United unions protest 'excessive' executive pay

Source: USA Today

United unions protest 'excessive' executive pay

By Marilyn Adams, USA TODAY

In a rare joint protest, five unions at United Airlines issued a statement Tuesday complaining of low pay, short staffing and excessive executive compensation at the No. 2 airline.

The protest from unions representing 30,000 United employees came one day after the Chicago-based carrier reported 2006 executive compensation in a securities filing, and 14 months after it exited Chapter 11 bankruptcy reorganization.

United said its top five executives received $25.7 million in the form of cash, stock or exercisable stock options. Of that, CEO Glenn Tilton received $9.3 million, the filing said.

"Throughout United's bankruptcy, 'shared sacrifice' was the mantra employees heard from upper management," the unions' statement said. "Executives have failed to lead by example, as employees have watched these individuals collect millions of dollars worth of stock, pay raises and bonuses."

Read more: http://www.usatoday.com/money/industries/travel/2007-03-27-united-unions-protest_N.htm

How many jobs did those bonuses cost?

Say, 200 times what the lowest paid contract worker for the company's subcontractors is paid in any nation. Alright, 500 times, I'm reasonable.