April 27, 2007
American AirlinesExecutives way smarter than employees
Jobsanger pointed out a great story at the Star-Telegram regarding the phat bonuses that went to American Airlines executives... after they got the unions to accepts pay and benefit cuts. I gotta say, that impresses the hell out of me. Good on you, American executives! Way to be pigs at the fucking trough! With every single executive decision, you further justify my decision to stay as far away from your equity as possible. Don't worry about your long suffering shareholders or employees who've taken it up the ass from you fuckers for the better part of a decade.
Officials with the Allied Pilots Association, American's pilots union, said Friday that they would sponsor a shareholder resolution that would give investors the ability to voice approval or disapproval with the airline's executive pay packages.The so-called "Say on Pay" proposal wouldn't require the com- pany to make changes but could spur additional consideration of executive pay levels, union leaders said.
"Shareholders need to be included in the debate," said Ralph Hunter, the union's president, who pointed out that many of the airline's employees are shareholders thanks to stock options awarded in 2003. "This is not intended to be disruptive in any way; it's really a way to generate a dialogue."
I think it kinda sucks, but the shareholders and employees deserve the treatment they receive. Why? They don't call bullshit on it. Until those two groups come together, which the above indicates may be happening, professional managers are going to keep awarding themselves compensation that is far and away more than they deserve.
Victims are people who got taken advantage of once. Morons are constant victims. Let's see a joining of shareholder and union efforts on a massive scale. Then we can begin to rein in the massive compensation given to a miserable few for what can be, at best, described as mediocre work.
Posted by mcblogger at April 27, 2007 10:56 AM
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