Originally Posted by
tsquare
Riiiiiiight. So it was standard practice for CEOs to negotiate bankruptcy proof, taxes paid retirement plans? And not... one.... word.. from the association. Not... one... Sorry, I don't buy your argument. He knew what he had placed in motion. And on your minor point... they also know that they have labor as their ATM. The damage that man did to this company is mind boggling... It took a merger to undo it or we would still be peeling back the onion.
The SERPS were put into place almost 4 years after we set the pay standards on the new equipment and a full year after 911 when it was then becoming apparent that the airline industry was in deep trouble. The time line makes no sense. As a side note the company attempted to keep the Serps secret and their existence did not come out until the 03 annual report. There were put into place in late 02. They attempted to bury the info deep in the report but it eventually came out. There was a clear intent to deceive on the companies part.