Mega Manufacturer Caterpillar Demands Concessions from Workers after Boosting CEO Pay 60%

[xchrom]

http://www.nationofchange.org/mega-manufacturer-caterpillar-demands-concessions-workers-after-boosting-ceo-pay-60-percent-13386441


Workers at an Illinois plant for the mega manufacturer Caterpillar have been on strike for a month after rejecting a concession-heavy contract proposed by the company. Yesterday, workers overwhelmingly rejected a second Caterpillar offer, by a vote of 504-116.

According to union officials, the contract “provided no raises, eliminated the defined benefits pension program, weakened seniority rights and required machinists to pay higher contributions for health care.” All of this, at a time when the company is making record profits. In fact, Fortune Magazine recently said the company is “crushing it” when it comes to profitability.

At the same time that it is refusing to give its workers a fair raise, the company saw fit to increase its CEOs pay by 60 percent:

The annual compensation of Caterpillar Inc.’s chairman and chief executive rose 60 percent in 2011, as the company posted a record revenue of $60.1 billion.
Douglas Oberhelman earned $16.9 million in 2011, a figure that includes salary, bonuses, stock and option awards and retirement plan contributions. Oberhelman pay increase, which was tied to the company’s performance, included a $4.9 million cash payment, an 81 percent increase from his 2010 cash award. His base salary increased to $1.4 million from $1.1 million in 2010.

[Zalatix]

1. That 116 scares me.

[dinopipie]

2. Oberhelman and his ilk are f-ing a-holes and that is the nicest thing I can say

Yet how many of the union members vote gop so scum like Oberhelman can basically get away with what he is doing.
WTF 116 thought it was a fair offer!

[brewens]

3. Find any company anywhere where a multi employee of the year award winner

got a 60% raise. No freakin' way, and they wouldn't expect it either. The guy might get a promotion that would be a huge boost but not just a raise that big at the same job. Even if that CEO is doing a spectacular job, he's still just doing his job. Big raise? Absolutely, but 60%?

[dkf]

4. NC laments losing Caterpillar to Ga.; leaders want changes

A legislator from Brunswick County concerned about North Carolina losing a second major industry prospect wants the state to change how it attracts industry.

"It looks like we need to reorganize the way we recruit industry in this state," said Rep. Frank Iler, R-Brunswick.

State leaders are sounding off on what North Carolina can do differently after the Georgia governor announced Friday morning his state would receive the 1,400 jobs and a Caterpillar plant that could have gone to southeastern North Carolina.

South Carolina, which won 1,600 jobs when Continental Tire decided last year to build a plant there instead of in Brunswick County, has a Coordinating Council for Economic Development, which includes heads or board chairs of its 11 state agencies.

http://www.blueridgenow.com/article/20120217/ARTICLES/120219785

[dkf]

5. Caterpillar Urges Illinois to Roll Back Tax Increases

Caterpillar Inc., suggesting that it could shift jobs out of Illinois, is prodding its home state to cut government spending and roll back tax increases.

Doug Oberhelman, chief executive officer of the giant Peoria, Ill.-based maker of construction and mining equipment, protested against the state's tax and spending policies in a March 21 letter to Illinois Gov. Pat Quinn, a Democrat who took office in January 2009.

In the letter, first reported Friday by the Lee Enterprises newspaper chain and provided to The Wall Street Journal Saturday, Mr. Oberhelman said other states have stepped up their efforts to lure Caterpillar investments since Illinois raised income tax rates in January.

"I want to stay here," the letter said. "But as the leader of this business, I have to do what's right for Caterpillar when making decisions about where to invest. The direction that this state is headed in is not favorable to business, and I'd like to work with you to change that."

http://online.wsj.com/article/SB10001424052748704474804576224743712760936.html

[Initech]

6. Fucking thieves, the whole damn lot of 'em.

[Justina For Justice]

7. Profits To Pay CEOs Come From Stealing From Workers.

The profits made by corporations all come from stealing the labor time of their workers. Workers are paid wages equal to just that needed to keep them alive, perhaps for four hours a day, while they work for eight hours or more for the companies, which make their profits from the extra, unpaid hours that they force their workers to work. The profits, along with production expenses, come from the that stolen labor time.

If the workers owned the companies and controlled what they produced and how they produced it, as occurs in worker-owned cooperatives, many levels of management, which exists to control the workers, could be eliminated and the profits could be shared by all the workers.

Why do we allow the capitalist economic system to continue to exist?