Big Bonuses for AT&T Wireless Execs, Worthless Options for Workers

[barbaraann]

By DAN RICHMAN
SEATTLE POST-INTELLIGENCER REPORTER

AT&T Wireless calls it a performance bonus. Employees call it the shaft.

Despite a stock valuation that's still a fraction of its high nearly four years ago and a service record so poor that the Redmond cellular company recently lost more subscribers than any other cellular provider, executives at AT&T Wireless Services Inc. were given shares worth millions of dollars as performance bonuses last month. That award came a week before they moved to sell the company for a price that renders nearly all the employees' options worthless.

The bonuses were paid under a stock-based performance-incentive plan approved by the board of directors more than a year ago, so analysts said they don't constitute before-the-sale manipulation. But their amount and timing is interesting considering that the move to sell the company automatically will vest employee stock options -- at a price to exercise that's more than their current value, which renders them worthless.
....
http://seattlepi.nwsource.com/business/161419_attoptions20.html


Shock and Awe for the American Middle Class.

[Faygo Kid]

1. George Bush's America: How much more will it take?

How that man continues to bamboozle half the electorate is beyond me. No doubt these "top guys" will help swell Bush's reelection coffers, and he will run on gay marriage and scaring the hell out of the American people. (Oh, and mercilessly smearing any opposition. Can't forget that). Utter madness.

[aquart]

2. Shouldn't someone who wants to be re-elected

Be writing a law that prevents execs from benefiting ahead of workers?

Just a thought.

Of course, it would put WalMart out of business.

[4dsc]

3. Corporate GREED!!!

I call it like I see it!!

[4morewars]

4. WHEN is this

SHIT going to end ???? Jesus Tapdancing Christ !!!! They have no shame, no fear, no responsibility, no sense of community. HOW the fuck do they sleep at night???
Maybe it's time we take our country back from these bloated puss bags. They can't shoot ALL of us !!!!

[Thor_MN]

5. By saying that repealing his tax cuts is raising taxes,

he wins points, because no one is pointing out that the tax cuts that we want repealed are the ones that benefit only the most wealthy. He makes people think that we are going to take money out of their pocket, but we should be pointing out that most of us got squat from his "cuts."