USA Today Editorial
- Thread starter DB Cooper
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local 12 proud
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"I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. ... corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed."
- Abraham Lincoln, Letter to Col. William F. Elkins, Nov. 21, 1864
I regret employees getting the shaft, they made a deal to get stock, 9/11 killed the ESOP but every other stockholder got the same raw deal. The new CEO deserves a shot a enjoying the fruits of saving the airline as LEE Iaccoca saved Chrysler in 1980 for no pay and stock options. Creditors including employees will get UA's new stock on the terms of the BK outcome. Look to the future not the past; a lesson leraned from Pan AM, don't sell the international routes. UA didn't and should benefit from all its international routes smartly kept by the management getting stock options.
9/11 was only part of the shaft. Other shareholders had the option to sell their shares when the price started to drop. We as employees didn't have that option. State Street Bank finally sold off the ESOP shares when they were almost worthless. UA continued to enjoy tax benefits from the ESOP while the employees couldn't write off a dime. You can blame 9/11 but UA management had a great deal to do with the problems at the airline. Even today I still see that nobody is held accountable for their actions.
That's enough bitching. There is plenty of blame to go around.
