GM strike

Doug Henwood dhenwood at
Fri Jun 26 17:32:27 PDT 1998

Michael Eisenscher wrote:

>They manage to sustain a worthless army of managers, not to mention grossly
>over-compensated executives at all levels. Why question only the viability
>of those at the bottom of the ladder? If GM can pay millions in salary,
>stock options, retirement plans, golden handshakes, and all the other perks
>of exploitation, what's the matter with a wire harness assembler earning
>enough to raise a family with a modicum of comfort. Besides $44 is total
>compensation, probably including payroll taxes and employer share of SS. No
>one bothered to ask the "Wall Street analyst" what s/he earned and what
>value s/he created in return for that compensation!

As Noam Chomsky once said, that may be true, but it's irrelevant. Mexican managers are cheaper than U.S. ones, and executive pay and the rest don't count for that big a share of GM's expenses. I'm not talking about what's right, I'm talking about what capital will permit.


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