The International Union of Electronic Workers-Communications Workers of America (
IUEW-CWA) is bitching and moaning (for rather reasonable reasons, we might add) in a filing today in the Delphi bankruptcy hearing over a $60 million-a-year bonus program for Delphi executives at a time when the bankrupt auto parts supplier has just offered attrition programs to its union workforce. This also comes as the company reported a $2.4 billion loss for 2005 yesterday afternoon in a very much delayed annual report. We already know how Delphi management's going to justify this — it'll be the same old "you need to pay competitive salaries to get good people" argument we've heard in the past. And every time, we find it more and more funny for management folks to say this when they're talking about their bonuses — but later in the day they'll be the first folks to go after the unions for pay cuts. Wethinks maybe there's a flaw in logic somewhere around here.
Annual Report Rollback! Delphi Releases Numbers, Cuts Losses In Half [internal]