AMR Execs. Shield Pensions for Top Brass

[Mongolikecandy]

http://www.msnbc.com/news/901793.asp?vts=041820030400

Saw this this morning. Let's hear it for management. Good luck to everyone at Eagle.

 

[B190Captain]

LET'S GIVE ALL THOSE EXECUTIVES INCLUDING CARTY TO MONGO!!

 

[avratdwc]

Thats rough for anyone at AMR (except the brass). I wonder if Washington will have anything to say about this. Good luck to all at Eagle!!!!!!!!

 

[Mongolikecandy]

LET'S GIVE ALL THOSE EXECUTIVES INCLUDING CARTY TO MONGO!!

"Ah, hell. That's too cruel!"

I saw a piece on the news ticker on Fox News that the higher ups have decided to do away with protecting their pensions after the unions raised such a stink about it.

 

[Palerider957]

Do away with bonuses and pension protection.....don't you believe it, not for a second.

It seems many of these airline execs. are "professional executives" not specifically airline people. They have bounced around different industries, and now it's time to do "this airline thing." They are NOT 30 year veterans who started working the ramp, moved up to customer service, .....eventually into management.

When these professionals are hired they make sure their futures are secure in their contracts. Their pensions are secured, bonus structures are established (with TONS and TONS of stock options), and of course--big salaries. If the airline tanks, they take their money, bonuses, (cashed in options before the tanking becomes public), pensions, etc. etc., and go work for a phamaceutical company, legal firm, or whatever...really it's no skin off of their a.ss.

I think all this is really apparent at how callous these execs. are toward the regular employee....they really don't care, not one bit, about the average worker. Why? Because they don't have to. Costs, jobs, budgets--it's just about moving numbers on a spread sheet. If the numbers work, the airline survives, if they don't--well then, they update their resume--take 6 months off--then do something else.

AMR made mention that these bonuses were to keep "talented executives" from leaving after Sept 11th. If these executives were talented, AMR wouldn't be in such a god-awful position within the industry, the rock-bottom morale would not exist, and the decades old viscious management style (AE and AMR) would have been changed. If these same talented executives were career employees they would not have had to try to motivate them to not leave with an industry down turn.

....just my humble .02

 

[CitationLover]

well at least greedy executives in airlines are no different than greedy executives elsewhere in corporate america.

this pension arrangement is called a grantor trust. seen a lot of it in other corporations.

whats ironic is all these pilots are bitching about mesa dropping the floor out, yet want these executives to do the same to their brother executives. i'm sure on www.executiveinfo.com bulletin board you'd have Wachovia's CEO screaming at AMR execs for dropping the floor on executive golden parachutes.