So they get loans to pay back to make the unions realize how difficult it is to run a company with a union. So, the union gives concessions rather than stating the OBVIOUS. What is the obvious? That the company didn't listen to them and the consumer when they were pumping out cars while outsourcing jobs and shrinking the new car market. Those sort of things. Oddly, though the CEOs never stop to realize they earn more than the UAW could ever hope to collect in dues per year. That isn't exactly an accurate statement but not far from the truth.Methodology: (click here)Compensation rank is based on total compensation for latest fiscal year. Efficiency rank is based on our chief executive's performance/pay score. Ranks are given only to chief executives who have a six-year tenure and six-year compensation history. The most efficient rank is 1 and least efficient is 189.
It it is estimated annual union dues nationally per member is about $377 and the membership as of 2008 dropped below a half of million people. So, that would put about $18 million in the hands of the UAW from dues alone. So, other than the $1 per year token salary during tough times (not complaining, it was a real sacrifice, but, stock options remained) the CEOs are pulling down about a full tenth of that amount.
Membership in the United Auto Workers union has dropped below 500,000, hitting its lowest level since World War Two in a downturn that reflects the wrenching restructuring by U.S. automakers (click here)
But, the point is that the MAJOR auto companies in the USA are not subsidized, yet they employee important workers to our country's economy. Congratulations to Chrysler. We are proud and pleased the company is still within our borders and doing well.
If one notes, the auto industry didn't need loans until Wall Street did. They didn't abandon the people of this country either. Wall Street took their enormous checks, dealt the game their way, then abandoned the USA and paid back the money after causing the collapse of a global economy. GM and Chrysler didn't even come close.
Obama praises inspirational automakers (click title to entry - thank you)
Jim Kuhnhenn
From: AP
June 06, 2011
"We're a people who don't give up, who do big things, who shape our own destiny," the president said in his weekly radio and Internet address on Saturday.
The message, taped on Friday during Obama's visit to a Chrysler plant in Toledo, Ohio, was hardly different than the remarks he offered to about 350 Chrysler workers....
The industries such as the car companies and airline companies that seek monies to continue to operate only receive loans and not subsidies. I guess it is bad politics to offer subsidies to a company that flies from JFK to the Carribean frequently. Oh, well, such is the plight of the companies that hire the Middle Class.
