Word: lorenzo
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Dates: during 1980-1989
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...when the airline's pilots, machinists and flight attendants agreed to take $1.1 billion in wage and benefits cuts, spread over five years, in exchange for a 30% ownership stake in the new company. But the unions had a condition too. They demanded that Texas Air chief Frank Lorenzo step aside immediately so that a court- appointed trustee could supervise the reorganization process. Frank Carlucci, the former Secretary of Defense, had flown to New York City expecting to be appointed to the post...
When the deal unraveled, lawyers for Eastern's creditors blamed Lorenzo and the unions for fumbling the question of who's in charge. But union lawyers said creditors had blocked the deal because they felt it did not spell out how Eastern would repay its debts...
...leftists turned 80s salary-earners, I don't believe that money-making is inherently bad. But neither should it be a summum bonum. Individual profit-seeking must be weighed against a larger social good. That's why we condemn Ford Motor Company for its combusting Pinto and Frank Lorenzo for his union-busting...
Second, look at Continental Airlines. Although Continental has lower operating costs than other airlines, these savings are not passed on to its passengers in a significant manner, but instead they accrue to Frank Lorenzo's unionbusting coffers and personal bank account...
...Frank Lorenzo is not an innovative capitalist crusader. He is a violently anti-union, cynical man who sees the world through green-colored glasses. He wants your $29 to break the backs of 8500 machinists, to eliminate their jobs. He'll scratch your back if you scratch his. Don't touch...