Big Bucks for GM Boss
It seems that the romantic notion of cutting back on executives' astronomical salaries, especially execs at corporations that benefited from government funding, hasn't exactly caught on like wildfire in the American auto business. Take General Motors, for example.
It seems that the romantic notion of cutting back on executives’ astronomical salaries, especially execs at corporations that benefited from government funding, hasn’t exactly caught on like wildfire in the American auto business. Take General Motors, for example — at one point, it seemed that the Detroit giant might not be long for this world, but then, thanks to the magic of the bailout, GM survived. And now, to show its gratitude, the company is … rewarding its new CEO with a salary that’s comparable to what his predecessor made in 2008. –KA
Your support matters…BBC:
General Motors (GM) has said chief executive Ed Whitacre will get an annual salary of $1.7m (£1.1m), plus $7.3m in shares at a later date.
The pay package was approved by the US Treasury, which spent billions of dollars bailing out the carmaker last year and now owns a large stake in it.
Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
Editorial Cartoons
Editorial Cartoons
Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
If the president wants the federal government to be able to borrow cheaply, there are far better options than negative interest rates.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.