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| Updated: Tuesday, December 23, 2003. |
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[What do you think?] [Archives] [Torah] [About]
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Wednesday, April 30, 2003
American Style: Crony Capitalism (Phil Greenspan)
"US Airways likes to pay their executives even when they don't work. Three top executives offered themselves $45 million in the event that they decided to stay at home instead of working at a merged US Air/United Airlines. The merger never went through but the guys took home an extra $35 million for failing. How did the US Airways workers fare by comparison? Nearly 20,000 have lost their jobs entirely; the rest have taken pay cuts (a US Airways flight attendant earned between $18,000 and $38,000 per year before the cuts)."
