This is good. Capital and taxpayer money won't be sucked into that black hole any longer. Well, as long as the government doesn't heavily subsidize the new Chrysler. Another interesting point- the unions will end up owning 55% of the company. Will this make them tougher in bargaining with management or less so?
Gawd it's hilarious to take a paddle to your uninformed ace. Let's take GM as an example. Do you know what Rick Wagoner, GM's ex-CEO, was set to earn in 2009? $1. ONE DOLLAR. Is that a lot of money, moon? That's less than a good toke! Collectively, GM's executive management made around $10mm in 2008. Collectively, the company's labor & benefits expenses were over $2 billion. This directly contradicts your erroneous statement that the CEO bunch makes more than the unions. Once again, your dumb ace is paddled. Don't you hate them facts, moon? OUCH. SMACK
Here's some detail: It looks like some investors got greedy and got their fingers chopped off. On first glance it doesn't look like it this will affect the unions much because Chrysler Canada didn't even declare bankruptcy. The unions made HUGE concessions prior to this, of course, but it doesn't look any more will be asked of them, at least as of now.
Certainly makes things interesting. Now the Union would benefit from the company's maximizing profits and has interests aligned with management. In some ways, it pits the union against the short-term interests of the workers at times.
Ignoring the fact that this totally ignores package/incentive deals and stock options I just need to use this quote to point out that... At this point I very much doubt that this particular dollar was earned, can we get it redistributed?
Gawd it is hilarious when you ignore facts in favor of cherry picked details that do not add up to the picture you are painting. As you know (and conveniently ignore), the majority of any executives' pay is in stock options, bonuses, and other non-salary considerations. Also, comparing the pay of a select few individuals (GM executives) to the collective pay and benefits of tens of thousands of people is statistic twisting of the first order. Executives, on average, make hundreds of times more than the line workers in their companies. The Board of Directors from any company is fairly well packed with executives of other companies, executives whose self-interest is to give their board buddies whatever they ask for so that they will end up getting a bigger deal themselves on down the line. Find me a union worker who actually took home more than Wagoner and your point would have a tenuous toehold, but barring that, you are trolling, as usual. No, the facts, when coupled with reading comprehension and logical progressions, are squarely on my side. Put up or shut up, punk.
HO HO HO They all are making more than a dollar, you dunce! And stock options have value only when the price of the underlying stock is higher than the strike price. Think that's happened lately for the automakers? I need to undergo an MRI for possible rotator cuff damage after all of the PADDLINGS I've been administering to you.
Bankruptcy should allow you to limit executive compensation too....everyone should have to take a hit. The problem with the shareholders and board of directors situation that TJ is refering too is the lack of accountability because of excessive dilution. There are so many shareholders that it is nearly impossible to get a quorum to vote on compensation, so the boards have gotten free run, with no check or balance on them... This is a problem that should be addressed by legislature. DD
In reading about this deal this morning in the WSJ, this bankruptcy and the White House's proposed new ownership schedule is an unbelievable GIFT to the unions. When was the last time the unsecured creditors made off with a majority of the company, only to watch the banks (and their first liens) get less? Outrageous. A very very dangerous precedent. The American public, much like all of you, is too dumb to realize what's going on, so no risk of political damage to Hussein and our feral government. But what this represents is YET ANOTHER attack on the financial industry and YET ANOTHER instance of Baraka Dukkaka doling out favors to the worthless unions (who got Chrysler into this mess in the first place).... 'Spreading the wealth' was a very revealing moment for Obama. Very revealing. How can anyone not call him a dogmatic idealogue? Be honest with yourselves, Sheeple. The ignorami running the country are becoming increasingly dangerous. How the heck are banks supposed to lend more aggressively when their rights are being usurped by the government? It's a contradiction of the highest order.
Wall Street loves them some Obama. NEW YORK — April was Wall Street's best month in nine years _ offering some of the most powerful evidence yet that maybe, just maybe, the economy is about to begin a turnaround. The Standard & Poor's 500 index, considered the most reliable measure of the broader market, climbed 9.4 percent in April, its best performance since March 2000, the peak of the dot-com bubble. The Dow Jones industrial average shot up 7.4 percent in April, on top of a 7.7 percent gain in March. That's more than a relief for investors _ it's a potential economic indicator, because the stock market tends to get back on its feet before the economy does. In downturns over the past 60 years, the S&P hit bottom an average of four months before a recession ended and about nine months before unemployment hit its peak. "The market is saying that the economy would hit its trough this summer," said Al Goldman, chief market strategist at Wachovia Securities in St. Louis who has spent 50 years monitoring Wall Street. Even with the gains in March and April, the Dow is still down 42 percent from its peak in October 2007, and the S&P 500 index is off 44 percent. Nevertheless, the mood is clearly more upbeat. Stocks mostly held steady Thursday, the same day that Chrysler filed for bankruptcy reorganization. Only two months ago, a more jittery market would have plunged if one of the Big Three said it couldn't pay its bills. The Dow Jones industrial average fell 17.61, or 0.2 percent, to 8,168.12 Thursday. The Standard & Poor's 500 index fell 0.83, or 0.1 percent, to 872.81. The Nasdaq composite index rose 5.36, or 0.3 percent, to 1,717.30. http://www.huffingtonpost.com/2009/04/30/stocks-big-april-could-be_n_194237.html?view=print
So did Wagoner, you idiot. Claiming that the $1 in salary is the only compensation Wagoner got in 2008, even discounting his golden parachute, is one of the most naive statements ever on this board. I am certain that in 2008, Wagoner made plenty off of his stock options and transfers along with his bonuses and other forms of pay. You are either the dumbest m***er f***er on the planet or the biggest liar on this board. Please clear up which it is, inquiring minds want to know. TIA Until you accept my challenge, you are nothing more than my b!tch. Put up or shut up, punk.
Don't fall for TJ's bull****. His standard MO (has been for years) is to say outlandish stuff that runs right up to the line of what is a ban-able offense and then runs crying to the moderators whenever someone like you falls for it and goes over the edge, which is exactly what he did with this post calling it "vulgar." It is his sad little existence. If you're around here long enough, you'll realize that he's full of crap and just put him on ignore or laugh at his hilariously childish antics as if you were watching a fourth grade boy pull a girl's pony tail because he likes her and doesn't know what else to do and she turns around and smacks the crap out of him before he runs sobbing to his teacher. It's sorta cute in a sad and pathetic way. Of course, if you're like me, you just out him every time he tries to do what he does because you know few things bug him more.
Jeff, As you are no doubt aware, I am an adult of great honor, wisdom and treasure. I am also a little bit sensitive this morning as I fight rotator cuff fatigue after administering repeated paddlings to the members of the D&D nursery. Please excuse my appeals for civility as I attempt to impart very valuable information to this board's readers.
I figured that he did that. T_J says so much borderline stuff, that the accumulation should be enough to get him banned. At least the zantabak guy is gone.
jorge, you still employ the ol' "bait & report" ? You've been modera-thrashed on this for years - haven't you learned your lesson on this one yet?
