Bad Performance, Bailout Money … How about a Retention Bonus?

Chrysler is the next organization that received bailout funds and yet they are still considering paying retention bonuses to its top executives (http://www.freep.com/article/20090318/BUSINESS01/90318099/1003/NEWS) despite the Free Press warning Chrysler to “think hard” before making the same blunder as AIG. Chrysler contends that the US Treasury knew about the bonuses when they provided the bailout monies. Do the American Taxpayer care what was said before March 15, 2009, concerning payment of retention bonuses? No. The American Taypayers are concerned that these big companies received such absorbent bailout monies on the pretense that it was needed to remain solvent and yet they are paying out bonuses that is really taxpayer monies. We want our monies back!!! The average taxpayer could survive for years based on our standard of living if we received the retention bonuses of these executives. There is no excuse that the CEO of Chrysler can provide for paying the retention bonuses based on how the organization is functioning. As we have stated about AIG, why would you reward incompetence? Get rid of all the executives, hire new ones and let the organization start with a new slate. The Federal Government needs to send in a “Sweeper” When organizations initiate a downsizing or re-engineering process, they may utilize a ”Sweeper”. “Sweeping” entails terminating non-productive employees and replacing them with new employees. These executives have shown that they are non-productive. The CEOs continue to indicate that the organization could not function appropriately and profitably without the executive. Let’s be realistic, the organization is in the current financial state due to the performance of these very CEOs. As “stockholders” in Chrysler, due to the utilization of taxpayer monies, the American Taxpayers request that the Federal Government excise its right as representative for the people and demand that these organizations not pay “ANY” retention bonuses until the organization is profitable and has paid back all of the loan monies. In addition, the salaries of the executives should be scrutinized and reduced for lack of performance. If a regular employee was not performing, they would be either terminated or demoted. Why are these executives still in their positions? Receiving the same salaries? And even being considered to receive retention bonuses? Call them all before the Senate and the House and let them occupy the “Seat of Shame” that was occupied by CEO Liddy.

Contact your US Senator and Representative and let them know “We are not going to take it anymore”. We want our monies back, now!!!