Chrysler Pays $30 Million In Retention Bonuses To 50 Executives

30 mil is a drop in the bucket for a company with sales in the billions but I question the need for bonuses when these guys really have nowhere else to go. Which car company is hiring overpriced execs these days?

— EnnNorak (View Profile)

Posted on 11/15/2008 9:07:15 AM | | Votes: 2   

Right On.

— XtremeCarsandStars (View Profile)

Posted on 11/16/2008 12:48:39 PM | | Votes: 1   

Keep in mind, Chrysler was owned by the Germans for about 10yrs and nothing good has ever came out. So these over compensation of executive problems are not just an american innovation, it's a western thing.

— Badgewhore (View Profile)

Posted on 11/14/2008 2:35:30 PM | | Votes: -1   

Keep in mind, Chrysler was owned by the Germans for about 10yrs and nothing good has ever came out. So these over compensation of executive problems are not just an american innovation, it's a western thing.

— Badgewhore (View Profile)

Posted on 11/14/2008 2:37:33 PM | | Votes: 0   

Badgewhore, the 300 was based on an E class Merc, I think the Germans did as well as they could given the circumstances. Without them Chrysler might already be history???

— steve27t (View Profile)

Posted on 11/14/2008 4:34:25 PM | | Votes: 3   

The fact is they in deed did sink the ship!

— XtremeCarsandStars (View Profile)

Posted on 11/16/2008 12:50:30 PM | | Votes: 0   

to steve27t you really dont have a clue what diamler did to chrysler. Chrysler had billions in cash and was doing great. It was to be a merger of equals and ended up being a hostile takeover. think about it why would diamler want to help an american car co. Diamler took the cash [13 billion]and purchased 5 major corporations [ white freightliner, detroit desiel, sterling , etc ] gave crysler some of its stuff and sucked chrysler dry its Diamler that screwed up chrysler and when there was nothing left to get they sold what they didnt want. Screw Diamler

— bfghemicuda (View Profile)

Posted on 11/16/2008 8:24:00 PM | | Votes: 1   

Rehab must have done you well. Finally you start making sense. Hey, I even boosted you!

— GTR35 (View Profile)

Posted on 11/14/2008 3:41:21 PM | | Votes: 5   

The Free Lunch Program is Over!!

— XtremeCarsandStars (View Profile)

Posted on 11/16/2008 12:52:26 PM | | Votes: 2   

Good now you dont have an opinion on the subject anymore

— bfghemicuda (View Profile)

Posted on 11/16/2008 8:25:51 PM | | Votes: 0   

A number of idiots off the street can do a better job than the bullshit artists in Detroit that have let the auto industry flush down the toilet. Most bizarre is the union opposition to the proposed GM/Chrysler merger. The unions appears to prefer that auto industry bankruptcy and loss of all related jobs. At this stage, the only option left is to nationalize the industry or let them all go under so that more competent companies can buy the assets cheap and start manufacturing cars again.

— EnnNorak (View Profile)

Posted on 11/15/2008 9:17:08 AM | | Votes: 1   

Amazing Disgrace...you are right on!

— XtremeCarsandStars (View Profile)

Posted on 11/16/2008 12:54:44 PM | | Votes: 1   

Sounds like some good executives.I can assume it isn't Chrysler.

— truckman (View Profile)

Posted on 11/15/2008 4:37:33 AM | | Votes: 2   

You hit that one right on the nail.

— XtremeCarsandStars (View Profile)

Posted on 11/16/2008 1:04:04 PM | | Votes: 2   

And you guys call us lazy.

— 1UAW (View Profile)

Posted on 11/14/2008 11:56:21 PM | | Votes: 2   

Irrelevant. A company is not a static entity. Regardless if there was a deal in place, the executives should step up, show some brass and opt to forgo their bonus in an effort to show they care about the company and not just their own bottom line.

— jeffy210 (View Profile)

Posted on 11/14/2008 11:59:35 PM | | Votes: 3   

In a business such as this one the funds were already accounted for the year the deal was made, and do not reflect the current cash chrysler has on hand.

— 1UAW (View Profile)

Posted on 11/15/2008 12:04:33 AM | | Votes: 1   

Basicly im saying the money was already accounted for at the time the deal was made.

— 1UAW (View Profile)

Posted on 11/15/2008 12:05:53 AM | | Votes: 1   

jeffy210..... You tell the repo manthat he cant take your car because you SIGNED A CONTRACT saying that you will PAY TO KEEP IT 2 years ago and lets see what he says about it being irrevent.

— 1UAW (View Profile)

Posted on 11/15/2008 10:15:02 AM | | Votes: 1   

Times have changed! So they need to re-adjust the contracts since they did not perform in a reasonable and timely manner. I am sure many of these contracts are perfomance based so thay all managed to lose Billions of dollars.

— XtremeCarsandStars (View Profile)

Posted on 11/16/2008 12:59:58 PM | | Votes: 1   

Hundreds if not thousands of companies have signed such contracts in the past.
If the executives actually cared about the companies well being they would have said no to the bonuses. Even if 30$ millions is not that much money for a company that needs billions to help them, to forfeit the bonus would have been the right thing to do.
And your example of the repo man coming for your car serves no point in your argument. An executive can always forfeit his bonus if he believes it's the right thing to do to help the company. If the company underperforms the way Chrysler has it should be common sense for the executives to say no to bonuses.
I work for a brokerage firm and they company cancelled all bonuses, pay hikes, and all extravagant meetings and balls they had scheduled for 2008 to save as much money to ensure they don't fall in bankruptcy. In fact they even cut the number of executives in the bank by 20%. Now that is something the big 3 should be doing even if it saves them a measily 100 million dollars.

— zorbeeze (View Profile)

Posted on 11/16/2008 3:42:18 PM | | Votes: 0   

Im not defending the exects im defending the company for honoring its contracts. Do not pay YOUR bills on time and see if the lights stay on or the water stays on. YOU guys crack me up really!!!!

— 1UAW (View Profile)

Posted on 11/16/2008 8:31:55 PM | | Votes: 1   

And we are blaming the execs, your not making any sense. Yes Chrysler had to repay those bonuses but if these execs had any moral responsibility to their employer or the industry in which they work they would refuse to accept the bonus.
I do not understand why it is so hard for you to understand. It is not the first time that executives refuse to take a bonus that is being provided to them by their employer.

— zorbeeze (View Profile)

Posted on 11/16/2008 11:18:52 PM | | Votes: 0   

I am talking about Chrysler as a whole, honering its WORD, and having money earmarked $$$ for this purpose when it was doing great, you cant punish a company for a few workers taking what is realy a small amount of money in terms of billions,when it was promissed to them.

— 1UAW (View Profile)

Posted on 11/17/2008 3:12:04 AM | | Votes: 1   

"you cant punish a company for a few workers taking what is realy a small amount of money in terms of billions,when it was promissed to them."
No you can't punish the company, but how can you assume it's ok for those execs to accept the money when they are the ones who have brought the company to the brink of bankruptcy.
Don't give me the market conditions bullshit. Execs are paid the big bucks to be ensure their companies are well prepared to adjust quickly to new market conditions. The big 3 have been asleep on the wheel for 2 decades.

— zorbeeze (View Profile)

Posted on 11/17/2008 8:34:51 PM | | Votes: 1   

I'm now 70 years old and remember the days when "Made in America" meant something. America was a trusted brand. The garbage 3 made rusty cars, used cheap materials and fasteners and relied entirely on marketing gimmicks, questionable sales practices and planned obsolescence to enhance profits and boost share price. They made really stupid agreements with greedy unions and now complain that they can't survive.

A trusted brand must always deliver on the the promise of that brand or the brand eventually loses all its value. The garbage 3 are responsible for their own undoing.

— EnnNorak (View Profile)

Posted on 11/15/2008 9:26:58 AM | | Votes: 3   

Show me proof of this? show me a crediable link, you all are only saying they make bad cars becuse you only here other people say it, you dont drive down the highway and see a long line of broken down Amrican cars do you?

— 1UAW (View Profile)

Posted on 11/15/2008 10:18:47 AM | | Votes: 2   

1UAW

My dad is a hardcore american cars customer and he even admits that American cars last around 3 years before start breaking down. Not to mention that he thinks they are great, but their finishing is absolutely poor and shows that they dont even spend time at all on making the product "perfect". ( You can check for panel gaps, small cuts here and there, poor fitting of doors, etc in a new American car. You'll find many! )

— M53R (View Profile)

Posted on 11/15/2008 1:51:09 PM | | Votes: 2   

M53R...... You would be right if it 1990, but it is 2008 panel gaps have not been an issue in a long time or little odds and ends. Again i ask anyone to produce some type of proof that American cars are bad. I want all autospies posters to go look at the Chevy Malibu, drive it and tell me an HONEST opinion.

— 1UAW (View Profile)

Posted on 11/15/2008 10:32:44 PM | | Votes: 1   

1UAW... There is always one car pro-Detroit people hold up as the example that they finally can produce world class cars.

It started with the Chevette as being a competitive economy car. The Fiero was a revolutionary sports car. The Beretta had the Gertag shifter. The list of "American finally gets it" is long.

So now it's the boring Malibu. I'm not impressed. Looking at sales numbers vs. competitors not many others are either. And a few years from now we'll see how it stacks up in reliability versus it's competitors. I know where I am betting it lands.

American executives and the UAW fattened themselves on the gluttony of the car buyers. They counted on Americans desire would never end for leather heated seats in Cadillac and Lincoln pickups with DVD players and motorized fold down seats and doors. Two heated Starbucks cupholders for every occupant!

Now the economy is tanking and we see they never had a Plan B for the rainy day that would inevitably come. Those who do not learn from history are doomed to repeat it. Management and the UAW leaders just hoped another oil shock or downturn would never happen on their watch and they could continue to get their piece of the pie. As a former CWA member, I do say we include the union leaders as being fat cats taking advantage and not wanting to confront reality or risk their position.

The world just wants something reliable with good MPG now (if they can afford a car at all). And Detroit has nothing to offer.

It's time to clear house. America will not be stronger putting off the pain and putting the burden of failed policies of management and the UAW on the backs of taxpayers.

— EvilPoliticians (View Profile)

Posted on 11/16/2008 10:33:05 AM | | Votes: 1   

1UAW, i'll agree with you that the new Malibu is agreat car and in my opinion the best in it's class, great engines, great inerior, great quality and finish.
Now, name me 3 other cars from the big 3 that i can say the same. I can only find 1 other car and that's the CTS. Both, CTS and Malibu are GM products. There are several other new GM products that are helping that company improve. The problem with GM is they have too many brands. Buick, Saturn, Chevrolet, Pontiac all have cars within the same price tag. They are essentially competing with themselves.
As for Chrysler and Ford, have you been in the new Sebring or Focus, now that is cheap quality interiors.

— zorbeeze (View Profile)

Posted on 11/16/2008 3:57:14 PM | | Votes: 1   

Lucerne, aura, G6, G8, Soltice, Corvette, Enclave, Traverse, STS, CTS, Vibe, Astr and more!

— 1UAW (View Profile)

Posted on 11/16/2008 8:37:12 PM | | Votes: 0   

"Lucerne, aura, G6, G8, Soltice, Corvette, Enclave, Traverse, STS, CTS, Vibe, Astr and more"

Lucerne?????????????????ahahahahaaaaa, only an 80 year old man would appreciate such a car, please let's get serious.
Aura, yes a good car, but then again a rebadged european GM product, if only all of the NA GM lineup was like that.
G6??????????????seriously now the quality of that car does not stand up to it's competition, cheap and noisy interior.
Solstice, ok we now have 2 cars.
Corvette, incredibly fun car to drive but that interior is not worth 60+ grand.
Enclave, i can't judge on that car is i've never driven it nor seen it in person, and considering i work in the automotive industry and see hundreds of cars every day i question whether anyone has actually bought that vehicle.
Traverse, please seriously tell me you can do better than that.
STS, quality of interior not worth the money, too much of a grandpa feel when you drive the car, i fell asleep for a second, actually quite a few seconds. Uninspiring car.
Vibe, terrible design but that's just my opinion, extremely noisy and uncomfortable ride. Again, let's get serious.
Astra, first test drive i had the door and seat was squeking, dealers response "Oh that's nothing, you barely hear it". It's also a rebadged euro GM vehicle.
What are these "more" cars you speak of?

— zorbeeze (View Profile)

Posted on 11/16/2008 11:29:54 PM | | Votes: 0   

Sad.

— XtremeCarsandStars (View Profile)

Posted on 11/16/2008 12:55:29 PM | | Votes: 2   

Actually i believe AIG cancelled the bonuses to their execs, though i'm not 100% sure of it.
I do know they still paid the vacation bonuses to their top sales representatives which amounted to about a quarter million.

— zorbeeze (View Profile)

Posted on 11/16/2008 4:00:39 PM | | Votes: 1   

In the end they all lose from the top-down.

— XtremeCarsandStars (View Profile)

Posted on 11/16/2008 1:01:57 PM | | Votes: 1   

read the article!

— 1UAW (View Profile)

Posted on 11/17/2008 11:13:30 AM | | Votes: 0