It must be nice to crush the unions and then make billions.
2005: Senior management to Mr. 39 year employee. We are going to remove your pension, so we can keep your job.
2006 August: Thank you Mr. 40 year employee for your hard work and dedication. Here is your 40 year pin and clock.
2006 November: Mr. CEO here is your 100 million bonus based on stock performance. Also all executive management are getting a big fat check.
CEO and 100 new 6 month executives: “This is the American dream!”
That's a neat little trick the airlines do when they declare bankruptcy. Get the debts and other obligations wiped off the books then you're back in biz! Much to chagrin of the Continentals and Southwests.
The pension stuff and exec pay is really criminal. Hopefully they will get theirs eventaully.
Airlines… It is corporate America… Look at the Auto’s… Look at everything that went bankrupt. It’s like the consumer clearing 50k in debt, but 10 million times worse. I worked with the unions and have family who have been hammered by these executives. Maybe it is the government, since they have control in the end.
Amazingly is they do this on the backs of the taxpayer. Remember 9/11 when every company claimed tens of millions from 9/11. No wonder we have a debt of 8 trillion. I thought during a solid economy tax base increases and debt goes down. This must be a down time.
I still think consumer debt is good to a point, but question this federal debt. Just read 25 points to success. One of them was don’t buy a home 2.5 times your income. Where I live no one in the past few years has bought a home less then 5 times their income. Not sure if this points to a bubble or the fact that people are in denial that anything is wrong with real estate. Ohh yeah, there was that report that stated stability.