Goodyear Posts 4th-Qtr. Loss of $358M (due to a costly strike at 16 plants)

[Omaha Steve]

http://apnews.excite.com/article/20070216/D8NARLBG0.html

Goodyear Posts 4th-Qtr. Loss of $358M
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Feb 16, 9:06 AM (ET)

AKRON, Ohio (AP) - Goodyear Tire & Rubber Co. (GT) (GT) on Friday reported a $358 million loss in the fourth quarter due to a costly strike at 16 plants that dragged down sales.

In three months ended Dec. 31, Goodyear reported a loss of $2.02 per share on sales of $4.98 billion. Goodyear reported a $51 million loss, or 29 cents a share, on sales of $4.94 billion in the 2005 fourth quarter.

Goodyear said the strike cost the company $367 million, or $2.07 per share.

More than 14,000 Goodyear workers who belong to the United Steelworkers union were part a nearly three-month strike that began Oct. 5 against the world's third largest tire manufacturer. The strikers returned to work Jan. 2.

FULL story at link.

[CBGLuthier]

1. interesting framing by AP

Due to a costly strike.

Not due to management's failure to negotiate fairly with workers.

No, no, it is ALL the strikers fault.

[UpInArms]

2. here's the CEO pay package

http://www.forbes.com/lists/2006/12/S0TB.html

Robert J Keegan
Total Compensation
$6.96 mil (#206)

5-Year Compensation Total
$14.552 mil

Robert J Keegan has been CEO of Goodyear (GT) for 3 years. Mr. Keegan has been with the company for 6 years .The 58 year old executive ranks 4 within Consumer Durables

...more...

[UpInArms]

3. and lookie here where all this guys political donations go:

http://www.opensecrets.org/indivs/search.asp?password=4bder&txtName=keegan&txtState=OH&txt2006=Y&txt2004=Y&txt2002=Y&Order=N

Results:
14 records found in 0.0938 seconds.


Total for this search: $12,250
Search Criteria:
Donor name: keegan
Donor State: OH
Cycle(s) selected: 2006, 2004, 2002

KEEGAN, ROBERT
AKRON,OH 44333
GOODYEAR TIRE & RUBBER CO.
11/1/2006
$1,900
DeWine, Mike

KEEGAN, ROBERT
AKRON,OH 44333
GOODYEAR TIRE & RUBBER CO./CHAIRMAN
12/5/2005
$1,000
DeWine, Mike

KEEGAN, ROBERT
AKRON,OH 44333
GOODYEAR/CHAIRMAN/CEO
8/6/2004
$1,000
Republican National Cmte

KEEGAN, ROBERT J
AKRON,OH 44333
GOODYEAR TIRE AND RUBBER
9/14/2003
$1,000
Voinovich, George V

KEEGAN, ROBERT J
AKRON,OH 44333
GOODYEAR TIRE AND RUBBER
9/30/2004
$1,000
Voinovich, George V

KEEGAN, ROBERT J
AKRON,OH 44333
GOODYEAR TIRE AND RUBBER
11/19/2001
$500
Voinovich, George V

KEEGAN, ROBERT J
AKRON,OH 44333
GOODYEAR TIRE AND RUBBER
3/22/2004
$500
Voinovich, George V

KEEGAN, ROBERT J
AKRON,OH 44333
GOODYEAR TIRE AND RUBBER
3/30/2004
$500
Voinovich, George V

KEEGAN, ROBERT J MR
AKRON,OH 44333
GOODYEAR/CEO/PRESIDENT
6/30/2003
$500
Bush, George W

[HughBeaumont]

4. The Turd Triumverate: Bewsh, DeWine and Voinovich.

Way to go Keegan! Why didn't you just take your $2900 you gave to DeSwine and BURN it? Gee, kinda sucks that we have a PROGRESSIVE senator in Sherrod Brown, doesn't it Bobby? Not that it matters to you, you'll still be sleeping in your mansion while your workers get the shaft-ola.

Pretty soon, you'll be wasting more towards the NEXT senaturd on the chopping block, that waste of space George Voinovich.