Since 2005 the top five executives at American Airlines have received $100 million in bonuses. Wow, American Airlines must have done pretty well, huh?
Well, actually, not really. They must have made at least double of those bonuses in profits, right? No, not really. Actually they lost $4.2 billion dollars in that time. That's billion, not million. Yep, they are averaging $20 million a piece for these five executives, while they lost that much money.
Good job! See, the reasoning must be, if not for this bang up job by these execs, they might have lost say, $4.2 billion. Remember, these high bonuses are paid because the defenders of this kind of system, say that great executives need to be compensated to be retained by companies. It looks like no matter how incompetent your are as an executive though, you will be paid well.
If you are a rank and file worker, please wait for your termination notice, or if you are lucky, pay cut. By the way, American Airline flight attendants agreed in 2003 to cuts in pay and benefits that totaled $340 million annually. They must be the reason the company that lose $4.2 billion in 6 years, huh?
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In an example of not only unethical but illegal corporate activity, banks paid at least one company to process paperwork for foreclosures on houses. In the bundling of mortgages that crashed in the past couple of years, documents were lost by the banks that owned these mortgages.
So these basically forgery mills, paid workers about $10 an hour to sign the made up name of a Vice President of a bank. A Vice President who was a VP at dozens of banks! Yes, Vice President Linda Green must be one tired executive because her name appears as a VP with numerous banks. Actually Linda Green was a low level employee at one of these forgery mills and her name was signed by dozens of different people because, it is a short name to sign. They chose this name because it was quicker to write than Shelia Frankfurt, for example.