AP – Continental employees of the Clairoix tire plant, northern France, burn tires
YAHOO NEWS HAS A PIECE FROM AP NEWS, by Emma Vandore. Apparently, French workers burnt tires, and held a 3M manager hostage because they're angry about bonuses, too.
PARIS – French workers burned tires, marched on the presidential palace and held a manager of U.S. manufacturer 3M hostage Wednesday as anger mounted over job cuts and executive bonuses.
The euro 3.2 million ($4.3 million) exit bonus paid to the former head of Valeo SA, an auto parts maker that received state aid, has fueled outrage in France. Controversy also grew Wednesday over bonuses at brokerage company Cheuvreux, a unit of a French bank that got state handouts.
"The risks of repercussions of ill-feeling from employees and from a political backlash are real if execs continue to be compensated at pre-crisis levels," said Cubillas Ding, a senior analyst at financial research firm Celent. "Bonus and pay cuts are now seen as the politically correct thing to do."
Rising public outrage at employers has led to kidnappings, marches and strikes in France, a country with a long tradition of labor unrest.
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