Overpaid Airline Execs? While high-flying executives from the nation's
top airlines get big compensation, workers and retirees are seeing cuts.
I do not think the public at large is aware of the inequity between the
remuneration of the damned big shots vs the cuts endured by the
employees who keep NW running. Disgraceful.
BILL MOYERS: Gordon Gekko's words were ringing in my ears the
other day as Northwest Airlines emerged from bankruptcy.
After 20 months of restructuring the company, CEO Doug Steenland
rang the opening bell of the New York Stock Exchange.
DOUG STEENLAND: The best way to secure job security, the best way
to secure security of your pensions and the best way to increase
standards of living is for the airline to be very successful and profitable."
BILL MOYERS: And if you feather your own nest in the process---more
power to you. On top of Steenland's salary, 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.
JUDITH FISHER, FLIGHT ATTENDANT: When you have veteran
employees that have given a lifetime of commitment to service and good
employment to this employer. It made me really really angry. Very sick
to my stomach when I my pension has been cut and frozen.
BILL MOYERS: No wonder Northwest pilots, flight attendants and
machinists were out in protest on the steps of the Minnesota state
capitol last week.
To keep the airline aloft, pilots increased their working hours by as
much as 20 percent while taking a pay cut of 40 percent.
PROTESTORS: We built these airlines, we built this company. Let's
take it back today.
BILL MOYERS: To make ends meet, pilot Ron Hay has to sell his
house and move his family back to his wife's hometown in Texas.
RON HAY, NORTHWEST PILOT: Our CEO's $26.6 million is one
complete annual payment to our pension fund. Our pension fund could
be one more step closer to whole. The $25 million is probably in excess
any funds needed to bring us back down to a medical benefit that we
wouldn't have to pay anything.
Rating: User: rclark23 2007-07-25T13:51:50.093Z
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