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Cy Valley


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BNSF CEO Receives Compensation Valued at $14.6M

Wednesday, March 18, 2009, Vol. 124, No. 53
By SAMANTHA BOMKAMP | AP Transportation Writer

NEW YORK (AP) The chief executive of the countrys second-largest railroad received total compensation valued at $14.6 million in 2008, a 16 percent increase from the year before, according to a proxy statement filed Monday with the U.S. Securities and Exchange Commission.

In the filing, Burlington Northern Santa Fe Corp. said Chairman, President and CEO Matthew K. Rose received a base salary of $1.18 million in 2008, up from $1.13 million the year before. He also received a performance-related cash bonus of nearly $1.7 million, compared to $610,720 in 2007.

BNSF has an intermodal yard in Memphis.

Roses perks were valued at $176,013 more than double the year before. Perks included travel on a corporate jet for himself and his family, and a tax reimbursement related to that travel. But the biggest chunk of this category was $137,781 for company contributions to Roses 401(k) and supplemental retirement plans.

He also received $1,606 in above-market returns on compensation hed set aside with the company. Rose, 49, has served in his current roles since March 2002.

The largest portion of his compensation package $11.58 million was in the form of stock options and restricted stock. However, the awards have exercise prices of $105.23 and $111.56, about double the companys current stock price. That means the awards are currently of little value absent a substantial rebound in stock price.

The Associated Press formula is designed to isolate the value the companys board placed on the executives total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations dont include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC, which reflect the size of the accounting charge taken for the executives compensation in the previous fiscal year.

Higher shipping prices and cheaper fuel in the second half of the year drove the Fort Worth, Texas-based railroads 2008 profit up 16 percent in 2008, despite weaker freight demand. Revenue was $18.02 billion, up 14 percent from the year before.

BNSFs stock lost about 11 percent during the year closing the year at $74.53. But shipping demand has fallen off sharply since December, and railroad stocks have taken a beating since. Burlington Northern shares ended Friday at $55.41.

Recently, the company said it doesnt feel that freight demand will get much worse, although its still unclear when it will get better. The railroad has already furloughed 2,500 workers to account for the lack of shipments. It said it will continue to rein in costs to prepare for a long and deep recession.



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Chilean Night Skies
FMB


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 Thank GAWD......!! I was worried about him.... I will sleep easier tonight.....!!

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Freddie Krueger


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Lets have a summit in his front yard?

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Brizy


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Why out of of nowhere does it say, "Memphis has an intermodal yard?"

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 the speed on the track is 10 mph and its restricted speed, so at 10 on that blind corner they had a banner set up....
Snippy


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Snippy has a back yard.

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Cy Valley


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Brizy wrote:

Why out of of nowhere does it say, "Memphis has an intermodal yard?"


It came out of the Memphis paper, gives it that home touch.

 



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Chilean Night Skies
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FMB wrote:

 Thank GAWD......!! I was worried about him.... I will sleep easier tonight.....!!


$14.6 million just doesn't go as far as it use to.....

He will be brown bagging his lunch for awhile.

 



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Hoghead Bob


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Troll wrote:

FMB wrote:

 Thank GAWD......!! I was worried about him.... I will sleep easier tonight.....!!


$14.6 million just doesn't go as far as it use to.....

He will be brown bagging his lunch for awhile.

 


Hope is going to be able to swing rent this month!

 



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Brizy


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I wouldnt mind workin 1 year as a CEO of the RR to make that much....Just quit after 1 fuckin year...Who cares if the RR ran into the ground....Krebs did it with the SP....

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 the speed on the track is 10 mph and its restricted speed, so at 10 on that blind corner they had a banner set up....
Freddie Krueger


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I think that is a requirement to be a CEO. The quicker you fk it up, the more you get paid.

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FMB


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BNSF is awarded $200,000 in damages following New Mexico crash

(The following story by Scott Sandlin appeared on the Albuquerque Journal website on March 17, 2009.)

ALBUQUERQUE, N.M. A railroad company was found blameless and was awarded nearly $200,000 in damages stemming from a crash at a railroad crossing near Los Lunas that killed two people.

The drivers of a pickup truck and a dump truck were killed instantly Nov. 1, 2006, when a freight train over a mile long going about 63 mph hit their vehicles as they were parked on railroad tracks. Carol Duran, a dump truck driver, and Robert Valencia, a salesman for LaFarge Southwest Inc., apparently were talking beside the dump truck and could not see the train coming, investigators said.

BNSF Railway sued the victims' families and LaFarge Southwest, a company providing gravel for the construction site adjacent to the tracks.

A jury heard two weeks of evidence and was in the third week of trial before U.S. District Judge M. Christina Armijo when it returned a verdict March 10, finding LaFarge 75 percent at fault. Duran, an independent driver in a 46,000-pound, fully loaded dump truck, was found 25 percent at fault. The jury found Duran to have been acting on behalf of LaFarge.

The jury awarded damages of $197,863 every penny the company had asked for, said John Thal, attorney for BNSF. The jury did not award damages against the estate.

Thal said LaFarge will be responsible for damages to the head-end locomotive and two trailing locomotives because the jury found the company failed to train its drivers on safety procedures.

The main engine was severely damaged by the impact of the crash, he said, which occurred as the freight train headed from Winslow, Ariz., to Belen and rounded a bend from an escarpment in the remote area. Squinting into the early morning sun, the engineer saw what he thought was an abandoned truck on the tracks, sounded a whistle and put on the brakes. It was too late to avoid a crash.

"It's a miracle it didn't derail the train," Thal said.

LaFarge and the estates of the victims' families filed counterclaims against the railroad and El Paso Natural Gas Co., which had contracted for the construction of a pipeline protection station by the tracks within the railroad right-of-way.

Armijo dismissed the claim against EPNG before trial. The Duran claims were settled prior to trial.

Thal said the railroad and its employees are "truly sympathetic for the losses of the families." He said it also has had an impact on the train crew.



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Snippy


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What's a little lawsuit amongst friends?

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FMB


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 Nothing like a lawsuit to help a grieving family through a tough time.......

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Pipes FC


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I wouldn't be very happy if I saw a loaded dump truck in the foul at 70mph.

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Cy Valley


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Stopping on the track to hold a conversation is right up there with laying down on the tracks to take a nap. Why?

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Chilean Night Skies
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