This UAL guy made some coin

[b737drivr]

United VP Hacker resigns after suing airline over bonuses

Lisa Treon
4/17/2006​

United Airlines executive vice president of strategy Doug Hacker will leave the company effective May 1. Hacker has held a variety of management positions at UAL since 1993 and was chief financial officer from 1999-2001. He has been in his current office since May 2004.
Hacker filed a claim in U.S. bankruptcy court last month for millions of dollars in bonuses he said United owed him for his work between 2000 and 2003. United said Hacker has a remaining claim of $368,167 in conjunction with the company's discontinued Senior Executive Retirement Plan, to be resolved in bankruptcy court, but all other claims have been withdrawn.
Hacker received $841,000 in pay from UAL last year. Under the terms of the agreement UAL Corp. filed with the Securities and Exchange Commission, he will receive $1.07 million in severance pay and as much as $600,000 in other payments. He also will receive a $2.01 million bonus for the recent $56 million sale of online retail marketing firm MyPoints, which he headed, to Internet service provider United Online Inc.

 

[blzr]

That is so sad. I'd like to play golf with that b@stard and brain him with a 7 iron.

 

[GogglesPisano]

That's nothing. The CEO of Exxon just retured with the equivalent of over $140,000 PER DAY of compensation. The free market at work.

April 14, 2006— Soaring gas prices are squeezing most Americans at the pump, but at least one man isn't complaining.

Last year, Exxon made the biggest profit of any company ever, $36 billion, and its retiring chairman appears to be reaping the benefits.

Exxon is giving Lee Raymond one of the most generous retirement packages in history, nearly $400 million, including pension, stock options and other perks, such as a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes.

Last November, when he was still chairman of Exxon, Raymond told Congress that gas prices were high because of global supply and demand.

"We're all in this together, everywhere in the world," he testified.

Raymond, however, was confronted with caustic complaints about his compensation.

"In 2004, Mr. Raymond, your bonus was over $3.6 million," Sen. Barbara Boxer said.

That was before new corporate documents filed with the Securities and Exchange Commission that revealed Raymond's retirement deal and his $51.1 million paycheck in 2005. That's equivalent to $141,000 a day, nearly $6,000 an hour. It's almost more than five times what the CEO of Chevron made.

"I think it will spark a lot of outrage," said Sarah Anderson, a fellow in the global economy program at the Institute for Policy Studies, an independent think tank. "Clearly much of his high-level pay is due to the high price of gas."

Exxon defends Raymond's compensation, pointing out that during the 12 years he ran the company, Exxon became the largest oil company in the world and that the stock price went up 500 percent.

A company spokesman said the compensation package reflected "a very long and distinguished career."

Some Exxon shareholders are now trying to pass resolutions criticizing the company's executive pay policies. The company is urging other shareholders to vote against those resolutions.

 

[michael707767]

That's nothing. The CEO of Exxon just retured with the equivalent of over $140,000 PER DAY of compensation. The free market at work.

that's not the free market. It's what happens when you sit on your buddies board of directors and he sits on yours.

 

[blzr]

AtLeast Exxon MADE MONEY... I don't have a problem with ANY exec getting compensated for performance. The Dude at United hasn't made a NICKEL for the company in years. Why should he get millions for losing money, they should make him pay back his salary like Mesaba is going after it's furloughed to pay back training costs.

May they all burn in hell

 

[wrxpilot]

"In 2004, Mr. Raymond, your bonus was over $3.6 million," Sen. Barbara Boxer said.

That was before new corporate documents filed with the Securities and Exchange Commission that revealed Raymond's retirement deal and his $51.1 million paycheck in 2005. That's equivalent to $141,000 a day, nearly $6,000 an hour. It's almost more than five times what the CEO of Chevron made.

Wow. I cannot imagine what anybody would do w/ so much money. That is so completely out of my comprehension...

 

[flyguppy]

Um, yeah. Lost $50M+ and gets a big bonus......

United VP Hacker resigns after suing airline over bonuses

Lisa Treon
4/17/2006​

United Airlines executive vice president of strategy Doug Hacker will leave the company effective May 1. Hacker has held a variety of management positions at UAL since 1993 and was chief financial officer from 1999-2001. He has been in his current office since May 2004.
Hacker filed a claim in U.S. bankruptcy court last month for millions of dollars in bonuses he said United owed him for his work between 2000 and 2003. United said Hacker has a remaining claim of $368,167 in conjunction with the company's discontinued Senior Executive Retirement Plan, to be resolved in bankruptcy court, but all other claims have been withdrawn.
Hacker received $841,000 in pay from UAL last year. Under the terms of the agreement UAL Corp. filed with the Securities and Exchange Commission, he will receive $1.07 million in severance pay and as much as $600,000 in other payments. He also will receive a $2.01 million bonus for the recent $56 million sale of online retail marketing firm MyPoints, which he headed, to Internet service provider United Online Inc.

So, this d&*(head sells mypoints.com for $56 million.......and gets rewarded for it????!!! Any guess as to what UAL paid for mypoints????????? UFB!!!

>>>>>>>>>>>>>>>>>>>>>>>>>>


[FONT=Verdana,Arial,Helvetica,sans-serif][SIZE=+1]MyPoints.com Launches Career Center[/SIZE][/FONT]
[FONT=Verdana,Arial,Helvetica,sans-serif][SIZE=-2]› › › ClickZ News[/SIZE][/FONT]
[FONT=Verdana,Arial,Helvetica,sans-serif][SIZE=-1]By Brian Morrissey | December 30, 2002[/SIZE][/FONT]

[FONT=Verdana,Arial,Helvetica,sans-serif][SIZE=-1]Online incentive marketer MyPoints.com announced Monday that it would open a career center for its members in partnership with Talentology.com, which will provide its skills-based job search engine.
MyPoints.com operates loyalty programs, in which members earn discounts by buying from advertisers, taking Web surveys, and agreeing to receive marketing e-mails though its BonusMail program.
With the career center, San Francisco-based MyPoints.com will allow its estimated 10 million members another option for earning points toward discounts. They'll receive points for registering with Talentology.com and for each completed job interview that was secured through postings on the site. The company said it would add new features throughout 2003.
"We are continually seeking ways to provide our members with added benefits of membership and we know the MyPoints career center will be a much-utilized offering in today's economic climate," said Stefan De Cota, MyPonts.com's senior vice president for marketing. The partnership between the two companies comes as no surprise. Last April, United Airlines' parent company, UAL, bought MyPoints.com for about $112.5 million. MyPoints.com's founder, Frank Pirri, left the company shortly thereafter to found Schaumburg, Ill.-based Talentology, where he is president and chief executive.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
[/SIZE][/FONT]

 

[Purple Promisee]

like Mesaba is going after it's furloughed to pay back training costs.

What? YGBSM. Is there a thread on this or could you elaborate? Thanks. Pp'ee

 

[GogglesPisano]

AtLeast Exxon MADE MONEY... I don't have a problem with ANY exec getting compensated for performance.

How can you not make money in the oil business? It's not like he invented a cure for cancer.

I agree with you that it's all cronyism. (Guess how many BOD's OJ Simpson was on?)

 

[blzr]

What? YGBSM. Is there a thread on this or could you elaborate? Thanks. Pp'ee

Yes, Check out the regional section. I couldn't believe the nerve of management for that one.

 

[blzr]

How can you not make money in the oil business? It's not like he invented a cure for cancer.

I agree with you that it's all cronyism. (Guess how many BOD's OJ Simpson was on?)

But he DID make money. What's more important, the cure for cancer or the ability to get to the doctor to recieve it.. little tongue in cheek. My point is, That UAL guy got hired to make money, or at least make good decisions right? He din't, but STILL gets millions for it. All be it, had that UAL guy been at Exxon, we wouldn't have this thread about him anyway.

 

[pipejockey]

The CEO of Exxon just retured with the equivalent of over $140,000 PER DAY of compensation.


Exxon is giving Lee Raymond one of the most generous retirement packages in history, nearly $400 million, including pension, stock options and other perks, such as a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes.

So this is why we are paying 3 bucks a gallon. How do the people of the United States allow this to happen. Look what they do in France when they try to change a law to allow it to become easier to fire a young worker, which is still harder over there than here WITH the law changed. They take to the streets!! It seems we need to start doing that over here. We are all a bunch of softees over here though, who won't stand for anything. A shame we are.

 

[SkiFishFly]

And he has the nerve to try to get more out of UAL. One could argue that any money he receives is coming directly from the savings the company realized by dumping the pilot pensions.
These guys have no morals and don't accept responsibility for anything. What a scumbag...

 

[blzr]

I can see Hillaries campaing now. She will promice gas prices of $.80/ gal and then raise the income tax rate to 67% , retroactive to 2000, like her husband did in the 90's. Alot of people would praise her for it.

And PLEASE DON'T COMPARE MY COUNTRY TO FRANCE!!! There really is no comparison.

 

[pipejockey]

I can see Hillaries campaing now. She will promice gas prices of $.80/ gal and then raise the income tax rate to 67% , retroactive to 2000, like her husband did in the 90's. Alot of people would praise her for it.

And PLEASE DON'T COMPARE MY COUNTRY TO FRANCE!!! There really is no comparison.

Just to have you know, I am an American. I hate France! Pompass and arrogant and quite snooty. I am also a staunch conservative and republican. But you know what? If Hillary promised even 1.20 a gallon by her 2nd year in office and also promised to not raise taxes for anyone earning less than 75K or she would step down in her 2nd year......I believe I would indeed vote for her. My skin crawls just saying it but for the past 5 years I have seen that the Republican party is no friend of organized labor and they wouldn't mind seeing every labor union in the country busted up so that their big business cronies could get even richer! They are no friend of the airline pilot and are quite alright with the majority of us earning bus driver wages.

 

[FlyBoeingJets]

Found It--

Mesaba bills former pilots for training costs

Lisa Treon
4/19/2006​

Is bankrupt Mesaba Airlines implementing a little-used policy to make money now? According to the pilots’ union, some former pilots are being billed thousands of dollars for training costs.

The first-year pilots were notified in late 2005 that they would be furloughed in January or February. Some left for other jobs and gave Mesaba two weeks’ notice. The airline said it is following through on a contract provision – should a pilot leave the airline within the first year, training costs would have to be repaid.

The Northwest unit of the Air Line Pilots Association said the payback provision has not been enforced in the past. Mesaba has given those pilots 30 days to repay the airline or their bills will be turned over to a collection agency. ALPA said some pilots have received bills for more than $10,000, which is half of their annual salary at Mesaba.



Make sure you get furloughed before you accept the next job offer!!!

 

[Smacktard]

That's nothing. The CEO of Exxon just retured with the equivalent of over $140,000 PER DAY of compensation. The free market at work.

April 14, 2006— Soaring gas prices are squeezing most Americans at the pump, but at least one man isn't complaining.

Last year, Exxon made the biggest profit of any company ever, $36 billion, and its retiring chairman appears to be reaping the benefits.

Exxon is giving Lee Raymond one of the most generous retirement packages in history, nearly $400 million, including pension, stock options and other perks, such as a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes.

Last November, when he was still chairman of Exxon, Raymond told Congress that gas prices were high because of global supply and demand.

"We're all in this together, everywhere in the world," he testified.

Raymond, however, was confronted with caustic complaints about his compensation.

"In 2004, Mr. Raymond, your bonus was over $3.6 million," Sen. Barbara Boxer said.

That was before new corporate documents filed with the Securities and Exchange Commission that revealed Raymond's retirement deal and his $51.1 million paycheck in 2005. That's equivalent to $141,000 a day, nearly $6,000 an hour. It's almost more than five times what the CEO of Chevron made.

"I think it will spark a lot of outrage," said Sarah Anderson, a fellow in the global economy program at the Institute for Policy Studies, an independent think tank. "Clearly much of his high-level pay is due to the high price of gas."

Exxon defends Raymond's compensation, pointing out that during the 12 years he ran the company, Exxon became the largest oil company in the world and that the stock price went up 500 percent.

A company spokesman said the compensation package reflected "a very long and distinguished career."

Some Exxon shareholders are now trying to pass resolutions criticizing the company's executive pay policies. The company is urging other shareholders to vote against those resolutions.

So what? Who cares how much they made. What was their profit margin? Was it higher than other industries...I'll give you a hint, it isn't. 10% of 40 billion is a lot higher than 10% of a million, how come you guys don't get that?

As for gas prices, it's still cheaper adjusted for inflation than it was in the 70's. I mean I'll agree it sucks to see gas at 3$ but is it really changing your lifestyle that much? You guys need to get a grip about losing your head over $3 a gallon. If it matters that much, sell the old piece of junk and get one of those little cute cars shaped like a turd to bop around in, maybe it will fit your personality better! As for me, pedal to the medal, let it burn...

 

[pipejockey]

So what? Who cares how much they made. What was their profit margin? Was it higher than other industries...I'll give you a hint, it isn't. 10% of 40 billion is a lot higher than 10% of a million, how come you guys don't get that?

Maybe I am missing the point but what you are saying is that their GROSS revenues are 40 billion while their NET profit is 10% of that? Well the netting 10% is all fine and well but the 40 billion figure is grossly exagerated due to the consumer being gouged for 2.50 to 3.00 a gallon gasoline when it should be no higher than 1.75.

 

[Smacktard]

Maybe I am missing the point but what you are saying is that their GROSS revenues are 40 billion while their NET profit is 10% of that? Well the netting 10% is all fine and well but the 40 billion figure is grossly exagerated due to the consumer being gouged for 2.50 to 3.00 a gallon gasoline when it should be no higher than 1.75.

Profit margin...do you know what this is? The profit margin for the oil industry is around 8%, it is the same today as it was 5 years ago. That means for every dollar they spend, the will see an 8% profit. Oil is about 58% percent of the price of a gallon, taxes another 25%, refining was about 20% and so on. The retailer is making 0.8% profit per gallon. Is Exxon setting the price for a barrel of oil? (Hint...OPEC) Care to guess what other industry profit margins are? Banks, 10%. Semiconductor, 14%. Southwest Airlines, 11%. So I guess Southwest is guilty of gouging as well? In fact, they're even worse than the oil industry. We better slap them with a 'Windfall' profits tax...

You see, there's a small factor that you're completely ignoring in this, it's called supply and demand. Supply stays the same for years, demand goes up, what do you think happens to prices? Environmentalists force us to mix 17 different blends of gas for summer driving. What impact does this have on prices? Refineries switch from winter blend to summer blend, what affect does this have? Number of refineries in this country stays the same for almost 3 decades, what affect does this have?

As for the 'price gouging', the gub'ment has a panel investigating this, they've been working on this for over a year...any proof so far? No, none, there hasn't been any proof because there hasn't been any price gouging.

I agree gas should be less than $2 a gallon, but we've let policy makers twiddle with the our ability to supply our needs for 30 years. What we haven't seen before is the rest of the world taking up the slack in the supply side of the energy equation. It's finally caught up to us. So now you want the policy makers to tweak things again? Yeah, lets pass a 'windfall' tax on those greeddy s.o.b.s, who's going to pay for that? You.

Oh yeah, one other factor. Iran is in serious financial straits. Same with Russia, Venezuela etc. Iran starts making all these crazy statements about Nukes, Isreal etc. What happens to oil prices everytime the Mad Mullah opens his mouth? Hint...they go up. These guys are riding the fear train to a big pay day. Sure it makes the 'profit' larger for Exxon, but it doesn't change the 'Profit Margin'. They still have to purchase the single largest potion of a price of gas, oil, from outside sources, they're not cashing in on it like the average dolt thinks. Use your brain folks...

 

[Blackjet]

Sure it makes the 'profit' larger for Exxon, but it doesn't change the 'Profit Margin'. They still have to purchase the single largest potion of a price of gas, oil, from outside sources, they're not cashing in on it like the average dolt thinks. Use your brain folks...

You must be high. Your statements are simply not true. Either you didn't read the whole earnings report, or you have a vested interest in wiping your feet on the truth.

Had demand skyrocketed when Exxon was making these record profits, your statements would be correct. The problem here is that demand remained flat, meaning no significant increase or decrease. Former ExxonMobil CEO, Lee Raymond, in testimony before a Congressional panel that was quoted by the original poster, stated that 'gas prices were high because of global supply and demand'. Notice he said supply AND demand, not just supply. Any rational person would take him at his word meaning supply was limited by the oil producing countries (OPEC) like it always is and demand was steady/stable, so we could charge what we wanted because oil is a must have for most of the world's population.

So, explain to me how Exxon made a 10B 4th quarter profit (1.5B more than the previous quarter) on almost 1.4B less previous quarter revenue while maintaining the same profit margin? I believe you told the folks to 'use their brains', so I eagerly await for you to take your own advice and do just that. This should be good.

Don't take my word for the $s, take Exxon's word for it.
http://finance.yahoo.com/q/is?s=XOM

I don't know if you are use to spinning the truth with these guys, but I am not some toothless crack-ho, so don't come in here trying to pull that crap anymore or be advised, you will be checked. Oil companies making a 10B profit when working men and women are struggling to fill up their tanks, but oh no, there's no price gouging going on here. Does Exxon have a source of income that provided all of this profit above 8% margin they made on fuel sales? Please, share with all of us the revenue generating ghost product they are selling, because this income had to come from somewhere outside of fuel sales according to your 8% rule, so where?

Gas/Oil prices have a brutal impact on this nation's economy, so it's a serious issue, especially when paying $5 for a gallon of JetA or $3 for a gallan of 87 OCT that must be acquired in order to function.

Now, use that brain of yours and explain to me this mathimatical impossibility you swear exists.