GM’s Rick Wagoner will receive a $20 million retirement plan.
May 11th, 2009 by Rick Arms
Rick Wagoner, outgoing CEO of General Motors, will be eligible to collect $20 million in retirement benefits from GM, the company that lost tens of billions of dollars under Wagoner’s leadership:
Upon his departure, Wagoner becomes eligible for both a “Salaried Retirement Plan” and an “Executive Retirement Plan” with General Motors. The combined value of the plans at the end of last year was $20.2 million, a GM spokesperson confirmed.
“Most of that will be paid out as an annuity over five years, the remainder is a small lifetime annuity,” said GM spokeswoman Julie M. Gibson.
However, the Washington Post reported this morning that Wagoner would not be leaving GM immediately, “because if he leaves the company he is entitled to a multimillion-dollar pension that the government does not want to pay.” Additionally, under the already-standing TARP agreement between GM and the Treasury Department, GM Is not allowed to pay severence fees to senior executives. “That ban does not appear to apply to retirement benefits, however.
wow… aren’t there supposed to be consequences for failure?
Right-wing idiots never fail at being right-wing idiots:
http://img219.imageshack.us/img219/980/rightwingidiots.jpg
Priceless
From Reuters: “Wagoner took over as GM’s CEO in 2000, overseeing a 95 percent decline in market value for the nation’s largest automaker. GM has lost about $82 billion (57.8 billion pounds) since 2005 when its problems began to mount in the U.S. market.”
So in less than 9 years, he oversaw a 95% decline in market value, and a loss of $82 billion, in the company he’s now “retiring” from with a $20M golden parachute.
Yep — sounds like a Rushpublican to me…
So, we mess up on our jobs, and we are fired. He does the same and gets millions of dollars. There is something wrong with this picture.
If there’s no other way, then at least pay him in all pennies.
Or Zimbabwe Dollars.
Give him 20 million in GM vehicles
Another day, another outrage. It’s often said that we (the common people) just “don’t understand” the way it is in the lofty boardrooms of our culture. And they’re right — I probably don’t. To be able to retire on a figure that looks like a major lottery win after completely screwing up a large corporation is unfathomable to me. I DON’T understand. And even if it was explained to me like I was a four-year old, I probably still wouldn’t be able to wrap my head around it.
However, as much as I don’t understand what life is like in a CEO bubble, CEOs and other top execs of large corporations appear to have completely lost touch with what it’s like out here. To me and other middle class Americans, $20 million is a lot of money, even if it’s a very small fraction of what GM is getting from the government.
And what’s even more galling is that a number of these failed executives will get hired by other companies because of their “experience”. Go figure.
Hi, interest post. I’ll write you later about few questions!
emm.. cognitively )
emm.. amazing.
nice! i’m gonna make my own journal