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Issue No. 177 | 09 May 2003 |
Joining The Dots
Interview: Staying Alive Bad Boss: The Ultimate Piss Off Industrial: Last Drinks National Focus: Around the States Politics: Radical Surgery Education: The Price of Missing Out Legal: If At First You Don't Succeed History: Massive Attack Culture: What's Right Review: If He Should Fall Poetry: If I Were a Rich Man Satire: IMF Ensures Iraq Institutes Market Based Looting
Combet Calls On Unions to Muscle Up Hotel Workers Trump Living Wage Abbott Brushes Security Concerns Rebates Thorn in Medicare Side Bosses Infected With SARS Hysteria Entitlements: Bargaining Chip Ploy Fails Nelson Plan Faces Higher Hurdle Public To Pay For Patrick Closure Airline Ratbags Bigger Than Texas Credibility Crisis for World Bank
The Soapbox Solidarity The Locker Room Postcard Bosswatch
Massive Attack Teamwork Tom Solidarity
Labor Council of NSW |
News Airline Ratbags Bigger Than Texas
American greeted the narrow vote of mechanics and flight attendants to give back $US1.61 billion in wages and benefits by proposing a $US1.6 million bonus for chief executive, Donald Carty, whose base salary is $US811,000 a year. Carty was one of six executives of the company, staring down bankruptcy, for whom six or seven figure bonuses were proposed. Not unnaturally, flight attendants, ground workers and mechanics threatened to withdraw their concessions, prompting a rethink in the company's Austin, Texas, boardroom. American top brass withdrew the bonus packages but left in place millions of dollars in pension top-ups which will be spread across 45 executives. Meanwhile, back in Australia, low-flying AMP is backing away from a multi-million dollar incentive package for its chief executive officer, Andrew Mohl. AMP has lost $5 billion of its market value in the past week. Share prices, which stood at around $20 two years ago, have plummeted to $5.16. Under a remuneration scheme, which was to have been put to shareholders this week, directors planned to tip a whopping $7.5 million into the Mohl bank account, via cash and shares. Mohl took over the company's hot seat last September but has thus far been unable to halt the share price free fall. But AMP has a history of corporate excess. Public pressure led to former chairman Stan Wallis recently forgoing a $1.6 retirement payment and the current board is refusing to honour an $18 million golden handshake for former CEO Paul Batchelor. Troubled Pan Pharmaceuticals has also been handsomely rewarding its bosses. General manager, John Brennan, picked up $539,000 from the company last year, although his basic salary was $184,000. Brennan had earlier been the beneficiary of a $2 million interest free loan from the company, allowing him to purchase two million of its shares.
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