Tuesday, July 14, 2009

And as a Reward for Failure ? 8.2 Million ? Are you kidding ?


Fran said...

How about this part of the article-
"Wagoner's package comes at a time when the company slashed benefits for most of its retirees, including eliminating vision and dental coverage. Health benefits for blue-collar retirees also are somewhat at risk because they soon will be paid by a union trust that is largely funded by stock in the new GM."

What- do they think eliminating vision coverage will prevent employees form seeing just how much they were screwed? Because not only did the company screw the employees & drive the company into the ground-- their bailout money is killing the overall economy of the Federal reserve coffers.

Triple whammy!

I read a quote from Wagoner saying if he had it to do over again, he would have kept the Ev1- the electric car.

But instead they destroyed them only to have gas prices soar & their problem would have been keeping them in stock.... they would have sold so quickly.

Another thing Wagoner did was move the financial call center to India. Those were decent paying jobs with benefits. For as much as they touted their Americana & that they were an AMERICAN company.... every step of the way GM pulled jobs OUT of the country to appease the shareholders.

Wagoner was asleep @ the wheel.....he missed the boat on electric cars, hybrid vehicles, keeping jobs in the US, and scaling down from the big ass guzzler SUV vehicles.

Well at least all the stock & stock options he owns are worthless. He's earned that.

enigma4ever said...

I am going to go back and add the snippets..thanks..I was just soooooo pissed off I can't explain it...I read this and thought WHAT???? HOW????? I am sick of this every nite I am home- there are tons of car ads on- all high price BIG cars..NO Enviro cars..and they are outrageously priced- they fucking car companies have learned nothing from this- NOTHING...

on another level it reminds me of the Insurance companies making MEGA money off us..all of us...and the Big Cheeses at the top are making gazillions....

the walking man said...

Look it is a lot of money but before all the knickers go into a knot I would suggest you go back and look at what Wagoner actually did to try and save the company he LOVED.

All of the above is true but he was mopping up messes that were decades in the making.

Does he deserve 75k per annum pension *shrug* puts him below the presidents threshold for taxation of the rich if that were all he got. He'll pay his due taxes on his wealth.

BUT why not go to the source of EVERY bubble and crash and yell from the rooftops about GOLDMAN-SACHS. They have been manipulating the rise and fall of the economy to line their pockets for decades and yet you hear barely a whisper about them and their business practices.

At least Detroit built the middle class that Goldman-Sachs destroyed. The ride is over for everyone even Waggoner.