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While GM, Ford and Chrysler's fortunes are swirling around the bowl, headed for the Great Big Flush, the CEOs are collecting multi-million dollar paychecks.


Look, free enterprise is a great thing. If the company was raking it in hand over fist - record profits, expanding market share - then hey, bully for the CEOs. They would have, you know, earned their compensation. But in what la-la universe can you, on the one hand, say a CEO presiding over a sea of red ink and recurrent failure is entitled to more money in six month's time than most of us will see in a lifetime (or three lifetimes) ... while a guy who worked on the line for 20 or 30 years who receives say $1,000 a month in pension and health care bennies ought to do without?

Keep in mind, these aren't entitlements or "welfare." A guy signs on with, say, GM in 1965 and part of his employment contract - part of his agreed-to compensation package - is "x" dollars in pension/health care bennies. So the guy puts in his 20 or 30 years - and plans for his retirement in part on the assumption that those bennies will be there.

We're talking about a legally binding contract here; the guy probably chipped in, too.

And now, this guy - typically in his 60s and beyond his working days - is going to be "asked" to accept either a reduction in the bennies he signed on for as a condition of his employment - or a "buy out" that works out to pennies on the dollar?

Meanwhile, Mulally gets $30 mil?

For a year's "work"?

For real?

It is truly amazing that we haven't had a revolucion yet. Maybe we will, though. The peasants can only take so much, I expect.

Complete Article Link:
Eric Peters :: Automotive :: News, reviews, & articles related to cars, trucks and motorcycles - Another $25 Billion for the Big Three?
 

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this is something that is really annoying me about the current condition of the markets. I which they would just fire these greedy CEOs and not give them a further cent, no unemployment, no nothing. that would keep so much money in companies that it would make a huge change!
 
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