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SRFireside
join:2001-01-19
Houston, TX
| reply to oliphant5
Re: And this changes what?
I'm talking more about the lack of raises and massive on those levels while upper management and the executives continue to get massive bonus checks, company perks and more. They try to validate the layoffs while at the same time paying themselves a lot more than necessary. Lets not forget the stockholders who got screwed by the same thinking.
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oliphant5
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join:2003-05-24
Corona, CA
| But the "bonuses" are part of their salary. People have screamed that top management shouldn't just get money to get money but rather it should be tied to performance. Now when the company performs, top management successfully navigating the company through bankruptcy and no doubt getting the company great deals from the court (staying off liquidation and ultimately 100% layoffs) and they get a bonus people still bitch. MCI elected to buy top people including Capellas, who saved Compaq.
My feelings are, unless the CEO just gets a straight $50K/yr salary people will bitch.
If you want to punish Worldcom leadership, then you should devote your efforts toward to leadership that drove Worldcom to bankruptcy, not the all new current one who is getting them out faster than anyone could have imagined much to the dismay of Worldcom's competitors.
Meanwhile, we see from this article, that MCI isn't just going to pay fatcats for the sake of paying. If you visit the MCI restructuring site, you'll see just how much they've accomplished since kicking out the old regime. »global.mci.com/news/ But like most news, the good doesn't make the from page while the bad or controversial does.
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-- Munis Killed the Telco Star -- Powered by Barry McKockenner Racing in association with Jack Mikkokov Motorsports
[text was edited by author 2003-10-19 11:23:26] | |
SRFireside
join:2001-01-19
Houston, TX
| All I am reading from that link is restructuring to help deal with their creditors and a blurb about the new ethics leader. My stance is still the same because I really don't know how much has changed yet. For a company that is under bankruptcy protection I am figuring the bonuses shouldn't be that high. Afterall the books are now showing very poor performance. This is the stuff we keep reading about with a lot of other telecommunication companies in the past.
So again I ask what has changed? Has the bonus structure changed to reflect a more realistic acceptance of rewards or is it still business as usual with the executives getting gobs of cash in spite of poor performance? Are they looking closer into decisions that harm the support staff (such as layoffs) when considering bonuses during times when the company's stock is faltering? I can't call a company very ethical in the long run if these issues haven't been resolved or at least met. Yeah I know. That means I would call most companies with investors unethical, but that's the way I see it.
BTW if the stuff I mentioned has been addressed and is on the site I didn't see it. Please provide a direct or quote if you can. If it's not mentioned then that's where I stand.
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oliphant5
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join:2003-05-24
Corona, CA
| Showing poor performance?!? They netted over $200 million in July and another $132 million in August AND they are building cash reserves at a huge rate ($600M in Aug to now over $5 billion). All this despite high reorganization costs.
What poor performance are you referring to? You should look at the monthly reports.
I think the new MCI leadership is doing an excellent job bringing the company back after the trashing by the old regime. MCI will emerge in a great position despite the huge hole it was in and despite the sluggish economy. I don't know what else you could expect from this management team that they haven't delivered. IMHO they deserve every penny they're getting, and those 55,000 employees who had their jobs saved would, if they think about it, think about how bad it could have been, would agree. Every employee was at risk for layoffs, whether it's Worldcom, Boeing or any other large corporation...but that's not the case now, especially at MCI.
The only ones critical of MCI now are their competitors. Customers are getting good service (according to recent industry awards) and their employees are working and MCI will certainly start expanding again.
MCI continues an excellent employee benefit package, 100% matching contributions to 401K to 5% of employee salary, comprehensive medical including prescriptions, dental, vision, life insurance, and disability.
And the continued success of the MCI recovery is reflected in that they're hiring, they are putting more and more people back to work.
In the face of all of their success, you question the bonuses paid to the leadership that made it happen? IMHO, that's how it should be...bonuses for company success. It seems to me that with this all new administration at MCI you get what you pay for, Capellas and the rest have saved 55,000 jobs, maintained the employee benefit packages (while many other companies can't as evidenced by worker strikes here in Cali), made MCI profitable in such a short time...and hell, they aren't even out of bankruptcy yet.
Say what you will about the old corrupt regime of Worldcom (they should all get life in Federal ass-pounding prison and their assets liquidated) but the new leadership at MCI shouldn't be painted with the same brush, especially in the face of such continuing success.
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-- Munis Killed the Telco Star -- Powered by Barry McKockenner Racing in association with Jack Mikkokov Motorsports
[text was edited by author 2003-10-19 13:53:38] | |
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