AMR Created Special Pension Trust for Top Executives

[WooferDog]

Crooks! Carty and Company are nothing but a bunch of crooks, and this is proof.

I am dumbfounded.

 

[AOA]

And what is so puzzling about APA, TWU and APFA is that their negotiators were aware of the trust fund creation but signed non-disclosure confidentiality agreements about it for AMR!!

See this MSNBC link for the details.

http://www.msnbc.com/news/901184.asp

 

[7.5victim]

Funny how this comes out only hours after the FA''s were scared into approving concessions that, in my opinion, won''t be the last ones asked for by AMR...

http://biz.yahoo.com/djus/030417/0041000020_1.html

A partial quote from the article...

Amid intense cost-cutting last year, American Airlines'' parent, AMR Corp. (NYSE:AMR - News) , funded a supplemental pension trust for its top 45 executives that protects a portion of their retirement income in the event of a bankruptcy filing, Thursday''s Wall Street Journal reported.

The world''s largest airline also offered its top six executives cash retention bonuses of twice their base salaries if they stay through January 2005.


My.... How different the vote might have been if this info had come out 48 hours sooner!

 

[AOA]

With newly emerging info like this, what little respect and trust I had for AMR senior management is gone. As a former military officer, the first thing I discovered was that your people were your most important asset and that respect was a two-way street. The least respected and weakest officers were those that set poor examples by putting their own interests and well-being ahead of the troops. In ''Nam this sort of leadership was sometimes rewarded with fragging. I shudder to think how US history would have been altered had Washington led with Carty''s example.

 

[7.5victim]

Deplorable....

Maybe next time the execs ask for a taxpayer bailout (and there will be a next time, mark my words) the employees will step forward and demand conditions on the execs....

 

[BillLumbergh]

This is being discussed in another thread:


Senior Management''s Bankrupcy-Exempt "Irrevocable Trust" Retirement Fund