GM top Exec. don't want to give up anything?
11-19-2008, 03:48 PM
#61
Registered User
Join Date: Feb 2005
Location: Columbia, SC
Posts: 506
granted, but with the media making that big of a deal of it because the senate and house did, And the population believing mostly whats reported on,means it'll be took as a prime example for those to tout as to not pass the loan legislation.
11-19-2008, 04:01 PM
#62
Registered User
Join Date: Jul 2001
Location: FL/MI
Posts: 1,808
Have any of you flown out from Detroit Metro on a private jet vs. a commercial airliner?
A private flight you just walk onto, then take off, it takes about 1 hour to washington
A commercial flight takes about 5 hours when you factor in driving to the airport, check-in, boarding, flight instructions from attendants, the flight, landing, getting luggage, etc.
A private flight out of willow run takes you about 30 seconds to walk out from your car onto the plane and another 3 minutes to taxi and take off.
Mullaly makes 28 Million a year, or 6400/hr if he worked 12 hours a day/ 365 a year. by saving him 4 hours for meetings, he negated the cost of 8 hours of downtime sitting on a plane not trying to solve the crisis...8*6400 is 51,200, alot more than a 10k flight on a jet they already have paid off.
A private flight you just walk onto, then take off, it takes about 1 hour to washington
A commercial flight takes about 5 hours when you factor in driving to the airport, check-in, boarding, flight instructions from attendants, the flight, landing, getting luggage, etc.
A private flight out of willow run takes you about 30 seconds to walk out from your car onto the plane and another 3 minutes to taxi and take off.
Mullaly makes 28 Million a year, or 6400/hr if he worked 12 hours a day/ 365 a year. by saving him 4 hours for meetings, he negated the cost of 8 hours of downtime sitting on a plane not trying to solve the crisis...8*6400 is 51,200, alot more than a 10k flight on a jet they already have paid off.
11-19-2008, 04:06 PM
#63
Registered User
Join Date: Jul 2001
Location: FL/MI
Posts: 1,808
While i see your point, does anyone else here think that 28 million a year is a bit absurd for running a company?
It's kinda like paying a basketball player 15 million for 3 years of playing a sport that he loves. crazy. (yes i realize its capitalism)
So 8 hours, big deal, look at what the effect of it is though? negetive pr, the senate and house litterally calling them out about it, and hell if i can spend that much time in travelling why cant he?
sh|t, he puts his pants on the same way i do, one leg at a time. I dont see that the 8 hours being that much an issue with todays digital age of laptops, cell phones, blackberrys, trio's and what not. So what he has to go thru security, welcome to 90% of his employee's lives, and 90% of the worlds population when it comes to travel. He should be thankful he didnt have to drive. Furthermore, he may not have a job or the access to that private jet anyways if the company fails.
Yes, it may be "policy", yes he may get paid alot to do what he does, but yes, i've said it before and i'll say it again, appearance is everything, especially when you want something.
It's kinda like paying a basketball player 15 million for 3 years of playing a sport that he loves. crazy. (yes i realize its capitalism)
So 8 hours, big deal, look at what the effect of it is though? negetive pr, the senate and house litterally calling them out about it, and hell if i can spend that much time in travelling why cant he?
sh|t, he puts his pants on the same way i do, one leg at a time. I dont see that the 8 hours being that much an issue with todays digital age of laptops, cell phones, blackberrys, trio's and what not. So what he has to go thru security, welcome to 90% of his employee's lives, and 90% of the worlds population when it comes to travel. He should be thankful he didnt have to drive. Furthermore, he may not have a job or the access to that private jet anyways if the company fails.
Yes, it may be "policy", yes he may get paid alot to do what he does, but yes, i've said it before and i'll say it again, appearance is everything, especially when you want something.
11-19-2008, 04:12 PM
#65
Registered User
Join Date: Jun 2000
Location: SoCal
Posts: 3,463
These salaries are high but we have to look at them as free agent type pay for Nardelli and Mullaly as they had to be wooed with money to take a difficult job that even people like Bill Ford Jr. couldn't tackle. They already had top jobs at other corporations and thus wouldn't leave unless Chrysler and Ford made them a better deal.
Wagoner was with GM prior to being CEO and so his pay while high is in line with what a top level Fortune 500 CEO could expect to have after rising to the top from within.
They are the equivalent of making it to the pros.
And with any of these jobs the risk of being fired or removed sometimes from events outside of your control is always there. Remember that they have the most difficult job and have to work the hardest when times are tough. Not to mention that their decisions can save or burn billions and so that kind of decision making power and stress has to be compensated for.
I can't blame them for taking all they can while they can. If someone or some company offered anyone of us those dollars we would take them in a heartbeat.
Wagoner was with GM prior to being CEO and so his pay while high is in line with what a top level Fortune 500 CEO could expect to have after rising to the top from within.
They are the equivalent of making it to the pros.
And with any of these jobs the risk of being fired or removed sometimes from events outside of your control is always there. Remember that they have the most difficult job and have to work the hardest when times are tough. Not to mention that their decisions can save or burn billions and so that kind of decision making power and stress has to be compensated for.
I can't blame them for taking all they can while they can. If someone or some company offered anyone of us those dollars we would take them in a heartbeat.
11-19-2008, 04:24 PM
#66
Registered User
Join Date: Nov 2001
Location: Newhall, CA USA
Posts: 1,023
Manager-led companies will be the death of US business. Get them out and get someone in who gives a crap.
11-19-2008, 04:46 PM
#68
Registered User
Join Date: Jun 2002
Location: O-Town
Posts: 1,817
Have any of you flown out from Detroit Metro on a private jet vs. a commercial airliner?
A private flight you just walk onto, then take off, it takes about 1 hour to washington
A commercial flight takes about 5 hours when you factor in driving to the airport, check-in, boarding, flight instructions from attendants, the flight, landing, getting luggage, etc.
A private flight out of willow run takes you about 30 seconds to walk out from your car onto the plane and another 3 minutes to taxi and take off.
Mullaly makes 28 Million a year, or 6400/hr if he worked 12 hours a day/ 365 a year. by saving him 4 hours for meetings, he negated the cost of 8 hours of downtime sitting on a plane not trying to solve the crisis...8*6400 is 51,200, alot more than a 10k flight on a jet they already have paid off.
A private flight you just walk onto, then take off, it takes about 1 hour to washington
A commercial flight takes about 5 hours when you factor in driving to the airport, check-in, boarding, flight instructions from attendants, the flight, landing, getting luggage, etc.
A private flight out of willow run takes you about 30 seconds to walk out from your car onto the plane and another 3 minutes to taxi and take off.
Mullaly makes 28 Million a year, or 6400/hr if he worked 12 hours a day/ 365 a year. by saving him 4 hours for meetings, he negated the cost of 8 hours of downtime sitting on a plane not trying to solve the crisis...8*6400 is 51,200, alot more than a 10k flight on a jet they already have paid off.
On the media thing, they'll make a big flap about anything just for the sake of getting people to watch. If they really cared, they wouldn't care about this insignificant detail seeing as it has such a minimal impact on the larger problem that it would be laughed out of any board meeting, with stockholders there, if brought up as a way to help fix the hemorrhaging of money that is happening in Detroit.
11-19-2008, 04:55 PM
#69
Registered User
Join Date: Jul 2001
Location: FL/MI
Posts: 1,808
I can. If they really cared about cars, if they really cared about the company, if they really believed in their ability, they'd work for free, and take their bonuses when the company rebounded.
Manager-led companies will be the death of US business. Get them out and get someone in who gives a crap.
Manager-led companies will be the death of US business. Get them out and get someone in who gives a crap.
Working for free is not a part of my understanding of capitalism. It also isn't something I require from my american neighbors to prove to me they are well meaning, or much less, sincere.
If I have learned anything in my 57 years on this planet, it is that you should pay a days wage if you want that work done... and if you are getting paid a day's wage then be sure to deliver it or even a bit more.
Last edited by 1fastdog; 11-19-2008 at 05:02 PM.
11-19-2008, 04:58 PM
#70
Registered User
Join Date: Mar 2001
Location: Shelton, WA
Posts: 954
Have any of you flown out from Detroit Metro on a private jet vs. a commercial airliner?
A private flight you just walk onto, then take off, it takes about 1 hour to washington
A commercial flight takes about 5 hours when you factor in driving to the airport, check-in, boarding, flight instructions from attendants, the flight, landing, getting luggage, etc.
A private flight out of willow run takes you about 30 seconds to walk out from your car onto the plane and another 3 minutes to taxi and take off.
Mullaly makes 28 Million a year, or 6400/hr if he worked 12 hours a day/ 365 a year. by saving him 4 hours for meetings, he negated the cost of 8 hours of downtime sitting on a plane not trying to solve the crisis...8*6400 is 51,200, alot more than a 10k flight on a jet they already have paid off.
A private flight you just walk onto, then take off, it takes about 1 hour to washington
A commercial flight takes about 5 hours when you factor in driving to the airport, check-in, boarding, flight instructions from attendants, the flight, landing, getting luggage, etc.
A private flight out of willow run takes you about 30 seconds to walk out from your car onto the plane and another 3 minutes to taxi and take off.
Mullaly makes 28 Million a year, or 6400/hr if he worked 12 hours a day/ 365 a year. by saving him 4 hours for meetings, he negated the cost of 8 hours of downtime sitting on a plane not trying to solve the crisis...8*6400 is 51,200, alot more than a 10k flight on a jet they already have paid off.
These salaries are high but we have to look at them as free agent type pay for Nardelli and Mullaly as they had to be wooed with money to take a difficult job that even people like Bill Ford Jr. couldn't tackle. They already had top jobs at other corporations and thus wouldn't leave unless Chrysler and Ford made them a better deal.
Wagoner was with GM prior to being CEO and so his pay while high is in line with what a top level Fortune 500 CEO could expect to have after rising to the top from within.
They are the equivalent of making it to the pros.
And with any of these jobs the risk of being fired or removed sometimes from events outside of your control is always there. Remember that they have the most difficult job and have to work the hardest when times are tough. Not to mention that their decisions can save or burn billions and so that kind of decision making power and stress has to be compensated for.
I can't blame them for taking all they can while they can. If someone or some company offered anyone of us those dollars we would take them in a heartbeat.
Wagoner was with GM prior to being CEO and so his pay while high is in line with what a top level Fortune 500 CEO could expect to have after rising to the top from within.
They are the equivalent of making it to the pros.
And with any of these jobs the risk of being fired or removed sometimes from events outside of your control is always there. Remember that they have the most difficult job and have to work the hardest when times are tough. Not to mention that their decisions can save or burn billions and so that kind of decision making power and stress has to be compensated for.
I can't blame them for taking all they can while they can. If someone or some company offered anyone of us those dollars we would take them in a heartbeat.
Last edited by onebadponcho; 11-19-2008 at 05:04 PM.
11-19-2008, 05:13 PM
#71
Registered User
Join Date: Jul 2001
Location: FL/MI
Posts: 1,808
So Mullaly just wasted 3hrs or so on a plane flight that could have been spent in meetings and ironing out any details or problems that need to be addressed today. Just so a few pennies can be saved compared to the loss that the company is ensuing at a monthly rate? Anyone following? If you were a stock holder and this was a continual act, would you be mad? 10k, not even 50k, is going to matter when your lose BILLIONS per month. That would be like your job coming to you and telling you that you can't use the company car anymore because they need to cut back in these times because were losing millions per month.
.
.
Mullaly was likely working non-stop on the corporate flight from Michigan to D.C..
The more riding on your shoulders, the more you try to make the most of your time. Having the privacy of a corporate flight ensures you can keep after corporate business, with some expectation of confidentiality.
11-19-2008, 05:44 PM
#72
Registered User
Join Date: Nov 2001
Location: Payson, AZ USA
Posts: 1,181
Mulally does not make $28 million a year.
The first year he got a "signing bonus" that was equal to the bonus that he LOST from Boeing, by leaving, and going to Ford. Plus, the majority is stock options.
He actually makes something like $2 million a year in salary.
The first year he got a "signing bonus" that was equal to the bonus that he LOST from Boeing, by leaving, and going to Ford. Plus, the majority is stock options.
He actually makes something like $2 million a year in salary.
11-19-2008, 05:49 PM
#73
Registered User
Join Date: Jun 2000
Location: SoCal
Posts: 3,463
This is why most of their pay should be incentive-based. In other words, you make $X base salary. If the company loses money, you get NO incentive pay. If the company makes a profit, you get incentive pay based on that profit. Getting paid 28 million bucks a year to run a company/corporation into the ground is rediculous.
One problem with this and we've seen it more now that the economy is down is that some of the incentives are not tied to the company's performance but to their own performance goals. So let's say Ford has a goal to cut production costs by 2% and Mullaly gets that goal then he gets some kind of incentive or bonus even if Ford as a whole is loosing money.
These CEO's have contracts written like pro athletes and with one like Mullaly has there are many incentives that he can reach to increase his pay many times over.
Here is a quick link I found on this subject.
http://www.autoblog.com/2008/04/04/m...lions-in-2007/
Last edited by 99SilverSS; 11-19-2008 at 05:53 PM.
11-19-2008, 06:05 PM
#74
Registered User
Join Date: Apr 2006
Location: Wilmington, De
Posts: 254
Auto execs have some nerve
11-19-2008, 06:08 PM
#75
