Senior Management''s Bankrupcy-Exempt Irrevocable Trust Retirement Fund

[AAmech]

If they had revealed this from the start it would have been no big deal. As usual its the damn coverup that pisses me off! IMHO Carty and Co had been doing a pretty good job on the issue of exec compensation up to this point. I had been consoling myself by thinking,Sure he''s greedy, but not nearly as greedy as these other Airline Exec''s! Now he''s gone and stepped on his you-know-what!

 

[Fly]

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On 4/17/2003 7:27:11 PM desertfox wrote:

This is much adu about nothing....cut and past this link....SERP is used all over, AA''s wasnt even fully funded.

This board is a soap opera...it''s getting as bad as Yahoo''s.
If more would use their heads instead of emotion it would be a more useful board. I realize emotions are raw, but do some looking before leaping to conclusions.

http://ilf.hartfordlife.com/public/products/serp/index.shtml
http://www.sdcs.k12.ca.us/serp/
http://www.principal.com/keyemployees/serp.htm

SERP = Supplemental Executive Retirement Plan – A type of nonqualified deferred compensation plan. Generally, benefits are paid from the employer’s general assets, and no amounts are specifically earmarked for future benefit payments.




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Desert - If it was so "used all over" than why the confidentiality agreement? The question to everyone is this.....if the unions were NOT in on it, then they won''t sign the new agreements, will they? Of course not....but if they were part of it....bendova! It is scary to watch America become a 2 class society :knockout:]

 

[Boomer]

Despite the claims of eolesen(aa mgt) and wxguesser(laid off) AMR is seeking to manipulate you with the real threat of bankruptcy.

In light of the lack of "good faith negotiations" and the new "Executive Retention Program" nothing less than a Federal Court overturning the results of the latest negotiations SCAM by the Unions and AMR is acceptable.

Be advised that AMR can only abrogate their agreements if they can show that they negotaited in good faith and provided all material information to our Union representatives during those negotiations.

It is plainly clear that there was no good faith and that all material information was not divulged; therefore there is no legitimate claim by AMR to overturn the labor agreements.

If AMR did turn over the information but that was not relayed to the membership by the respective Unions, informed consent by the voters did not occur.

Either AMR or the Unions are not relating "material information", to the affected memberships the who is not as important as the what.

Someone is legally liable. The voting process MUST be redone by all parties in a manner that is fair and equitable with regard to each and every person being able to cast and have counted their vote.

DO It Over.

 

[ART]

You have seen the courage and determination of Master Debater John Ward and the honesty of Don Carty and Senior Management. Don''t leave out our just "retired", one of 44, officer who holds/held ranking position with the AAA. In The Ol'' West, Chicago, Miami and New York this would be handled in the street. It''s time for some of the street.

To coin a phrase, very strange bedfellows, The Master Debater, Ward and Master Liar Carty. Are there pictures? Video? Video and audio?

What about phone records between the AAA and Ward and Carty. This is both a Federal RICO matter and maybe we should make it a personal matter as well. Any ideas for counsel?

Anybody want to be my friend now? I might come out of retirement. Nah.

You know all of this could have been possibly handled by:

A simple reduction of 7-9 hours per month per person;

Quit screwing the retirees;

Let the TWA people in at 1 for 3;

AA pay the dumb insurance for those on leave;

Extend COBRA to 3 years at 50-60% payment for any that would have fallen into furlough (not that many);

Keep pass benefits to those on leave and allow furloughees to keep passes for 5 years at minimum.

Doesnt seem so inhuman now does it?

Say hi!

Still your friend, after all these years!

A R T

PS: John and Don, there are bridges close by!

And Eric, Shut the Eff up on all topics, we are all sick of you and smug m-Effers like you.

I''ve been High and I''ve been low, totem pole that is, your kind and the others can just shut up! Your theories aren''t the real world. You do not have a clue

 

[spark chaser]

this is from other board

KXAS Ch. TV 5, the local NBC affiliate
here in DFW Reporter Ramona Logan
has gotten confirmation from
AMR Spokesperson Bruce Hicks
that he was WRONG....that the
3 Unions on the Property were
NOT, I REPEAT NOT told of this
SERP Trust.
Now AMR Management is admitting
that they kept this information
secret from the Union Leadership
and so our leaders DID NOT know
of it during this process.

 

[Mach85ER]

Slap the lying mouthpeice with a Rule 32 violation.


Oh, I forgot, soem pigs are more equal than others.

 

[WXGuesser]

I have to agree that this whole thing is smelling worse and worse, and that this information should have been released to the unions.

Even though having something like this SERP is standard and accepted practice in the business world, the fact of its establishment should have been revealed. Once again, AA is shooting itself in the foot.

However, I found out today it doesn''t matter to me anymore; my job is being outsourced. Truly funny, because today was my original Date of Hire.

I wish all of my former coworkers at American Airlines safe flying.

CAVOK

WXGuesser
AA Weather Services

 

[atabuy]

In addition, the company offered its six top executives bonuses double their base salaries if they remain until early 2005.

Among the executives in line to receive the bonuses is chairman and chief executive Donald J. Carty, who had told workers last month that he would take a 33 percent pay cut. His salary in 2001 was $585,000. Carty did not publicly discuss the bonus.

In the months since the trust was created, the company demanded pay cuts of 23 percent from pilots and 16 percent from flight attendants and ground workers, effective May 1.


I hate to be cynical here, but, it just shows how much exectutives care about employees and stock holders.
These guys are entrusted with the welfare of the company and all they see is; how can I get as much as possible before this company goes belly up or into BK.
They are worried more about their future than the company that gave them generous wages for years.

The ironic thing to me is the reason they want these bonuses. They are afraid some head hunter is looking for personel who have been ineffectual for 2 years while AA has been spiraling out of control. I am sure the Harvard Business School will be asking them to come talk to the graduates this spring.

The speech might go like this:
As I look out at all of you I see some worried faces. Let me be the first to tell you not to worry about your future. When you look for work, I would suggest you seek employment with any of the airlines that are publicly traded. Why you ask? Well, for starters, airlines kind of follow one anothers lead. If one raises their prices, you would do the same thing. If they cut capacity, do likewise. The truth is, this is a no brainer job. Just follow the leader. If by no fault of your own, oh well even if it is your fault, there are provisions you can make to ensure you don''t go away empty handed.
Stock holders and employees are like Darth Vader''s imperial army. Simple minded fools. I have head hunters calling me all hours of the day, trying to tempt me away from this cushy job. Never accept any offers until the company goes chapter 7. Most times as the company is being pilaged by you and failing, it is possible to increase earnings by explaning how valuable you are to the company.

To keep under the radar screen, try to keep this on the Q T. Especially if someone is voting on giving money back to the company.

I would say good luck to all of you, but it''s not neccessary.