Cause For The Employees Not To Support Siegal

[OldpropGuy]

Actions of the past are often good indications of what to expect from someone in the future. As an example, if someone convinces you to help them, but then scams, robs and lies to you, you probably will not attempt to help them again in the future. Of course there are always those slow learners who will fall for the same swindle again.

One just can't help but remember the 6 million dollars in "management retention bonuses" in 2002, when the employees were forced to give until it hurt, and then some more!" It's sure a good thing we were able to bribe these outstanding managers to remain. Their superior wisdom and ability are quite obvious now, as gloom and doom haunt our company one again!

Then who could forget the following:
"On Feb 24, 03
On cross examination from ALPA, Cohen testified that Stephen Wolf and Rakesh Gangwal received 15 million dollars each in non-qualified payments and Larry Nagin received 5 million dollars in non qualified payment just before the Company went into Chapter 11 bankruptcy. Cohen further testified that the Company was not seeking recovery of this 35 million dollar payout even though the bankruptcy code contains provisions to get the money back to US Airways."


These and other such irresponsible events in the past cannot help but make one a little hesitant to support a new imaginary plan which has not even been revealed, or the leadership which implemented such proceedings

 

[TomBascom]

41 million bucks sounds like a lot of money. I wish I had it.

Just curious though -- what was the total labor expense for 2002? What % of that is 41 million?

What was ticket revenue for the same period?

 

[28yearsnojob]

You are 100% correct.Ijust got a check fo 20.00 esop pension check
that at one time was worth 1200.00 and they got 35 million
now we know where they got it from. I HAVE HAD IT WITH THIS
BUNCH OF MANGERS

 

[28yearsnojob]

You are 100% correct.Ijust got a check fo 20.00 esop pension check
that at one time was worth 1200.00 and they got 35 million
now we know where they got it from. I HAVE HAD IT WITH THIS
BUNCH OF MANGERS

:down:

 

[OldpropGuy]

41 million bucks sounds like a lot of money. I wish I had it.

Just curious though -- what was the total labor expense for 2002? What % of that is 41 million?

What was ticket revenue for the same period?

You're probably right. It's probably only a small percentage of the overall picture.

So that makes it OK, while we layoff thousands and make deep cuts in wages and benefits of the remainder?

 

[TomBascom]

41 million bucks sounds like a lot of money. I wish I had it.

Just curious though -- what was the total labor expense for 2002? What % of that is 41 million?

What was ticket revenue for the same period?

You're probably right. It's probably only a small percentage of the overall picture.

So that makes it OK, while we layoff thousands and make deep cuts in wages and benefits of the remainder?

It doesn't make it "ok". But it's not such a large amount of money that it should be portrayed as the root cause of the problem either. It certainly isn't nearly enough money to make a dent in the concessions. And as bad decisions go it's embarassing but not nearly as costly as a whole lot of other things that you could be criticzing them for (or suggesting that they do differently).

 

[OldpropGuy]

And as bad decisions go it's embarassing but not nearly as costly as a whole lot of other things that you could be criticzing them for (or suggesting that they do differently).

I'm not trying to point out all the short comings of our current management. This is just one illustration! If your opinon makes you able to justify the past, so be it!

 

[Peeky]

That 41 million payout is a good reminder of just how concerned Dave and Co. are about keeping U's cost down....A little food for thought in the coming weeks.

 

[TomBascom]

That 41 million payout is a good reminder of just how concerned Dave and Co. are about keeping U's cost down....A little food for thought in the coming weeks.

One way to look at it is as evidence that 41 million dollars really is chicken feed -- they have much bigger nuts to be paying attention to. How many billion dollars of concessions did they get? How much more do they need to reduce costs? Which is the higher priority if your goal is to save the airline?

My point is that the sorts of things that they should, of necessity, be looking at are almost certainly much larger sums than $6M or even the $35M that W&G rode off with. They need to be finding cost savings on the order of hundreds of millions of dollars for an item to make the short list of things to focus on.

If they're wasting time on things that don't have that sort of potential they aren't doing their jobs.

 

[76200]

I agree Oldpropguy,


In the future, any CEO and management salaries should be predicated on performance, in other words, the company is making money...a profit.

If the company is not making a profit, they receive a base salary that is comparable with what the CEO's of the LCC's are earning.


76200

 

[dashflyer]

Well if we're burning through cash at a rate of 1 million per day, there's another 41 days we can operate. But I guess they don't se it that way.

If USAirways goal is to get rid of the most senior emplyees to lower their payroll costs, then why didn't they get rid of the senior vice-presidents? Maybe we need an airline that is run by newly graduated MBA students. That'll lower our costs!

 

[justaumechanic]

Lets not forget the Billion spent on Buying Back Company stock in 1999 and 2000.

When the price of the stock was between 50 and 80.. Yeah lets buy it back so we can make even more money for ourselves.

They are all the same, Dave, Wolf, Gangwal.. All they want is money for themselves, they could care less about any of us at US Airways.