Word: waging
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...tiered program, with extra restrictions applied to basket cases like AIG, Citigroup and Bank of America, all of which tapped the federal till for hundreds of billions of dollars to recapitalize their broken balance sheets. In addition to the cash limit, the "maximum wage" plan allows companies to reward "senior management" - a complement of no fixed definition - with restricted stock, but it can only be cashed in after the government is paid back. There are also prohibitions against golden parachutes as well as a clawback provision - the company may reclaim that stock if its results subsequently tank - that can extend...
...maximum-wage plan is not retroactive, applying only to companies that tap TARP in the future. The restrictions will apply until a bank pays off its TARP tab and starts behaving. According to an Administration source, "If a bank has restored viability, has paid back the United States government with interest, and is now a completely private-sector bank ... then we can return to a time when this is between them and their shareholders...
...Gettelfinger is trying to mute public criticism of auto executives, blaming domestic carmakers woes on a global recession created by the financial meltdown. However, he has also noted repeatedly that union members already made sacrifices in 2005 and 2007; he refuses to say whether the UAW would agree to wage cuts at this time...
Meanwhile, GM, rather than pushing for wage cuts, is demanding sweeping changes in work rules that would make it easier for the company to staff its plants with temporary workers as well as changes to the funding of the retiree healthcare trust or VEBA. Both GM and Chrysler agreed to fulfill their obligations to fund the VEBA with stock as well as cash, as required by the terms of the Bush bailout. But the automakers cannot unilaterally change the terms of the trust, so it's on the negotiating table...
Could the UAW dig in its heels? Sean McAlinden, vice president of research for Center of Automotive Research in Ann Arbor, Mich., says that for past 25 years the UAW has succeeded in avoiding rollbacks in wages and benefits. The union may do it again. "I don't think there is going to be a wage roll-back," McAlinden says, despite the GM's bridge-loan agreement with the White House that gave GM $13.4 billion...