Quote:
Originally Posted by Oregon Elephant
Did you know that Delta's CEO, Richard Anderson, gets paid $489,560 a year. That is a far cry from $50 million.
So if he cut back his pay way down, it would save the company about $450,000 a year, which wouldn't do a thing.
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I can always count on you to find some outlier exception, OE.
Considering Delta goes into bankruptcy every other week, are you implying he's
underpaid?
From a Bill Moyers excerpt I found after 5 seconds on Google:
On top of Steenland's salary [Northwest Airlines' CEO], reported at half a million dollars or more last year, he will get a total compensation package of $26.6 million in stock.
That's $5.8 million in stock options and $20.8 million worth of restricted stock that will vest over the next four years. And his official next-of-kin — the company's four Executive Vice Presidents - were offered more than 10 million dollars each, on top of their salaries, if they stay on for four years.
Oh, yes, Gary Wilson, the outgoing chairman — who already has $21 million dollars from stock he cashed in just before the bankruptcy — will get a two million-dollar good-bye gift plus medical and dental insurance for life — that's right — for life. As for the folks who merely fly the planes, fix the engines, and serve those meals — I mean, snacks — well, they took pay cuts of 20 to 40 percent, as well as curtailed medical benefits, fewer days off and frozen pensions. (snip)
With a bit of time, I could likely turn up hundreds of articles about bankrupted, destroyed, mismanaged companies awarding millions to their top execs.
I don't want to turn this into a screed against CEOs, but don't you think that it's a little odd that we
reward people for spectacular failure? I see factoids like this, and then hear them bleat about expenses, and get bailed out time and again. Please tell me you're not defending this mind-blowingly bizarre system we've allowed to blossom?
There's no sugar-coating the treatment the airlines have given us all, for years, and for them to whine for US to help THEM out is outrageously arrogant.