Northwest's Big Payout
Northwest flight attendants this week began voting on a tentative agreement that would lock in pay cuts through 2011. Just then they learned that under a Chapter 11 agreement, after Northwest exits bankruptcy, Northwest Chief Executive Doug Steenland will get $26.6 million in restricted shares and options.
As one might expect, the flight attendants objected to the big payout. So too did the unions for airline pilots and ground workers, like baggage handlers and reservations agents.
Seems to me it takes a lot of guts to take a multimillion-dollar handout when you're asking your workers to take cuts. I think that's true even if you've made a company a lot of money during your tenure. How does that work if you've been in charge during a period a company went broke?
Am I missing something?
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