twin Falls. I hope you're studying up for your Brasilia upgrade sometime in 2015. Bye!


Bye Bye---General Lee

Try again!