How would you like to make $81,000 for six months of work at a bankrupt co

Full weeks news here: http://blog.aflcio.org/2006/07/22/bargaining-digest-weekly-19/

Bargaining Digest Weekly

How would you like to make $81,000 for six months of work at a bankrupt company? That’s $81 per hour.

Yes, that’s what 467 Delphi Corp. executives will get following a U.S. Bankruptcy Court court ruling permitting the company to dig itself a $38 million hole by approving additional executive bonuses—over and above their regular salaries. The law limits retention bonuses to a multiple of 10 over what regular hourly workers make. Some limit.

***

UAW President Ron Gettelfinger says workers have short- and long-term interests that must be addressed before they will support an alliance among GM, Nissan and Renault. GM has agreed to explore possibilities with Nissan-Renault on the urging of Kirk Kerkorian, based on his 10 percent stake in the company and his proxy on the GM board, Jerry York. Renault owns 44 percent of Nissan.

The Washington Post details the problems GM and the UAW face in a Nissan-Renault alliance. Nissan workers in Smyrna, Tenn., are nonunion and earn around $4 less an hour than union autoworkers. Last year, Nissan replaced its retiree health care plan with an annual payment of $2,500 and eliminated the defined benefit pension plan for new hires, replacing it with a 401(k) plan.

The CEO of Nissan and Renault, Carlos Ghosn, stridently opposed UAW organizing efforts in Smyrna. Ghosn is known in Japan as the “Ice Breaker” for shattering long-established relationships with unions and suppliers.

***

People like my brother in law have to abide by one set of rules which include having to pay back their debts even after bankrupcy while companies get to do anything they want.

The workers should be paid first (they have the fewest resources), the suppliers second, and the executives dead last, only if there is still money left over. The shareholders should get zip.