Even though the amount would make a negligible difference in the company's financial situation, if the executives would make an offer to forego all bonusses, stock options, and salary for even one year, it would make a difference symbolically. (That is, if it's not too late for such a gesture.) And, don't give me the crap that "their contracts require that they be paid the bonusses and stock options, etc." Jeff Smisek at Continental showed the way to do it. He just publicly announced that he would not even be drawing base salary until the airline returned to profitability.
Arpey and company have the moral and ethical stature of a toadstool. They are once again asking for enormous sacrifice on the part of the employees without even a suggestion that they might do some sacrificing also. Bring on bankruptcy. The law has changed since US Airways and the others raped their employees. It won't be so cut and dried for AMR to just abrogate the contracts and impose substandard wages. And, if they get forced into Ch. 7 (I'm surprised it hasn't happened before now), so be it. They've been mouthing for years that industry capacity needs to be cut. I say don't give a dime.
The part I
really like about the changes to the bankruptcy law relates to "executive retention bonusses." They can no longer just claim that the execs have offers from other companies. They have to produce the offers in writing for the court. Even then, the judge is not required to approve the retention bonusses. He can just say, "well, their executive efforts so far have landed the company in my court. Let them take the other offer."
YAWN :unsure:
