WOLF sold 3 airlines in his carreer. Republic to NWA, Flying tigers to FEDEX and UA to the employees. He and all other(including employees) made a huge premuim on these 3 transactions. If the employees at USair got too greedy it is not Wolf's fault. HE got rich, as any businessman does, when he sold the business. All shareholders got the same price for their stock including employee pension plans. Wolf tried to get Usair shareholders $60/share, it is not his fault the bureaucrats in Washington busted the deal. If USAIR had become part of UA everyone would claim the man was a hero.
Wolf is about , and living the good life (Link)
- Thread starter JFK777
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I found this story about Stephen Wolf attending a meet of DC Area MG and European car enthusiasts..Note how he is refered too. I hope this link from my Google Search under USAirways works. [A href=http://www.washingtonpost.com/wp-dyn/articles/A3168-2002Oct23.html]http://www.washingtonpost.com/wp-dyn/articles/A3168-2002Oct23.html[/A]
I highly doubt that Everyone would be calling Wolf a hero if the merger had worked. Using the combative enviroment between the AA and TWAer's at present as an example...I'm sure there would be just about as many wanting to see him strung up by the neck..as there are now. Sure there would have been a bunch to profit from it..but here would also be a bunch more being kicked to the curb because of the intergration process of such a merger. I'm still thankful it never happened...and the current conditions of the two companies makes it clear on just how awful it would have been for both companies employee groups.
Yes, Mr Wolf is a prime example of corporate greed; an example of the amoral CEO who thinks only of lining his own pockets. What ethical codes do these men work under. NONE. The bottom line is not what is best for the company, the employee, local business, the country's whole financial base. It seems to me that people like W and G are in it as if it were a big game. No matter how many lives are ruined and how low the economy goes. We're talkin pawns and POWER here. They love it. I wish I were knowledgeable enough to start a class action suit for fiduciary irresponsibility.
KCFlyer
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[P]
[BLOCKQUOTE][BR]----------------[BR]On 10/24/2002 8:55:11 AM JFK777 wrote:
[P] HE got rich, as any businessman does, when he sold the business[/P]
[P]----------------[/P][/BLOCKQUOTE]
[P]Yeah, but it's too bad that he didn't START any of the businesses he sold. [/P]
[BLOCKQUOTE][BR]----------------[BR]On 10/24/2002 8:55:11 AM JFK777 wrote:
[P] HE got rich, as any businessman does, when he sold the business[/P]
[P]----------------[/P][/BLOCKQUOTE]
[P]Yeah, but it's too bad that he didn't START any of the businesses he sold. [/P]
[BR]UALflyer, you need a history lesson at US.[BR][BR]Wolf blackmailed the pilots to accept Parity plus 1% or he was gonna cancel the airbus order. Not one of the unions came up with that idea, it was a WolfGang creation. Also the Mechanic and Related did not have a raise for over 4 1/2 years from 1995 into late 1999 and also had parity plus 1% rammed down our throats. You have no idea of what you are talking about. Wolf and Gangwal made more in their tenure here then anyother airline executives and all they did was rape this company and not run it.[BR][BR]I think you need to a bit of research before you attack the very employees that keep and have kept this company running and peforming it in the top of the D.O.T. statitics for years. I could write volumes of what they did to the company.
UAL777flyer
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Yes it is Wolf's fault. Not all of it, but he is largely responsible for this mess. He put all the company's eggs in one basket with the UA merger. All he and Rakesh did was dress up the company, buy back stock in an attempt to inflate the price so he could get a patsy, such as Goodwin, to overpay for the company. He promised to make US the carrier of choice but didn't really live up to that promise. When the UA/US merger began to hit turbulent waters, it became clear that Wolf and Gangwal had done little to position the carrier as a strong independent. They just about ignored the continued incursion of low-cost competition in their core markets. They cut and ran from their large BWI operation. Finally, they launched a low-cost operation (Metrojet), yet made horrible decisions deploying it, such as in markets where there was no low-cost competition, thereby eating into their own yields.
You cannot blame the employees of US entirely for the company's failures. Do they share some blame? Absolutely. The union kept demanding higher wages and ignoring the cost problem and the onslaught of low-cost competition. The problem was eventually going to come home to roost. You're now seeing the result of that neglect. But Wolf never intended to position and run US for the long-term as an independent. His sole intention was to dress the company up and sell it off and take off. Once it became clear that wouldn't happen, the wheels fell off the bus. Just as Gangwal said to legislators, they had no Plan B.
You cannot blame the employees of US entirely for the company's failures. Do they share some blame? Absolutely. The union kept demanding higher wages and ignoring the cost problem and the onslaught of low-cost competition. The problem was eventually going to come home to roost. You're now seeing the result of that neglect. But Wolf never intended to position and run US for the long-term as an independent. His sole intention was to dress the company up and sell it off and take off. Once it became clear that wouldn't happen, the wheels fell off the bus. Just as Gangwal said to legislators, they had no Plan B.
N513AU
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[blockquote]
----------------
On 10/24/2002 11:59:28 AM Lakeguy67 wrote:
UALflyer, you need a history lesson at US.
Wolf blackmailed the pilots to accept Parity plus 1% or he was gonna cancel the airbus order. Not one of the unions came up with that idea, it was a WolfGang creation. Also the Mechanic and Related did not have a raise for over 4 1/2 years from 1995 into late 1999 and also had parity plus 1% rammed down our throats. You have no idea of what you are talking about. Wolf and Gangwal made more in their tenure here then anyother airline executives and all they did was rape this company and not run it.
I think you need to a bit of research before you attack the very employees that keep and have kept this company running and peforming it in the top of the D.O.T. statitics for years. I could write volumes of what they did to the company.
----------------
[/blockquote]
Remember how Parity plus one was the secret to keeping labor costs down. It would make us competive. I guess they could have called our current plan Parity -20%, but that wouldn't do.
----------------
On 10/24/2002 11:59:28 AM Lakeguy67 wrote:
UALflyer, you need a history lesson at US.
Wolf blackmailed the pilots to accept Parity plus 1% or he was gonna cancel the airbus order. Not one of the unions came up with that idea, it was a WolfGang creation. Also the Mechanic and Related did not have a raise for over 4 1/2 years from 1995 into late 1999 and also had parity plus 1% rammed down our throats. You have no idea of what you are talking about. Wolf and Gangwal made more in their tenure here then anyother airline executives and all they did was rape this company and not run it.
I think you need to a bit of research before you attack the very employees that keep and have kept this company running and peforming it in the top of the D.O.T. statitics for years. I could write volumes of what they did to the company.
----------------
[/blockquote]
Remember how Parity plus one was the secret to keeping labor costs down. It would make us competive. I guess they could have called our current plan Parity -20%, but that wouldn't do.
Well, I'm not one to support those two maroons, but let's put a positive spin on this:
1.) They began the Fleet Rationalization process. Airbus or Boeing, it had to be done. And now with the accelerated retirement of the DC9/MD80/F28s, the maintenance costs should show lower.
2.) They made huge strides into the Carribean and more European markets
3.) They grew PHL, which was the best candidate for international O&D AND connecting traffic
That their long-term personal goals were to grow it and get out is going to make it very difficult for them to step into any airline management position again. But then again, they don't need to. They walked with millions. So, why not just fade away somewhere. No Plan B, my arse, Gangwal. Just admit that plan B was to pilage the company and make a clean get away.
1.) They began the Fleet Rationalization process. Airbus or Boeing, it had to be done. And now with the accelerated retirement of the DC9/MD80/F28s, the maintenance costs should show lower.
2.) They made huge strides into the Carribean and more European markets
3.) They grew PHL, which was the best candidate for international O&D AND connecting traffic
That their long-term personal goals were to grow it and get out is going to make it very difficult for them to step into any airline management position again. But then again, they don't need to. They walked with millions. So, why not just fade away somewhere. No Plan B, my arse, Gangwal. Just admit that plan B was to pilage the company and make a clean get away.
KCFlyer
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[BR]US Airways Chairman Stephen M. Wolf, a neighbor and car lover, zoomed in for 20 minutes in one of his elegantly restored vintage Jaguars. He has a 10-car garage to house his collection[BR][BR]This is for UAL777flyer - Owning neither a (much less more than one, as implied by the article) vintage Jaguar or a 10 car garage, perhaps you can see why I am so dead set against Siegal giving management bonuses in these tough times.
UAL777flyer
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KCFlyer,
I think you misunderstand where I'm coming from on that topic. I do not agree with the bonus program. I don't like it. I think it stinks. But my point was that I can understand why it would be deemed necessary for a company in Ch.11 trying to reorganize.
I think you misunderstand where I'm coming from on that topic. I do not agree with the bonus program. I don't like it. I think it stinks. But my point was that I can understand why it would be deemed necessary for a company in Ch.11 trying to reorganize.
TEN CAR GARAGE[img src='http://www.usaviation.com/idealbb/images/smilies/6.gif']
How many people in this world have a ten car garage? My God!
I guess Wolf believes in the old saying If you got it, flaunt it! And where did he get it from??????? Us, of course....and he is laughing all the way to the bank, while most of us are wondering, assuming we are still employed by this company, how we are going to pay the bills with all of these concessions......
How many people in this world have a ten car garage? My God!
I guess Wolf believes in the old saying If you got it, flaunt it! And where did he get it from??????? Us, of course....and he is laughing all the way to the bank, while most of us are wondering, assuming we are still employed by this company, how we are going to pay the bills with all of these concessions......
Remember guys, Uncle Dave said that it was very important to let the execs share that 6,000,000. Otherwise they might go work for some other company where they may make more money. After all, some of those execs were responsible for making many of the decissions that have helped to put us in the situation we are in today. We need them....lets pay them more to keep em.....
Makes perfect sense to me.....NOT!
Makes perfect sense to me.....NOT!
