What is Digg?505 Comments
- gmarie624, on 11/19/2008, -51/+297And why exactly should we bail out an industry whose union workers make $70. an hour??
- inactive, on 11/19/2008, -8/+241After the $700 Billion bailout passed, all the rats have come out of their holes to get their piece of this bailout.
This will be the auto industry's third major bailout, do you really think that they will change their ways? It will be the same business model and will eventually fail again and they will ask for yet another bailout. When does it end?
Bailout outs don't work, just look at the $700 billion bailout, nothing has changed and it has helped nothing. - credential101, on 11/19/2008, -11/+164There should be some stipulations for any company that seeks a part of this bailout money.
1. No bonuses for any of the executives for three years.
2. Reduce all salaries of executives to $1 million a year.
3. No flying by private jet for one full year.
4. No corporate outings such as AIG's infamous resort outings.
5. All spending of over $10,000 must be approved by an independent financial team. - AWBoy666, on 11/19/2008, -11/+155So $35/hour or $70,000 a year for a LINE WORKER. Insanity!!
- onejerusalem, on 11/19/2008, -11/+127CRIMINALS !!!! - You know that these pricks are going to get away with a nice retirement package and leave thousands of people without a chance in hell. The problem is that they are being judged by they're buddies - the same people who they funded. They will walk away with a nice check and get to play CEO again...
- GRANDPAMUNSTER, on 06/11/2009, -10/+113$ 70hr, really? That's about $150,000 a year, I don't know anyone who works on an assembly line that makes that much money.
- theutopian, on 11/19/2008, -4/+104Well if GM sold all their private jets, that would bring in at least $100+ Million.
- Ralphdraw3, on 11/19/2008, -3/+97I don't think GM auto-workers make $70 an hour - they make about half that much per hour.
I think the $70 an hour figure comes in if you include health insurance and retirement payments - kemp34, on 11/19/2008, -3/+73How about $500,000 per year salary max? It's not like you cannot find someone who will take that job at that price. I think people who want so much money are WORSE for a company's future.
- Target91, on 11/19/2008, -5/+74My dad works for Ford as a skilled trade. With thirty years seniority he only makes about $30 an hour.
- BillyWarhol, on 11/19/2008, -5/+65Yeah this is a Bloody Joke!! Same thing for the Clowns at Lehman Bros + Goldman Sachs + Merrill Lynch + Citigroup - PIGS at the Trough!! TRICKLE DOWN MY A$$!!!!
- scottc, on 11/19/2008, -0/+516. bailout money is exchanged for equity stakes in the companies
7. all stock options for top management and the board are forfeited
8. the government gets one or more seats on the board to represent its new financial interest in the companies
IMO a chapter 11 bankruptcy is better, though. Bankruptcy laws were written for these kind of situations. - megaton, on 11/19/2008, -3/+47I'm not excusing what the guy did, but let's look at it another way:
They said the guy made $16M last year. Assuming he works 40 hours a week (unlikely to be accurate, but let's work with it), we could infer that he costs the company about $7,692/hour. Arriving to the airport the recommended 1.5-2 hours early in order to make his flight, "waiting" for a conventional airline could cost about $23-30K round-trip. If his flight is late, add ~$7.7K per hour it's late. If canceled, it could be anywhere from 3-12 hours of additional "waiting" time. (If he misses the hearing, then the total could be upwards of $25 billion, although I'd be surprised if they didn't give it out just because a flight was late.) Worst case scenario, we're looking at $34-123K for the "cost" of the flight.
There are obvious holes in this logic (the guy could NOT EARN SIXTEEN MILLION DOLLARS, for one), but it's possible this kind of reasoning was used.
Course, Mulally is just a dick.
I'm just sayin... - PGPirate, on 11/19/2008, -0/+41Not that I like Wal-Mart, but they have it right when it comes to their Senior Mgmt. They all have to share hotel rooms and fly coach. Even the CEO. Its about image
- doctechnical, on 11/19/2008, -2/+42What kind of health benefits does your Dad have? My dad worked for Chrysler his entire working life, I don't think we ever paid more than $3.00 for a bottle of medicine when I was growing up. Granted, you can't eat bennies, but still - damn.
- jiqiren, on 11/19/2008, -11/+47It doesn't matter. Honda, Toyota, and BMW are all mixed up with UAW as well - and are still doing just fine.
Make cars that sell! - mdude85, on 11/19/2008, -1/+37GM should sell its jets to Ford, Ford should sell its Jets to Chrysler, and Chrysler should sell its jets to GM.
Everbody goes home a winner. - sodade, on 11/19/2008, -2/+37"@bjornski: The CEOs are willing to take $1.00 for compensation next year as part of the package."
that's because salary is a small part of their package. - kemp34, on 11/19/2008, -3/+38Sometimes people just need a nice hard SLAP.
- sat0shi, on 11/19/2008, -5/+39A fleet of private jets for CEOs and executives is a necessity for any large corporation. However, if my company was about to go bankrupt in about two months or less, I think I would find an alternate means of travel.
- AndrewMoyer, on 11/19/2008, -1/+33Outside of the automobile world, assembly and manufacturing pays more like $12/hr.
My sympathy for the workers who were not responsible enough to invest and save their money is in short supply now that the well's run dry!
My dad always told me, "work hard and save up during the summer, because it's gonna be a long winter!" - GRTWHT, on 11/19/2008, -0/+32@shekissesfrogs
Anyone that thinks $35.00 per hour is not a good income is one of 'them', not one of us (serfs). - boneit, on 11/19/2008, -0/+31Yeah, that's the costs to these companies apparently. The congress people grilling them yesterday kept coming back to this figure and comparing it to other companies of around $44. They're obviously not happy abou itt, or how they came up with the $25bn they are asking for. Amazingly these three CEOs could explain it, the GM guy was particularly bad. The Ford chap was pretty good and was willing to try whatever was suggested, whereas GM was pretty much "we're big, you need us yada yada".
Not that it will stop them given them the money, and the congress critters knew they'd be back asking for more. When it's clear they have few customers in a dying market, how are they expecting to generate income to pay back the debt? - jason210, on 11/19/2008, -6/+3635.00 an hour comes out to about 70 k a year. still way more then i make as a college grad.
- niradg, on 11/19/2008, -3/+32The current management at the "Big" 3 DOESN'T GET IT. These companies don't need loans, they need to go into government receivership where they can be restructured and have new management put in place.
- Snap65, on 11/19/2008, -9/+36DOWN WITH THE BIG 3.
- mhanley, on 11/19/2008, -0/+26Assuming they can find someone to buy them.
- justice7, on 11/19/2008, -5/+29i do programming, helpdesk and server admin at my job ... and i make 45K/year .... i'd like to think i'm valued more than a line worker would be. 70K? Are you kidding me?
I'm moving. - evilcaptain, on 11/19/2008, -1/+25These people have no grasp on reality!
- doctechnical, on 11/19/2008, -1/+25Fully loaded with bennies (and speaking as someone who grew up in a UAW household those are some effin' nice bennies), plus retirement, yeah, $70/hr ain't far from the mark. Bottom line is if you buy a car from one of the "Big 3" you're paying between $1,500 and $2,500 (roughly) to people who never lifted a finger to make that car.
- bjornski, on 11/19/2008, -0/+24@boneit
Certainly not by cutting CEO benefits.... - Number23, on 11/19/2008, -16/+38This bailout is nothing but a dem payout to the UAW. UAW workers are overpaid and if the big three are to survive, worker pay needs to match the pay of domestic employees of Honda, Toyota, Hyundai, MB BMW.
All of those companies can build cars profitably in this country.
Really, why do where care where the board of directors meet? I don't care if it's in Detroit, Tokyo, Soul or Berlin; as long as they employee Americas at good wages. - Mightbiteyou, on 11/19/2008, -0/+22@user04, sarcasm interpretation Fail
- thetayloreffect, on 11/19/2008, -6/+27waaa - we make cars no one wants - waaaaa
- skipinator, on 11/19/2008, -0/+21How about No bonuses until money is paid back.
Can't have an equity stake in the company, it's not worth that much. - Mightbiteyou, on 11/19/2008, -0/+20when taken out of context that last sentence is pretty gross
- demizer, on 11/19/2008, -20/+40I don't think they take home $70 dollars an hour... I believe that is what it costs the companies with benefits included. You can thank our health care system for that.
And even if they did make that much, they earned it. Unlike these ***** MBA ***** who got a piece of paper and jumped in at $200K+.
There is a serious problem with corporate America, and its not the worker. - Arcueid01, on 11/19/2008, -6/+24You don't even understand this do you? The thing we need in this country are workers that make good money. Plus they don't make 70 and hour trust me. How many people do you think can buy houses working at McDonalds? I just out of curiosity. What we need to support in this country is the American worker not the American corporate executive!
- tekgnos, on 11/19/2008, -1/+18They are not criminals, they are just bad business leaders. What they deserve is their companies going into Bankruptcy where they will see their stock options evaporate and their shareholders hate them for steering the company into ruins. Bankruptcy is the moral thing to do to these companies.
The CRIMINALS!!!! your whining about are the congressional leaders who are going to give them our money (oh wait we have no money, by "money" I mean American taxpayers future money). They are the people you should hate.
America's business leaders are not criminals. They are high powered people that work 24/7 and have traded their soles for high paychecks. Nothing wrong with that. They deserve every penny if they can lead a company like GM. Criminals? Your silly. - BohicaTwentyTwo, on 11/19/2008, -6/+23Let them eat Chapter 11.
- DCGUY12, on 11/19/2008, -3/+20Actually no, if you watch C-Span or even the basic news, it's pretty much the average cost per employee each company pays for pension/ insurance etc.
- Target91, on 11/19/2008, -0/+17It use to be very good, I had a lot of tests done when was younger that couldn't have been cheap (I have epilepsy). But in like the last 4-5 years it costs us about $100 just to walk in the door of a hospital or doctor's office. Dental was good though but we also paid a lot of that too. Between the my 3 brothers and I, we probably paid for our dentist's great grandchildren's college.
- mohsenxp, on 11/19/2008, -0/+16Why on earth are the shareholders approving $20,000 for travel expenses? Don't they like seeing dividends?
- ralphodog, on 11/19/2008, -2/+18How are they being judged by they are buddies?
- CedEx, on 11/19/2008, -0/+16As a shareholder in many companies, I don't own enough shares to make my vote count.
Most of the time, the majority owner makes the rules, and us low lifes trying to make our money work for us just have to follow along.
Honestly, should executives be making several hundred times the salary of the lowest paid worker? Doesn't everyone contribute to the success of a company? - truthteller426, on 11/19/2008, -1/+17I'm broke! May I have a bailout too?
- ZacT, on 11/19/2008, -2/+18FTA
"Ford CEO Mulally's corporate jet is a perk included for both he and his wife as part of his employment contract along with a $28 million salary last year. Mulally actually lives in Seattle, not Detroit. The company jet takes him home and back on weekends. "
Does this sound like someone who needs money? Why are you (Americans) giving them money? It's your government, stop bitching about it and stand up. Remember, freedom isn't free. - Lewie, on 11/19/2008, -9/+25Yeah, those evil people that actually make things for a living! We should pay workers minimum wage and give managers and CEOs the big money, because they earned it!
- sodade, on 11/19/2008, -0/+16Your 6-8 are much more important than the 1-5 above.
- Noliaboy75, on 11/19/2008, -16/+31someones bitter they didn't graduate....
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