Sunday, February 08, 2009

Caterpillar Layoffs Continue

I heard from a reliable source today that Cat will announce more layoffs in the morning. People are daily coming to work with great apprehension. Also, this source says that most all, construction has been put on hold with firms such as Fritsch and Oberlander.

I am surprised that more Caterpillar ex-employees aren't writing letters to the editor about Caterpillar building a Visitor Center they've done well without for the past 45 years while they are wrecking so many peoples lives. Caterpillar has a long record of intimidation in this community. Yes, they have made millions of dollars of contributions, yet the Peoria area in August of 2006 ranked 89 in growth and it's gotten worse.

Caterpillar tried to be a good citizen. They should have been. They dominated this area for decades. It wasn't just the collapse of the global economy and a bunch of crooked and ineffective politicians, it was some very bad planning by highly paid Caterpillar executives.

Cat has put tremendous pressure on the community to build a new museum that will put a heavier financial strain on the community starting after it's first year of operation. The one we already have is underutilized and many feel is in a better location.

Does $16 million dollar a year salaried plus all kinds of benefits, Jim Owens, have no conscious? And why didn't Caterpillar with all their "talent" like the ones who projected the $14 million and growing in "spillover" benefits from the "Riverfront Museum every year forever. The ones who believed that private money would flow like the Illinois River instead of now coming to the taxpayer to bail them out.

We'll see if Lakeview Museum administration will come forward with the number of dollars deducted from the amounts they claim have been raised from pledges cancelled.

We will see.

I suggest Owens cut his salary to one dollar a year and go on performance pay. Won't happen, the board is controlled by Caterpillar executives. My wife is till mad at me for recommending Cat stock. maybe someday, but too late for those who already overpaid.

6 comments:

The Mrs. said...

I think you meant conscience, not conscious, when referring to Caterpillar Chairman, Jim Owens.

Keep in mind that Caterpillar is running a business, not a charity. They aren't in Peoria to employ all the nice people.

Diane Vespa said...

Looks like Merle might be sleeping on the couch tonight!

Anonymous said...

I Decatur they build an excercise walkway with a ring of international ring of flagpoles, before laying off 1100 workers!

Merle Widmer said...

To the Mrs., your spelling is correct. Just like Caterpillar, I meant to do and say the right thing. Caterpillar should now do "the right thing" by cancelling the Vistors Center and use that money to improve their profit picture. They OWE it to the people who keep them afloat.

Stockholders and good employees.

To Dianne, I did tell my wife I thought she should "get out" when Cat stock went back up to $51. She said she would "ride it out". So are a lot of other people but I believe it may be a LONG ride.

For the communities, stockholders and laid off employees sake, I hope not.

Brad Carter said...

I hear that CAT offered 2000 blue collar workers a buy out, and they expect most to take it. We may not hear about a layoff if this is true.

Anonymous said...

I have a question. . . What has Peoria done to grow the economy and reduce the dependency on Caterpillar? A strong, stable economy requires diversity in its portfolio of businesses.

If Peoria wants shelter from the cyclical nature of Caterpillar's business, then the community needs to pull together to attact other businesses to Peoria. Caterpillar cannot protect Peoria from the tough economic times that are striking the world.