Corporate greed: Whirlpool cuts 1,000 jobs in Ft Smith, Ark while CEO Fetting profits

[sad sally]

Whirlpool Corp. announced Thursday it will close its refrigerator plant, long the most important employer in Fort Smith, next year, putting 1,000 people out of work.
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The factory employed 4,600 people five years ago, but that number has declined in the poor economy and since Benton Harbor, Mich.-based Whirlpool opened a refrigerator factory in Mexico.
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Rheem Manufacturing Co., another major Fort Smith employer, announced during the summer a plan to move 250 jobs to a plant in Mexico.

http://www.businessweek.com/ap/financialnews/D9QKRO8G0.htm?du

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CEO bonuses are up 30.5% in the last year, according to an analysis of 50 large companies published Friday in The Wall Street Journal. But how are investors to know whether they are getting their money's worth? If a company has more than $75 million in stock market value, the Dodd-Frank Act now gives them a say on pay: Shareholders can talk about executive pay at board meetings -- big deal! Ultimately, that alleged input is toothless unless it changes compensation practices.
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The Wall Street Journal's analysis, conducted by Hay Group, reviewed proxy statements for 50 companies with revenues of at least $4 billion. The 50 CEOs received a total of $126.1 million in 2010 bonuses, up 30.5% from their 2009 take of $83 million as their profits grew 19%.
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Whirlpool (WHR). CEO Jeff Fettig made $48.6 million while his company lost $687 million in market value

See full article from DailyFinance: http://srph.it/f3OkxB?du

[doc03]

1. NAFTA, thanks Bill n/t

[Dan]

2. maybe they will discuss at their board meetings,..

that the end result of these corporate decisions is - No Demand for products in the US of A. So, maybe they plan to sell their products in China, the emerging new middle class. We are expendable...