Us Airways: Recoup Exec's Money

[USA320Pilot]

US Airways: Recoup exec's money

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Respectfully,

USA320Pilot

 

[AP Tech]

Funny the company has no problem "breaking contracts" it signed with various unions on the property........why is it not possible to go after the execs?????

 

[AP Tech]

One more thing......notice while in BK U went after everbody EXCEPT the previous Execs and their golden parachutes???? 😱

 

[Walmartgreeter]

I would be willing to contribute to this cause. It that possible? Anybody? The ONLY exec we have had in the last 20 years that deserves ANY comp is Butch..at least he got us the BA moneys. Best to you all, Greeter.

 

[Winglet]

"US Airways' CEO promised local congressional representatives Thursday that he would look at ways of possibly recouping some of the millions paid to departing airline executives."

Is anyone naive enough to think that Lakefield is going to actually try and do this? Has Lakefield made any public pronouncements condeming the avarice of former excutives, or has he remained silent?

One thing these guys DON'T do is crap in their own messkit unless the justice department has them by the shorthairs. That's the only time that they'll rat each other out.

 

[insp89]

Funny the company has no problem "breaking contracts" it signed with various unions on the property........why is it not possible to go after the execs?????

A Very good question....Could it be they consider breaking contracts is justified for the "unwashed" and not for their fellow "FRAT" Buddies ???

 

[delldude]

you're right winglet.....its a sore spot with all labor groups..so lets play it up,maybe they'll soften up for concessions then.....
besides justice would have done something when wolfe and rakeesh bailed..... <_<

 

[Winglet]

What a disengenous and evasive answer. A man of integrity would have said would have at least been honest and said something like:

"The severance money that was paid to Mr. Wolf and Mr. Gangwal is irretrevable. Their personal lawyers and the lawyer of US Airways wrote the contract so as to be immune from future revocation regardless of the circumstances of the airline."

 

[PITbull]

I'm surprised Lakefield would say such a thing to these congressmen. I view this as "hipe" and retorhic. There is no way they can retrieve this money, I think Lakefield knows it. He just likes hearing himself speak.


Bronner (Lakefield's pal) had an opportunity to renegotiate Siegel's and Cohen's contract while in BK, but Bronner was only focused on threatening all of the labor groups with liquidation back then.

 

[Dea Certe]

I would very surprised if there's a way to get monies back after the fact. I'd love to see it, though.

If nothing else, maybe a lawsuit could lead to some new laws forbidding such wanton thievery from companies in financial trouble. How can it be legal for a management who can't pay its workers, reneges on agreements with vendors and ends up in bankruptcy, to make obscenely large pay-outs to the executives? Or looting the pension funds of those workers who have spent most of their adult lives working for said company?

As has been noted on this board and by US Airways management, this is a very senior company. Should it go into liquidation, and leave a lot of citizens without retirements, doesn't that affect the national economy?

It's just not right for a band of gypsy executives to reap large amounts of money while driving a business out of existence.

Count me in for a donation to an effort to put a stop to this. It might come too late for US Airways, but at least it might save others from going this route.

The peasants are becoming agitated. Not good in an election year.

Dea :angry:

 

[700UW]

My reading on Mr Lakefield is that he pretty much single handedly held Lehman Brothers together when Wall Street left the company for dead.

Bob, you are begining to sound like a certain pilot.

From my reading he was in charge of the international operation, not American.

From US Airways:
Mr. Lakefield, 60, served as chairman and chief executive officer of Lehman Brothers International from 1995 to 1999, when he retired. In that position, he was responsible for all of Lehman’s activities in Europe and the Middle East, including investment banking, capital markets, asset management and private client businesses. He has served as a senior advisor to the Investment Policy Committee of HGK Asset Management since 2000, and also served as a non-executive director of Constellation Corp., PLC.

Mr. Lakefield joined Lehman Brothers, Inc., in 1974 as senior salesman, fixed income division. While at Lehman Brothers, he held a variety of management positions, including manager, U.S. Treasury primary dealer; sector head, U.S Treasury, corporate, non-dollar and municipal bond divisions; and co-head, fixed income division.




From Forbes:
Bruce R Lakefield

Chief Executive Officer, Director at
US Airways Group, Inc.
Arlington, Virginia
TRANSPORTATION / AIRLINE
Officer since April 2004
Director since March 2003

Track This Person

60 years old

Mr. Lakefield served as Chairman and Chief Executive Officer of the Lehman Brothers International from 1995 until 1999. He has served as a Senior Advisor to the Investment Policy Committee of HGK Asset Management since 2000. Mr. Lakefield serves as a Non-Executive Director of Constellation Corporation PLC. Mr. Lakefield is Chairman of the Human Resources and Strategy and Finance Committees and a member of the Audit Committee of the Board of Directors.