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Author: jerryab Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 136468  
Subject: Re: Unions Destroying the Country Date: 11/18/2012 11:28 AM
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You just don't get it do you?

I get it. You don't have a clue what you are talking about.

Whatever management did or didn't do right

ROFLMAO !! Management got what THEY wanted. If they hadn't gotten what they wanted, management would have said "closed" in 2004 AND 2008-2009. And we would not be having any discussion of it today.

the company could have been viable if management had the option to hire workers at a salary determined by a free labor market.

WHICH "free market"? China? Russia? Indonesia? Mali? Argentina?

striking union workers earned $22 per hour plus medical benefits and a pension. They also had 9 weeks of paid vacation every year. That's a lot of money for basically minimally skilled manual labor

Now you shot yourself in both feet simultaneously. It takes more than minimally skilled labor to keep operating. They were very productive--so the "per unit" cost was low. You did not think of that? Why not? Tell us how much was paid to management. Or are you afraid to mention those numbers? Salaries + benefits + severance + MORE. ONE former CEO got (from memory) $1.5-million/year PLUS a guaranteed $2-million regardless of outcome. He left real quick. The people hired to run the Treasury function at the business get paid $800+k/year plus TWO assistants EACH earning $660k/year. They had NOBODY running the Treasury function previously (while it was a "going concern"). Gee, there is $2-million for THREE management employees right there. And you are NOT complaining?

<i.I would guess that it's well above what the free market rate for their services.

If you think so, try to get a web page designer for that price ($22/hr). You won't find any--in the US. They start at $50/hr. This is WAY above your pay grade--as documented by IDB. But I bet you would have at least one or two (million) at $660k to $800+k/year--wouldn't you?
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