UAW decries Delphi bonus proposal

[hippiechick]

Merry Christmas, workers of Indiana... bend over and say aaah .... :mad:

http://www.indystar.com/apps/pbcs.dll/article?AID=/20051126/BUSINESS/511260365

By Ted Evanoff

Rarely has Indiana or the nation seen a conflict over executive pay. {Aside: Really ? Rarely ? He doesn't read much history, does he ? } But a fight is brewing between the United Auto Workers union and bankrupt Michigan auto parts maker Delphi.

UAW President Ron Gettelfinger said the union is objecting to Delphi's request that a bankruptcy court in Manhattan approve a bonus pay plan for executives and managers.

Delphi's Chairman Steve Miller recently proposed $90 million in cash bonuses, while seeking a 60 percent pay cut for workers, renewing interest in a debate that has simmered for years.
For more than a decade, compensation for chief executives who run major U.S. companies has soared more than 400 percent, thanks to the proliferation of stock options, while average household income has risen 12 percent since 1992.

Summary:
Bonus plan would reward 486 execs

Delphi Corp. sparked the ire of its unions when it proposed bonuses for its executives -- to be paid when Delphi exits bankruptcy reorganization. Here's the proposal Delphi filed Oct. 8 in the U.S. Bankruptcy Court of the Southern District of New York:
Nearly 500 U.S. executives would receive lump-sum bonuses on the day Delphi is sold or emerges from bankruptcy.
• $2.8 million to Rodney O'Neal, president and chief operating officer; his salary is $1.2 million.
• $2.2 million to David B. Wohleen, vice chairman; his salary is $890,000.
• $2 million to Robert J. Dellinger, chief financial officer; his salary is $750,000.
• $2 million to Mark R. Weber, executive vice president; his salary is $700,000.
• Between $550,000 and $1.1 million to each of 18 officers; their average salary is $500,000.
• Between $50,000 and $475,000 to 464 other executives; their salaries range from $120,000 to $450,000.

[DrGonzoLives]

1. The stated reason

for the bonuses, to keep managers and the like from bolting...ummm, weren't these the same idiots that led to Delphi being fucked right now? If I took over that place, I'd sack everyone.