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calendar   Monday - November 21, 2005

Automakers: Counterpoint

In an earlier post below ("GM: Shut ‘Em Down"), we looked at GM’s decision to layoff 30,000 workers and shutdown nine plants. We discussed the reasons why GM is in this bind. Now we turn to the other side of the equation (we always try to be fair and mentally unbalanced here at BMEWS) as we examine GM’s largest parts supplier, Delphi, and what’s going on there. For starters, Delphi plans to layoff 24,000 over the next three years and reduce average wages from $27 per hour to $9 per hour .... while giving CEO Steve Miller a $3.7 million signing bonus a few months ago and paying out $90 million to 486 senior managers as a reward for “steering the company through bankruptcy”. It’s starting to look like there’s a lot of greed on both sides of this equation. Lucky for us it’s not a quadratic ....

GM parts supplier Delphi plans to axe 24,000 jobs:
Reduce hourly wage from $27 to $9;
Pay managers bonuses worth $90m

(FINFACTS)

Former General Motors parts unit Delphi, which is in bankruptcy protection, has said that it will close all its US plants unless trade unions agree to wage cuts to rescue America’s largest auto parts-maker. Delphi CEO Steve Miller, who received a signing-on hello bonus of $3.7 million last summer, said that he hasn’t received union counteroffers to his proposal, which includes reducing wage levels from an average $27 per hour to as low as $9 and slashing up to 24,000 jobs over a three-year period. Motor union UAW President Ron Gettelfinger called Delphi’s offer an “insult.”

“We are going to try and save as many jobs as we can, but at the current wage rates, we would have to close down all of our US plants,” Miller said. Delphi will pay an average US wage of $26.97 an hour in 2005. Delphi was spun off from General Motors in 1999 and a strike could cripple both the parts maker and its largest customer GM.

Last Wednesday, loss-making General Motors’ stock fell to a 14-year low - it fell 6 percent to $21.29, its lowest level since 1991 and embattled chief executive Rick Wagoner was compelled to issue a statement to employees that the company has “absolutely no plan, strategy or intention” to file for bankruptcy. Despite the firmness of the intentions, there is a Custer’s Last Stand feeling about the strugggle of the onetime icon of industrial America, to pull the fat from the fire.

Delphi filed for court protection in October after Miller failed to win concessions from unions and financial help from former parent General Motors. Miller has said he will ask the bankruptcy court to let the company impose terms if unions don’t agree to pay and benefit reductions by December 16th. The UAW, along with Delphi’s other trade unions, said its primary focus in coming weeks will be to expose and challenge generous executive compensation packages Delphi is proposing for senior management.

Delphi plans to pay almost $90 million in bonuses for 486 top managers as a fair reward if the company emerges from bankruptcy. It also said a recently improved severance program is necessary to keep 21 key officers from leaving.

Money, get away.  tune
Get a good job with good pay and you’re okay.
Money, it’s a gas.
Grab that cash with both hands and make a stash.
New car, caviar, four star daydream,
Think I’ll buy me a football team.


Money, get back.  tune
I’m all right jack keep your hands off of my stack.
Money, it’s a hit.
Don’t give me that do goody good bullshit.
I’m in the high-fidelity first class traveling set
And I think I need a lear jet.


Money, it’s a crime.  tune
Share it fairly but don’t take a slice of my pie.
Money, so they say
Is the root of all evil today.
But if you ask for a raise it’s no surprise that they’re
Giving none away.


avatar

Posted by The Skipper   United States  on 11/21/2005 at 01:56 PM   
Filed Under: • EconomicsUnions-Labor •  
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