Greed, Greedier and the Greediest

Billmon had a post a few days ago about the baloney pasted out by the Secretary of the Treasury, John Snow. As always, Billmon is worth reading and, recently, doesn't post half enough.

This corporate greed thing just drives me bananas, particularly when they justify it on Social Darwinian grounds (makes scientists look bad; Social Darwinism is bad science).

Today we have the announcement that Delphi is going to get bailed out by GM (I am so sure that the US Treasury will be involved in this that I won't even bother to look).

DETROIT - Auto supplier Delphi Corp. said Wednesday that it has reached an agreement with General Motors Corp. and the United Auto Workers to buy out thousands of hourly workers.

The plan, which is subject to approval by a bankruptcy court, allows up to 5,000 workers to return to GM, Delphi's former parent company. Up to 13,000 U.S. hourly workers also will be eligible for a lump sum payment of up to $35,000 to retire.

Well, I could do with $35,000, but it sure as hell isn't going to get you very far in retirement, particularly if you only have Social Security as your main source of income. You are going to starve, buddy.

Now what about Delphi? Is the CEO taking a hit? I don't think so. The CEO is a goon named Brattenberg. And this jerk makes a lot of money:

J T. Battenberg
Chairman & CEO
Delphi Corporation

In 2004, J T. Battenberg raked in $6,287,384 in total compensation including stock option grants from Delphi Corporation.

And J T. Battenberg has another $566,400 in unexercised stock options from previous years. (emphasis added)

Now how does $6,287,384 stack up against $35,000? About 180 employees.

Like Billmon, I don't see where this guy gets off making six million plus change when his goddamn company is going bankrupt! Survival of the fittest? Nay, Bushinomics.