Jul 24, 2006
A bankruptcy judge approved the extension of Delphi’s bonus plan for its top 460 executives for another six months. Added to what they already got, this will bring their payout to as much as 74 million dollars this year. That comes to more than $160,000 apiece on average.
This is the same company that is threatening to ask the court to reject its labor contract if its workers do not agree to deep concessions of as much as 60% in wages and benefits by August 11.
The top UAW leadership feigned outrage at the bonuses, warning that the bonuses could “distract from negotiations.”
Of course, workers should be outraged at these bonuses at a time when Delphi claims it will lose two billion dollars this year. The bonuses show that Delphi still has plenty of money – it just intends to use it for those at the top. Yes – and outraged at union leaders who have been pushing them all along to give up concessions to Delphi!