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FedEx 3Q earnings tumble 75%
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<blockquote data-quote="MrFedEx" data-source="post: 524970" data-attributes="member: 12508"><p>It's nice to have a discussion with someone who actually has a clue about what's going on at FedEx. Please clone yourself and spread a few more examples around through the ranks of management.</p><p> </p><p>Fred pulled a fast one with the PPP, and I won't forget it, nor will most of the hourlies. He didn't have to pull the plug on the old plan, which wasn't very generous either, but he did. Always the opportunist, Fred played-up the financial problems of the <em>passenger</em> airlines, which were having lots of problems, and used that to justify eliminating our pension, even though FedEx was still extremely profitable. ERISA figured into it, but Smith basically made our pension into a non-pension. The portable plan only benefits very senior employees who had already maxed-out under the old plan. New people are hosed, and will have to depend on their 401k's, which aren't making any money now either, especially since the FedEx match is gone. Most of them are actually headed backwards. If and when the economy recovers, expect a mass exodus as couriers who are only there because the job market is so weak, leave for greener pastures.</p><p> </p><p>I'm glad you agree that upper management is severely out of touch, but I disagree that they realize that frontline employees are important too. Actions speak louder than words, and their decisions over the last 10 years send a strong message to us box monkeys that they not only do not care, but that they will throw us under the bus every chance they get if it saves or makes money. There is always a tipping point, and Fred and the upper crust have far exceeded it. His latest games concerning the RLA, the EFCA, and the Boeing scam are openly discussed among the lowly, and Fred is generally thought of in unprintable terms these days.</p><p> </p><p>I like the "stimulus plan", but it needs to be accompanied by some reform of our pension plan if it is going to be an effective anti-union mechanism. Like many others, I'm no big fan of Hoffa and the IBT, but if it means having a job that actually pays me a decent wage <em>and </em>retirement plan, count me in. Hoffa and Smith are both as crooked as a mountain road in the Alps, and they both disgust me, but Hoffa doesn't smell quite as bad as Fred does.</p></blockquote><p></p>
[QUOTE="MrFedEx, post: 524970, member: 12508"] It's nice to have a discussion with someone who actually has a clue about what's going on at FedEx. Please clone yourself and spread a few more examples around through the ranks of management. Fred pulled a fast one with the PPP, and I won't forget it, nor will most of the hourlies. He didn't have to pull the plug on the old plan, which wasn't very generous either, but he did. Always the opportunist, Fred played-up the financial problems of the [I]passenger[/I] airlines, which were having lots of problems, and used that to justify eliminating our pension, even though FedEx was still extremely profitable. ERISA figured into it, but Smith basically made our pension into a non-pension. The portable plan only benefits very senior employees who had already maxed-out under the old plan. New people are hosed, and will have to depend on their 401k's, which aren't making any money now either, especially since the FedEx match is gone. Most of them are actually headed backwards. If and when the economy recovers, expect a mass exodus as couriers who are only there because the job market is so weak, leave for greener pastures. I'm glad you agree that upper management is severely out of touch, but I disagree that they realize that frontline employees are important too. Actions speak louder than words, and their decisions over the last 10 years send a strong message to us box monkeys that they not only do not care, but that they will throw us under the bus every chance they get if it saves or makes money. There is always a tipping point, and Fred and the upper crust have far exceeded it. His latest games concerning the RLA, the EFCA, and the Boeing scam are openly discussed among the lowly, and Fred is generally thought of in unprintable terms these days. I like the "stimulus plan", but it needs to be accompanied by some reform of our pension plan if it is going to be an effective anti-union mechanism. Like many others, I'm no big fan of Hoffa and the IBT, but if it means having a job that actually pays me a decent wage [I]and [/I]retirement plan, count me in. Hoffa and Smith are both as crooked as a mountain road in the Alps, and they both disgust me, but Hoffa doesn't smell quite as bad as Fred does. [/QUOTE]
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