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Tag: $652 Loss

When The UAW Owns Policy Making

By Corinthian Scales, Section News
Posted on Mon Jan 31, 2011 at 02:33:20 PM EST
Tags: UAW, Taxpayer Bailouts, FIAT SpA, Chrysler Group LLC, $652 Loss, Performance Awards, MI 6% (all tags)

Reading today's JOA News, is like reading a DC Comic.

Although it didn't make a net profit last year, Chrysler Group LLC will give bonuses to its employees in the United States and Canada to recognize their efforts over the past year.
Chief Executive Sergio Marchionne revealed the plan for "performance award payments" today in a conference call outlining fourth-quarter and full-year financial results. Employees were informed by e-mail.

"It would have been inexcusable to not recognize what our people have done," Marchionne told analysts, explaining that the board agreed that rewarding Chrysler workers was more prudent than reducing the loss on the bottom line.
The amount will be disclosed in about a week, he said. Hourly and salaried workers will get bonuses.
It cannot be called profit sharing, as the automaker reported a loss of $652 million for the year. Marchionne said it is better classified as a performance award.

Now, how cool is that? In other words, next time your household runs in the red ink, go out and have a steak and lobster dinner and just tell yourself that you deserve a reward. And, oh, by the way... the folks at the next table? You pick up the tab. Damn, if Marchionne doesn't illustrate to folks that the Italians have been socialists since the days of Moussolini, nothing will.

I ask again, will Chrysler Group LLC be exempt from our Governerds' 6% Corporate Tax replacement scheme?

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