Not exactly a huge shock, but nevertheless interesting article from Joe Bracatelli.

NORTHWEST AIRLINES Northwest was long ago looted by the departed Al Cheechi and by current chairman Gary Wilson. During the 1990s, they funneled tens of millions annually out of Northwest to their private companies, claiming the payments were personal management fees. New management is no less abusive, however. The carrier lost $798 million last year, yet chief executive Richard Anderson paid himself a cash bonus of 50 percent of his annual salary of $500,000. He also received a retention bonus of stock worth almost $2 million more. Northwest also paid out millions in retention bonuses to dozens of other top managers. This week, a Northwest filing with the SEC revealed that former Northwest chief financial officer Mickey Foret has been hired as a consultant. Foret was paid an up-front fee of $240,000 and he draws a monthly stipend of $80,000 through December, 2004. By the way, last week Northwest reported a first-quarter loss of $396 million, more than double last year's first-quarter loss of $171 million. It is also negotiating with its labor unions and rank-and-file workers, demanding almost $1 billion a year in concessions.

The Union had better give up those salary cuts quick.

Somebody has to pay for all that expert management, or they might go somewhere else.