http://articles.moneycentral.msn.com/Investing/Dispatch/FordReportsWorstEverLoss.aspxBut while demand (and production) dropped, Ford's expenses didn't.
In spite of record losses at the U.S. automaker, CEO Alan Mulally is considering handing out raises to managers.
The company ended up with many truck factories that were doing nothing in the fourth quarter, while union workers were still being paid.
Ford, in response, offered all 75,000 of its factory workers buyouts or enhanced retirement packages to entice them to leave; 38,000 workers took the deal.
This was the first quarter for new CEO Alan Mulally, who took the reins on Oct. 1, after family scion Bill Ford stepped down from the job. Mulally, who came from Boeing, has been trying to resuscitate the automaker with more job cuts and plant closings.
Mulally and Stonesifer (both are gone now) did the same thing when they was here at Boeing, giving the managers raises while they was shoving us out the door, laying us off. I don't understand their thinking, they make their money building and selling cars or planes, but, the first thing they do is lay off the people that are making and building the product that their money comes from????
A prime example of mis-management is in my building at Boeing right now, they decided to shut down my building 6-7 years ago, so they quit buying extra parts for the machines years ago and was only band-aided them together, but now they have figured out they can't do without this building so they need to keep it open until at least 2015, but everything is run down and cobbled together. They need the machines running now and the shop doesn't want to give up them to properly fix them, and if they did give them up, we don't have all the parts we need since they let the inventory of spare parts diminish. In fact for a few years, they shut down 2 of the 12 skin mills, and were taking parts off them to keep the others running. Now they are trying to decide if they need to bring those 2 out of mothball to keep up with production. These are older machines, and now when they odered parts for them the lead time for the parts are "months" out, since the supplier has to make them. So, we need extra mechanics and parts to fix them and are not getting them, but in a crew meeting on Friday we were informed that they are going to convert some office space in our building over to put in a Massage Parlor here at work, they call it a "Muscle Relaxing Program" or something like that. They said they have it at other Boeing plants and it is working great. It is to help us to relax and feel better and learn how to stretch our muscles properly. Of course our first question was, how much is this costing Boeing, and how is this "Massage Parlor" suppose to help get parts and keep the machines running to make the parts to build the planes that the company sells to make a profit? All we got from our manager was one of those "Deer in the headlights look".