May 12, 2012
When United Airlines declared bankruptcy ten years ago, Glenn Tilton (the CEO of UAL) said that the only way to exit bankruptcy was to agree to have my pay cut by one third and to give up my pension. ALL of the employees at the company agreed to give up much of their pay, pensions and benefits. The next day Glenn and 400 vice presidents took bonuses for talking the employees into such an absurd scheme. Glenn got $40,000,000 for his trouble. Each vice president got $1,000,000 for their help.
Guess what? None of those 401 people are still with United Airlines. A new CEO, Jeff Smisek, took over that position when the former Continental Airlines and United "merged"....although that misnomer is another letter. The previous CEO of Continental took his money and retired, happily ever after. Jeff Smisek will likely retire once the airlines are combined. ALL of these "leaders" pay a smaller tax percentage than any of their employees. America suffers when the larger tax base (employees and people who actually work for a living) pay less money in taxes.
The fact that these salaries by the so called leaders of business is a secret should be reason enough to raise a few eyebrows. Why should their pay be hidden from the public? Why does the SEC want to be a part of fooling the American public? Are you a part of the cover up?