![]() |
|
||
|
GM Pays Ex-CEO $8.6 MillionPosted on Jul 15, 2009
What exactly does an executive have to do to not get a golden parachute? Former GM CEO Rick Wagoner ran the company into the ground, and will now retire with $8.6 million for his trouble. That figure was negotiated down from the $23 million the old pre-bankrupt GM would have had to pay Wagoner. Sorry Rick, but it’s a rough economy.
Advertisement Previous item: Israeli Soldiers Blame Loose Rules for Gaza Deaths Next item: Israeli Tourist Ad Banned Elsewhere: . CommentsAre you a Truthdig member yet? Login now, or register with Truthdig. Add Your Comment
|
A Progressive Journal of News and Opinion. Editor, Robert Scheer. Publisher, Zuade Kaufman.
Copyright © 2009 Truthdig, L.L.C. All rights reserved. |
By maxketter@yahoo.com, July 15 at 3:31 pm #
(Unregistered commenter)
last year the fed gov’t paid out $1.5 BILLION in bonuses to our Civil Servants who on average make $118K a year.
Report thisWhere is the outrage over this monstrosity
By Old Dude, July 15 at 10:49 am #
(Unregistered commenter)
What if all these overpaid clowns that are sucking blood out of the taxpayers ended up in a modest 2 bedroom condo scratching out a retirement, while mulling their not so hot health care options?
Report thisWhy should these guys get a golden parachute on the backs of the people they just trashed?
By Inherit The Wind, July 15 at 8:10 am #
I know it sounds crazy but that’s actually pretty good for GM and for the stock-holders. A seven-figure G-P for major corp CEO’s G-P is a super-slap in the face—and a HUGE savings. Remember what Michael Eisner got for sinking Disney as HIS G-P? It was NINE figures—something between $100 and $200 million! That was a bit high but mid to upper 8 figures was the norm for these guys.
Sure, $8 million is a lot—and I’d like to have it. But you cannot live the super-extravagant life-style on that. After all, the gauge for being wealthy has a minimum threshold of $10 million in assets.
Do I feel SORRY for Wagoner? NFW! But Roger Smith made out like a bandit, setting himself and his family up for generations, and for what? Continuing GM’s progress at REFUSING to recognize the automotive trends from Europe and Asia!
Still, from a reality and real politik POV, it’s a Pyrrhic victory that Wagoner is getting 7 figures and not 8 or even 9.
Report this