Cartys backdoor deal

[enigma]

WBAP radio (820, Fort Worth-Dallas) news just reported that AA set up a special account last year to provide guaranteed retirement/benefits for Carty and other top managers. WBAP noted that this information was NOT KNOWN before the unions voted on concessions earlier this week.

When you hear of such "deals", it tends to reinforce the idea that management does not deserve loyalty from labor.

regards,
8N

 

[AAflyer]

Yes,

Infact as of this evening the TWU has said they may not sign the tentative, still waiting for a response from APA and APFA.

It is not just the fact that they set up these trusts to protect the top 45 execs pension, but they blatantly talk about destroying our pensions in BK.

They also said they wouldn't file the SEC report till the votes were in, this is where this info was found.

To add more insult to injury, after taking increadible pay cuts with minimal reward IF the airline does well we find out that the top 6 get more bonuses just for staying at AA till 2005 even if we do not make money. More of that SHARED pain we all are accepting here at AA.

It wouldn't matter if you lowered our wages even more, if there is this much distrust a company will eventually fail, I just hope the AMR BOD realizes this before we can't pull out of this nose dive.

Should be an interesting dAAy tomorrow.

AAflyer

 

[PA-44Typed]

Leo and his crew over at Delta have the same kind of retirement protection for the top level executives!

 

[Typhoon1244]

Leo and his crew over at Delta have the same kind of retirement protection for the top level executives!

Does any of this really surprise anybody?

 

[SDF2BUF2MCO]

Celebrities, politicians, and business leaders.....it's all about ME.

 

[Typhoon1244]

Celebrities, politicians, and business leaders...

...pilots...

...it's all about ME.

 

[surfnole]

Here is the link:

AA Double Dealing Mgmt

Obviously the bonus and pension are for the great job they are doing.

 

[VMA214]

Leo and his crew over at Delta have the same kind of retirement protection for the top level executives!

Yes, but he did it completely out in the open!...unlike BOZO!!

 

[canadflyau]

Here is what an AA pilot had to say to me about it:

"Yep, imagine that, management selling the idea of "sharing the pain" while their "pain" is tempered with a few secret deals, that only became public with the SEC filing due out the DAY AFTER the vote. Let's see, who set the deadline for the vote, oh yes, management. Do you think management was lying to the employees when they threatened bankruptcy, or is bankruptcy a foregone conclusion, regardless of the new concessionary contracts. My opinion is that AA will declare bankruptcy in less than six months. It sure hurts to be right, while 69% of your fellow pilots rolled over for this management. There will be a lot of long silent hours spent over the Atlantic. I predict it will be rather difficult to find guys willing to admit they voted for this thing. Here's looking for another job very soon."

 

[Loafman]

A buddy on here told me he was part of the "31" club. the 31% that voted no. Well the "69" club better get used to that "69" view, because they'll be looking up that poop chute for quite a while.

 

[Birdstrike]

"Yes, but he did it completely out in the open!...unlike BOZO!!"

----------------------------------------------------------------------------------

Not only out in the open (Leo) but with a straight face claiming that the bonus compensation is to insure that we retain our top executives through this difficult period or something like that.

Please. Like, where are they going to go? If Leo and his team and AA and theirs end up driving their respective companies into the ground through mismanagment and/or other reasons, do they really think that other corporations are going to be lining up to recruit them next? Talk about an inflated view of yourself.

 

[AAflyer]

PROUD MEMBER OF THE 31 club


Sorry what is trying to be shoved down your throat Loafman.
I don't agree with that, or this TA, or anything this management team has to say.


AAflyer

 

[Gulfstream 200]

Fuk AMR.

I hope non of the 3 billion in tax dollars is going to this scumbag carrier!!

I certainlly feel bad for all the guys out of work and all the more to come (bancruptcy in inevitable) but I dont want to support it. Not one penny.

...always the little guy getting screwed...

 

[canadflyau]

FOX News is getting all over this story
http://www.foxnews.com/story/0,2933,84517,00.html

They were alluding toward scandal at the end of the "breaking news" segment @2:40

Send them an e-mail and bring them up to speed.. I think they are starting to figure out how we feel about airline management.. and they are just on the tip of the iceberg..
[email protected]
[email protected]
[email protected]
[email protected]

They had some pilots and union comments.. FOX is soaking this up like a sponge, and if you saw the report you saw their reaction...

 

[canadflyau]

It sounded like the FA union was definitely not going to sign... APA has yet to sign, and is in "legal talks."

 

[SDF2BUF2MCO]

The cynic side of me thinks ivory tower management leaked this information knowing full well the unions would then reject any concession deals as a result. They can now wash their hands and place the blame on labor and proceed with BK if labor doesn't cooperate.
Man I'm not old enough to be thinking like a cynical old fart.

 

[Boeingman]

The cynic side of me thinks ivory tower management leaked this information knowing full well the unions would then reject any concession deals as a result. They can now wash their hands and place the blame on labor and proceed with BK if labor doesn't cooperate.
Man I'm not old enough to be thinking like a cynical old fart.

I suspect you're right. It also could have been leaked by some disgruntled management type left out of the program.

Either way, it should be a lesson that unions of all flavors should review any SEC filings prior to these agreements with management (s) in the future.

Bottom line though is AA management will have destroyed any good will amongst the employees. They (management elite) just don't understand the term betrayel.

 

[AAflyer]

Boeingman,

That is well known, that is why many of us were leary when AMR would not file the SECpaperwork till we signed.

AAflyer

memeber of the 31 CLUB

 

[Boeingman]

Boeingman,

That is well known, that is why many of us were leary when AMR would not file the SECpaperwork till we signed.

AAflyer

memeber of the 31 CLUB

About the refusal to file the SEC paperwork, I would say that it shows how deep the willfull deception was against you guys.

These scumbag management teams never cease to amaze me. They have no clue how much damage a disgruntled and demoralized workforce can do. But a workforce that feels cheated will really cause problems.

Good luck to you guys.

 

[AAflyer]

Boeingman,

You are right on, that is why I voted NO, knowing that BK would surely mean my furlough. That is fine, I still need to look at myself in the mirror everday. I could not rightly sign an agreement that is DRACONION at best!!

It is also about the team, we need them GONE. There is a much better chane to wash our hands of this mang. team in BK. Forbes just stated that 17% of CEOs remain at the helm during BK.

With Carty's record I am sure the BOD, judge or DIP financers will request his leave.

I am p1ssed to high he11 but have to fly tonight, deep down I can not let this show at work or to our customers.

AAflyer
Member of the 31 CLUB