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here we go again
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Money is their god,making more money is their religion.
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Gary
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Lucas wrote: Wow,
You guys relly missed my point, so I'll repeat it -
I'm sure not for organized labor and I'm not for robber baron CEO's. You've got a spoiled brat at each end of the bargaining table.
The ones in Detroit ruined their own industry for greed. Nobody running a corporation that looses $54 billion a year (Like GM) deserves the job.
To David's credit, he posts a good balance sheet.
But my point is he didn't do it alone. All of us that work there did it together, and he gets all the money. We get a raise level with or behind inflation, depending on fuel costs.
He could easily incorporate a profit sharing plan. The 401K is a calculated risk, and it's not tangible cash for living. Profit sharing is. When the market is down, so is your 401K.
No I'm not complaining, just raising a family here in CT.
And when you're George David making $60-80 million a year off the backs of UTC's enormous talent pool, what could be your problem?
Yeah, I earned my M.S. on their scholar program in 1995. And at UTC, an M.S. or MBA is more of a condition of professional employment, not a promotable asset.
If you demand the best people an economy can provide, and their work gives you an $80 million income, then those workers deserve a lot more than George David feels is appopriate.
But compared to ringing a cash register at Wal-Mart, the average UTC job is a king's ransom. I can hardly believe that you're comparing the average UTC job to ringing a register at Wal-Mart. Posted throughout the shop are signs stating "Through these halls walk the finest engine makers in the world." The vast majority of hourly workers at UTC are well trained and highly skilled at what they do. Only at contract time are they suddenly called "lazy scumbags" or "slobs" again. You can't have it both ways. It's disgusting to hear the disdain directed at union workers fighting to keep their jobs. Like it or not, without labor unions almost all of the jobs performed by these skilled workers would already be in China or Poland. I'm assuming that some of the anger directed towards unions comes from those who were frightened by having to cross picket lines in the past. What if these salaried workers had the courage to organize and fight for their jobs for once? Maybe they might actually have some small measure of job security of their own. I've moved on after 8 years at Pratt, and I'm glad to put this kind of divisiveness behind me.
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Maryanne David
AOL
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George David did turn around UTC from the bloated days of Bob Daniell and 50% of sales to the US Government. He certainly does not have the ego (and 3 marriages) of Jack Welch, who while widely praised, turned GE into what it is today a bloated bank loaded with debt. No hired hand CEO deserves the pay David got. Bill Gates deserves his wealth cause it's his company same with Mick Jagger. In a way I feel sorry for a guy like David. He had to marry a Swedish countess 30 years his junior (I feel sorry for his kids) and the countess for having to look at a man her fathers age nude. Did he really think that would work? If George David did this to his own kids, do you think he cares about a guy working at Sikorsky raising a family? Now can David just walk away? I doubt it, these guys all have huge egos.
As for the Unions, yes they share the blame but in GM's case, it was management that gave into the unions and management that designed lousy cars that no one wanted. Management was fat lazy and stupid. Why build a quality car when they had 80 percent of the market. GM puts 1/3 into engineering and building a quality car and it shows, yet GM's CEO gets King George like compensation. The day of reckoning is here.
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Lucas
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Let's get back to the issue at hand.
He rides on the largest force of engineering talent around. That gets him an $80 million paycheck.
He offers no profit sharing, not even a coupon for a frozen turkey at thanksgiving.
He gives the union a signing bonus of $2000-$3000 each. Most of these guys make $100K a year on overtime.
And the incentive to be the best is what?
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Gary
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Lucas wrote: Let's get back to the issue at hand.
He rides on the largest force of engineering talent around. That gets him an $80 million paycheck.
He offers no profit sharing, not even a coupon for a frozen turkey at thanksgiving.
He gives the union a signing bonus of $2000-$3000 each. Most of these guys make $100K a year on overtime.
And the incentive to be the best is what? Now you're just outright lying! The signing bonus given is in lieu of money towards salary increases on the back end.(It's actually very foolish to accept a signing bonus, you end up with a lot less money! But it's understandably popular.) The vast majority of hourly workers at Pratt bust their behinds, sometimes working upwards of 55 hours a week. This enables a very hardworking person to clear around $65K a year. I have rarely heard of a worker clearing $100K, and I challenge you to prove your assertions Lucas.
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Lucas
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Gary wrote: <quoted text>
Now you're just outright lying! The signing bonus given is in lieu of money towards salary increases on the back end.(It's actually very foolish to accept a signing bonus, you end up with a lot less money! But it's understandably popular.)
The vast majority of hourly workers at Pratt bust their behinds, sometimes working upwards of 55 hours a week. This enables a very hardworking person to clear around $65K a year. I have rarely heard of a worker clearing $100K, and I challenge you to prove your assertions Lucas. There are a few hourly types where I work that will give up a great majority of their life to clear 100K. On the salary side I've seen the company outsource the I.T. department to an outside American firm. When that was not enough cost cutting, they brought in the foreign nationals with the green badges. Probably for 1/2 what an American college grad with a computer science degree would start at. Most of these foreign nationals are on the cell phone in the hall, talking in mid east tongue, about God knows what to God knows whom... All this adds to the bottom line. Hardworking salary folks have NO BONUS, NO OVERTIME, and most possess higher than average education with advanced degrees. But all our wives work to help pay the bills here in CT. I don't know anybody in salary middle management making 100K at our plant, but I know the hourly rank and file make as much as the salary types, and Uncle George makes $80 meg while he builds the third world with American technology for 1/2 the price. Where are the 22 year old American college grads going to work with all those foreign nationals sitting in those chairs? Do you think George gives a damn?
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Charles Manter
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To call Mr. David a "Rock Star" sounds as much to random soliloquise as to what speech writers had President Reagan convey when he made comments pertaining to Bruce Springsteen. Rock personalities have long endured the rhetoric of critics comparing them to devil-driven cult attraction. Rock stars, in most cases, have careers averaging three years and then struggling while the people who helped make them take the bulk of their royalties. George David is far from this in comparison. Mr. David prefers "not to seek fame." Rock stars wouldn't go from zero to 600 million dollars in 14 years without the use of television, an altar and a Bible.
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Keith D Kulper
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Very well researched and written...nice job. I learned a lot about the company and David George's leadership style/accomplishments. Keep up the good work.
Keith D Kulper
President
KULPER & COMPANY, LLC
Executive Search
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Lucas
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Keith D Kulper wrote: Very well researched and written...nice job. I learned a lot about the company and David George's leadership style/accomplishments. Keep up the good work.
Keith D Kulper
President
KULPER & COMPANY, LLC
Executive Search Hope you can afford him when he's available...LOL...
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The Fixer
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No single human on this planet, working as part of a corporation even as the head of a corporation, is worth 60 to 80 million a year.
Period.
The fact is the salaries are not commensurate with the effort given, the risk, nor fair to the other employees, the stockholders, nor the customers of that corporation.
The fact is the vast majority of these types of corporate execs are earning well beyond 100 times the average employee, and yet if they are incompetent, make bad decisions, are "unlucky", they typically get to bail with a multi-million dollar 'golden parachute', while if an average employee is incompetent, made a bad decision, or is "unlucky" he's fired, or worse, at the whim of a temporary bump in stock price he's laid off while his job goes over seas to a person niave enough to work for 1/3 the salary, and the "savings" the company gets is gobbled up in an executive "bonus".
It is EXTREMELY difficult to break into that same salary stratosphere. It's extremely an nepotistic/incestuous regime up there. The bleeding of money we're seeing in the economy of today is proof that 'incestuousness', just like the bloodlines of "royal families", businesses are suffering from economic hemophilia... Too bad it's the customers, stock holders, and the average workers that are the primary victims of it, and not those causing it.
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Married to UTC worker
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george wrote: <quoted text>
Please, having a job at UTC is like working for the state...
I know employees who get all the overtime they want with no restrictions, I know employees who tell me they don't work hard at all, I know employees who make more money per hour then most average Ct. workers, they have plenty of time off and the union wonders why jobs are going overseas..
I never want to hear "poor utc workers " again ! How ignorant! Just because your friends that "work" for UTC don't work doesn't mean that everyone who is employeed there doesn't work. We know plenty of people employed at Pratt that work extremely hard.
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The iceman
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I hope he rots in hell. this guy has helped wreck america. he has no shame
srew you david.
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Zanzibar Buck-Buck McFate
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To Crazy wrote: Is he really worth what he is paid?
How much is enough for one person to earn?
I have and never will have any concept of the money this guy earns.
Spread the wealth "Rock Star"! First, you'll never have any concept of the amount he earns because you're not as smart as he is and you don't work as hard. Second, in the US, we're permitted to make as much money as we want-we don't need a reason. Finally, "spread the wealth" smacks of marxism. Grow up and get in the game. If you don't want to, that's fine, but keep your mouth shut.
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Zanzibar Buck-Buck McFate
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The iceman wrote: I hope he rots in hell. this guy has helped wreck america. he has no shame
srew you david. Boo hoo. Looks like somebody should've studied harder in school.
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Theodore Nugent
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Hey Zanzibar Buck-Buck McFate...
...if that's your real name.
You must be a shareholder of UTC (and it's affiliates), yes???
You, apparently aren't a victim of the negativity of globalization, correct?
You have some of your dinero in offshore accounts, yes?
You pay ALL of your taxes, yes?
Why don't you go up to Castle Craig and take a flying leap!
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Zanzibar Buck-Buck McFate
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Theodore Nugent wrote: Hey Zanzibar Buck-Buck McFate...
...if that's your real name.
You must be a shareholder of UTC (and it's affiliates), yes???
You, apparently aren't a victim of the negativity of globalization, correct?
You have some of your dinero in offshore accounts, yes?
You pay ALL of your taxes, yes?
Why don't you go up to Castle Craig and take a flying leap! I'm not an employee of UTC, I'm not rich, and I pay all of my taxes. I just happen to admire people who are capable and hardworking. You know, the people who make the world go 'round. As far as globalization goes, explain how anyone in America is a victim?
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Lucas
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Zanzibar Buck-Buck McFate wrote: <quoted text>
First, you'll never have any concept of the amount he earns because you're not as smart as he is and you don't work as hard. Second, in the US, we're permitted to make as much money as we want-we don't need a reason. Finally, "spread the wealth" smacks of marxism.
Grow up and get in the game. If you don't want to, that's fine, but keep your mouth shut. Sounds like another social strip mining coyote. David is as good as his rank and file and that's damn good. The only thing he does alone is bow for the award. The rest is handled by us.
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Zanzibar Buck-Buck McFate
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Theodore Nugent wrote: Hey Zanzibar Buck-Buck McFate...
...if that's your real name.
You must be a shareholder of UTC (and it's affiliates), yes???
You, apparently aren't a victim of the negativity of globalization, correct?
You have some of your dinero in offshore accounts, yes?
You pay ALL of your taxes, yes?
Why don't you go up to Castle Craig and take a flying leap! And no, of course it's not my real name. Idiot.
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Zanzibar Buck-Buck McFate
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Lucas wrote: <quoted text>
Sounds like another social strip mining coyote.
David is as good as his rank and file and that's damn good. The only thing he does alone is bow for the award. The rest is handled by us. So his rank and file could do everything he does? You're each as smart as he is? You're each as capable as he is? If so, why are you the rank and file while he's the CEO?
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Steve Wright
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Excellent article on Mr. David that covers his tenure at UTC.
There will always be people that criticize improvements in productivity because of layoffs, but Mr. David did what he had to do. If he had not, UTC would no longer be Connecticut's largest private employer.
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Judge it!
