Word: gm
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Dates: during 2000-2009
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...Feinberg's big changes are in the form of payment, particularly on Wall Street. Gone are year-end payouts and AIG-style guaranteed retention awards. Instead, he devised a method of compensating executives: something he calls salary stock. Each pay period, the executives at Bank of America, GM and the other firms will get awards of stock along with their regular paychecks. The checks can be cashed immediately, but the executives may not sell the stock for up to four years. Also, bonuses are paid in restricted stock, which must be held for at least three years...
...Merrill Lynch are likely to go to jail. That's because incompetence and arrogance aren't criminal offenses. If that seems a bit unfair, so does the government's rescue program that saved some and not others, depending on political and social criteria. The most recent example: Delphi Corp., GM's former parts division that was spun off a decade ago, which recently emerged from bankruptcy proceedings. White collar Delphi retirees are having their pensions whacked, but United Auto Workers pensioners are being made whole...
That's harshly arbitrary, as is the fact that UAW jobs have been saved, at least for now, thanks to $60 billion of government money flowing into GM and Chrysler. Meanwhile, other companies have been allowed to croak. I can see how on macroeconomic grounds, it makes sense. Letting GM and Chrysler go under would have devastated the industrial Midwest and deprived millions of retirees of their postemployment health care. (See pictures of the global financial crisis...
...Some of GM's new products, such as the Chevrolet Malibu with a V6 engine and Chevrolet Traverse, did well in the survey. Overall, however, 28 of the 48 GM models included in the survey had below-average rankings, says Consumer Reports Rick Paul...
...hometown is Detroit. What kind of a deli city is that? Detroit is a great deli city. If only GM could learn from what the delis in Detroit are doing! The best rye bread anywhere - double-baked, crispy, warm rye that they serve their sandwiches with - and great corned beef. It's a passionate deli town...