1 View
UAW Profit Sharing Bonuses: Enough To Buy Two Tatas!
by
Steven Lang
(IC: employee)
Published: February 17th, 2012
Share
With GM’s recent announcement of $7.6 billion in profits for 2011, you would think that the taxpayers would get a nice chunk of those proceeds.
Well, we’re not even half way to that ship yet. UAW shareholders though are a different story. GM recently announced that they will cut nice thick checks in honor of their UAW shareholders. As much as $7,000 in certain cases.
This will indeed be GM’s largest profit sharing payout in history. The prior high? $1775 per UAW employee in the glory days of 1999. In the meantime Ford plans to fork over $6200 as a maximum. Part of that has been paid out already. As for Chrysler? $1500.
Steven Lang
More by Steven Lang
Published February 17th, 2012 11:10 PM
Comments
Join the conversation
At that price, those must be some very "bodacious ta-tas"!
"With GM’s recent announcement of $7.6 billion in profits for 2011..." Gentleman, a moment of silence now for the bondholders shafted in 2009.
Assuming the workers are all at the 25% tax rate bracket, the government get's off the top 25% of the bonuses. Plus, the workers have more money to buy a GM vehicle. Which theoretically improves the stock price. Personally, I think the money should have went into improving their products.... But that would have been way too much long term thinking.
This will do GM in. If the salaries of those designing the cars are in fact frozen then eventually those designers who are now designing a quality product will leave. Lets not kid ourselves. Assembly can make a well designed car bad but it can't really make a poorly designed car good. There are only so many ways to bolt them together unless one doesn't bother to put the bolt in or something. And as to all the phony buy American patriotism flying around in these sorts of stories and the bashing of those of us tat buy foreign, maybe one of you Patriots will wax my Toyota for me while I am in Afghanistan. And I love that the Union guys are getting fat bonuses thanks to billions in Government intervention while Washington forms panels to look at gutting my retirement. Hell maybe we can get the UAW to represent the Army.