Dire Times for the Auto Industry

[Pete S.]

Where's the graphs and charts comparing CEO compensation between US manufactured cars and Japanese?

Pete S.

 

[dbk]

Where's the graphs and charts comparing CEO compensation between US manufactured cars and Japanese?

Pete,
GM has one CEO. At the beginning of the year, they had 75,000 hourly workers. If the average wage of an hourly worker including salary and benefits was $60 x 2080 hours a year, that's $124,800.

GM CEO - $3.36 million
Hourly Workers - $9,360,000,000. That's billions.

Come on. I get the whole shared sacrifice thing, but if Rick Wagoner worked for a dollar for his entire life it would still mean somewhere between absolutely nothing and jack shit in the context of the massive labor discrepancy that has existed for that last 17 years. UAW workers have paid 5% of their health care tab and white collar workers have paid 27%. Blue collar workers have been laid off and still gotten paid, or been given massive severance deals to go away. White collar workers have been given a cardboard box and an escort to the door.

I'm glad the UAW has given so much back in the interests of being competitive, and by 2010 it will be very close, but an eye on reality is well served in critical times. If Rick Wagoner was walking away with $150 million, I'd be more concerned. As is, he's got a couple million bucks for having his whole life dissected, a virtual guarantee of death within 5 years of retirement, and a grip of worthless stock options that have artificially inflated his perceived compensation.

I don't know about you, but I wouldn't take Rick Wagoner's job for anything less than $20 mil a year. :lol This is quite literally, one of the worst and most demeaning jobs in the world. Every one of these guys retires a villian eventually, regardless of being a corporate slave for 35 years.

 

[Mullet]

$125k a year for each employee in costs. This is blantantly obvious where the major problem is.

 

[Gulf GT]

Most people have no idea what it is like to be a major corporate CEO. These people have no life at all, and their life on average is cut way short due to all the stress and non-stop work. I was on the fast track with several companies in the computer industry for these jobs years ago, and luckily I was smart enough to walk away. I saw the writing on the wall, and it wasn't what I wanted for myself or my family. Most of these people earn every penny, and it's still not worth it in my opinion.

 

[Kingman]

Most people have no idea what it is like to be a major corporate CEO. These people have no life at all, and their life on average is cut way short due to all the stress and non-stop work. I was on the fast track with several companies in the computer industry for these jobs years ago, and luckily I was smart enough to walk away. I saw the writing on the wall, and it wasn't what I wanted for myself or my family. Most of these people earn every penny, and it's still not worth it in my opinion.

+1

6 months (at least) out of the year on the road in hotels all over the world. People that don't travel for a living think it's glamorous. Bullcrap. :ack

 

[Pete S.]

I agree with everything since my last post; I was part of the management team at a lower level for the last 2 years I spent with a manufacturing company in Virginia, and that was all I needed never to aspire to it again. Though, there are certain personalities that make it a better fit than mine. Dave, what I requested is seperate from the cost-per-vehicle issue; I just wanted to know if it was out there, US Car CEO VS Japanese Car CEO.

As a union member I see first hand what goes on and there is much not to like. The few typically carry the many. I will give my particlular group some credit for at least presenting all aplicants with written, oral and hands on testing before hiring. The problem here is that the test hasn't changed, and the correct reponses have been shared between friends so we end up hiring; or from my end getting stuck with; several who have no clue.

I am uncertain how the UAW computes retirement, but it is out of control here.

Pete S.

 

[dbk]

Dave, what I requested is seperate from the cost-per-vehicle issue; I just wanted to know if it was out there, US Car CEO VS Japanese Car CEO.

Right, but it's just such a peripheral issue used in the media to distract and divide. They make a big deal about what Mullaly gets paid. Well, Mullaly was recruited from a high dollar job to a company in the midst of a crisis. Talent doesn't jump from a yacht to a sinking dinghy for free.

I'm sure they get paid much higher over here. The Japanese have a much, much, much different attitude towards work, pay and worker/company relations. You get people who slave over there for corporate honor and they take a significantly different tack on what it means to have a successful company. Here, people have an insatiable bloodlust to trash our own goods, no matter what it is. The "Buy American" notion has been turned into a too-cool-to-care joke.

 

[tpraceman]

Actually They (Japan) top executives do not divulge compensation. And most are given a gift when retiring often in the form of a company (supplier).

Make this clear Kia & Hyundai are UNION and STRIKE EVERY YEAR.
They just finished a nasty one in which they wanted all the same things.

Here is the Toyota stat.
BACKGROUND*
Katsuaki Watanabe has been President of Toyota Motor Corp., since June 23, 2005. Mr. Watanabe serves as Corporate Auditor of Toyota Industries Corp. He served as Executive Vice President of IT, Business Development, Government & Public Affairs and Purchasing of Toyota Motor Corp., from 2001 to June 23, 2005. He served as a Corporate Auditor of Toyota Boshoku Corp. Mr. Watanabe serves as a Vice Chairman of Gamagori Marine Development Co., Ltd. He serves as Outside Director ... of Mitsubishi UFJ Securities Company Limited and Mitsubishi Securities Co., Ltd. He has been a Director of Toyota Motor Corporation since September 1992. Mr. Watanabe joined Toyota in 1964.

Read Full Background

CORPORATE HEADQUARTERS*
1 Toyota-Cho
Toyota City, Aichi 471-8571

Japan

Phone: 81 5 6528 2121
Fax: 81 5 6523 5800
BOARD OF DIRECTORS MEMBERSHIPS*
2005-Present
President and Director
Toyota Motor Corp.
Former Corporate Auditor
Toyota Boshoku Corporation
Corporate Auditor
Toyota Industries Corp.
Outside Director
Mitsubishi UFJ Securities Company Limited
EDUCATION*
There is no Education data available. OTHER AFFILIATIONS*Toyota Boshoku Corporation
Toyota Industries Corp.
Mitsubishi UFJ Securities Company Limited ANNUAL COMPENSATION*
There is no Annual Compensation data available.
STOCK OPTIONS*
There is no Stock Options data available.
TOTAL COMPENSATION*
There is no Total Compensation data available

Source
http://investing.businessweek.com/b...viousTitle=Sports Properties Acquisition Corp.

 

[on d bit]

what the hell happened?:frown


give 7 trillion to the banks, and we cant loan the big three 30 billion for 5 years?:confused

 

[dbk]

It ain't over yet. This is one big game of political chicken. Everyone is playing for theatrics.

 

[BlackICE]

what the hell happened?:frown


give 7 trillion to the banks, and we cant loan the big three 30 billion for 5 years?:confused

Where did you get the 7 trillion number. The banks and AIG got less than 500 billion (no small change) so far, but the Feds are on the hook covering maybe 7 tillion of securities. If you look at it that way, how much was the FDIC covering even before the bailout.

 

[dbk]

Academic. Either way the double standard here is beyond belief. I was listening to them today and they couldn't even explain how the first $350 billion was spent. 350 billion! "Well, we know we gave X to this guy and Y to these guys, but honestly we can't say how it got spent."

Un. ****ing. Real. What a joke. A complete and total joke.

 

[BlackICE]

It looks like the Senate gave up! It is up to Bush to give them money now, or GM and Chrysler will have to hold on until Obama and the new congress is sworn in.

 

[on d bit]

i heard it from someone who is generally on the ball. this is what i found.

http://www.bostonherald.com/business/general/view/2008_11_25_Bailout_tally_approaches__7_trillion/

and a few other articles with a 7.4t price tag.

 

[Cobrar]

It ain't over yet. This is one big game of political chicken. Everyone is playing for theatrics.

Exactly! Extremely sad that partisanship is bigger than problem solving. And while the high stakes 'game' is being played out, a few businesses may be forced into Ch11 or 7. I wonder if the 110th congress can be sued in federal court on a breach of fiduciary responsiblity to America?

 

[Kingman]

Exactly! Extremely sad that partisanship is bigger than problem solving. And while the high stakes 'game' is being played out, a few businesses may be forced into Ch11 or 7. I wonder if the 110th congress can be sued in federal court on a breach of fiduciary responsiblity to America?

I like your approach. The only problem is, the taxpayer loses again. If they were held personally responsible, then you're onto something. :thumbsup

I sure like how the Mayor of Lansing, Virg Bernero thinks and speaks! He suggests that Congress should be based on merit pay.

 

[nthfinity]

http://www.politico.com/news/stories/1208/16523.html

this ~could~ be the better option than what Congress has been proposing

 

[dbk]

Exactly! Extremely sad that partisanship is bigger than problem solving.

It's pathetic. You know I'm anti-union in general, but this was purely a case of an attempt to break the union. Immediate concessions to below transplant wages? Give me a break. Another $2 an hour is NOT the difference. This notion that nothing has been given back by the UAW is absurd.

 

[Cobrar]

I sure like how the Mayor of Lansing, Virg Bernero thinks and speaks! He suggests that Congress should be based on merit pay.

Let's see, we have federal deficit rising into the trillions. So whether Congress' merit calculation is based on yr/yr performance or just that it a negative number, the pay for congress would be how much....??? I'll vote for that!

I am forgetting history here. Wasn't the original Congress a part-time, non-paying job?

 

[fjpikul]

I just can't believe the US government has FORGIVEN trillions in loans to countries all over the world but can't support it's own industries.

This is not a political comment, only an observation - please don't ban me!