ABC News: GM’s Rick Wagoner will receive a $20 million retirement plan.
ABC News: GM’s Rick Wagoner will receive a $20 million retirement plan.
ABC News reports that 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.”
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wow… aren’t there supposed to be consequences for failure?
March 30th, 2009 at 4:33 pm**
who cries for zeus?
:0
March 30th, 2009 at 4:36 pmFrom 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…
March 30th, 2009 at 4:36 pmCue backup.
March 30th, 2009 at 4:37 pmSo, 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.
March 30th, 2009 at 4:39 pmwags,
me and my big mouth.
*
doc,
what can you say?
they’re just “morans“.
:)
March 30th, 2009 at 4:41 pmSo the plan is:
1. Rise to the top of GM
2. Run the company into the grown by lording over a decade of inactivity and failure.
2. Profit!
http://www.pufferfishblog.com/
March 30th, 2009 at 4:41 pmPriceless.
March 30th, 2009 at 4:42 pmIf there’s no other way, then at least pay him in all pennies.
Or Zimbabwe Dollars.
March 30th, 2009 at 4:42 pmGive him 20 million in GM vehicles
March 30th, 2009 at 4:47 pmRight-wingers???? Obama is President tax it at 90%.
March 30th, 2009 at 4:49 pmAnother 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.
March 30th, 2009 at 4:51 pmBut but but its the overpaid union workers fault that GM failed – so lets give them 20 million a piece.
/snark
March 30th, 2009 at 4:57 pmO you are so funny. “is this english?” 1 question, why does Obama love the riches 1%?
March 30th, 2009 at 4:59 pmDR Mott?
March 30th, 2009 at 5:00 pmOne question. Do you mean “richest” and if so what do you base your premise on?
March 30th, 2009 at 5:01 pmBye, you people are no fun ” IS THIS ENGLISH?”
March 30th, 2009 at 5:01 pmBye
March 30th, 2009 at 5:02 pmDr. Moth Matt Says:
jeff2001 Says:
Right-wingers???? Obama is President tax it at 90%.
Is this English?
***
check out links at #2
and #7.
jeff is a “moran“.
*
March 30th, 2009 at 5:02 pmWhat the hell just happened?
March 30th, 2009 at 5:03 pmDr Moth Matt, please excuse Jeff. His screen name suggests that he was born in 2001 and we should not expect an eight year old to have great spelling, grammatical, or typing skills – especially having been schooled during the No Child Left Behind era.
March 30th, 2009 at 5:04 pmwags camponotus saundersi Says:
What the hell just happened?
We just had a small non-bug infestation. The FACTS non-bug repellant took care of it.
March 30th, 2009 at 5:06 pmThe right wingers have argued that the AIG employees are legally bound to keep their payouts, so with that in mind, Wagoner should also be able to keep his. Right, wingers?
March 30th, 2009 at 5:08 pmThen deduct $20.2 million from the taxpayer subsidy.
GM’s new Board Chair is a Senior Adviser for The Carlyle Group. Feel better?
March 30th, 2009 at 5:09 pmjeff2001 “O you are so funny. “is this english?” 1 question, why does Obama love the riches 1%?”
The important thing is to keep trying, Jeff…now get back out there and do your very special extra best…we’ll be watching…now off you go….off you go now…that’s it… keep trying!
March 30th, 2009 at 5:10 pmThis is bullcrap… he better donate a huge chunk of that money. Try the best home page
March 30th, 2009 at 5:10 pmrepugs are so sneaky. The wording shouldn’t matter, a free fund is a free fund is a free fund.
It’s the money repugs…no money until gm makes a profit.
These type of payments should come from the profit that gm makes and not from taxpayers’ money.
March 30th, 2009 at 5:11 pmAmerican corporate culture
Rewarding incompetence since 1981!
March 30th, 2009 at 5:17 pmThese types of deals should be disallowed by the shareholders of these companies. They are not justifiable in relation to the actual needs of a bonafide company.
On another note,
Why does every troll ASK that question?
March 30th, 2009 at 5:17 pmThat would provide 666 employees a retirement of 30,000 a year.
March 30th, 2009 at 5:17 pmObama will take care of this……..I know that taxes will get a large part to this guys money but he should never be allowed to have any part of it in the first place…..now that we have the ball we must run faster taking over and nationalizing as many businesses as we can before the CEO’s get a chance to raid them.
March 30th, 2009 at 5:20 pmWhat I don’t get is why Obama has to do to GM what the shareholders should have been doing all along. If I had stock in any of the American autos I would have been calling for the heads of executives.
March 30th, 2009 at 5:21 pmWagoner is just another one of the long list of executives that have run companies into the ground and walked away with millions. He won’t be the last.
Carley Fiorina – HP – $49 Million to “go away”
Joe Nacchio – Qwest – $29 Million to “go away”
Robert Nardelli – A two-fer failure - The Home Depot – $210 Million - THD – $TBD Million - Chrysler
We all strive to succeed, but evidence shows, “Failure Pays”
March 30th, 2009 at 5:21 pmCOProgressive Says:
Yes and don’t forget, any taxation on the incomes of these fools is “punishing them for their success”
gag.
March 30th, 2009 at 5:24 pmTypical entitlement arrogance from the CEO crowd…
….I got mine, phuck you little people.
March 30th, 2009 at 5:29 pm5th Estate Says:
jeff2001 “O you are so funny. “is this english?” 1 question, why does Obama love the riches 1%?”
The important thing is to keep trying, Jeff…now get back out there and do your very special extra best…we’ll be watching…now off you go….off you go now…that’s it… keep trying!
This is soooo fun-nee.
March 30th, 2009 at 5:39 pmI suppose that you stalinist marxist liberals will attempt to take away this guys earned retirement too, right?
Better to take it away from someone than to go out and earn it yourselves, right?
March 30th, 2009 at 5:41 pmHAHAHAHAHAHA
March 30th, 2009 at 5:42 pmOh yeah Tim, you’re right, you’re absolutely right…you are such a paragon of intelligence…thank you for showing us the way…what would we do without you…
*rolls eyes*
March 30th, 2009 at 5:45 pmHi Tim43
March 30th, 2009 at 5:47 pmShouldn’t stalinist and marxist be capitalized?
Yeah! So much for treating Wall St & Main St different.The meme has been making the rounds in the progressive domain.But seems like it has no legs.
March 30th, 2009 at 5:50 pmYour post seems like it makes no sense.
March 30th, 2009 at 5:52 pmWell, he certainly has made GM successful and deserves everything he gets . . . ops, check that. . . he’s a highly valuable CEO and the GM BoD’s needed to insure he didn’t leave. .. ops, check that. . . He is forward looking in his business dealings. . . ops, check that. . . He’s taken care of himself while the business went into the tank. . .there, that works.
March 30th, 2009 at 5:53 pmBeefeater
March 30th, 2009 at 5:55 pmWhat is it that makes you “sure”? Magic Eightball? Insider water cooler chit chat? Just making shit up? Do tell…
“…small lifetime annuity…”
Wouldn’t it be great if everybody could be awarded one of these?
March 30th, 2009 at 5:57 pmTrolls Say: “I wanna be right *squawk* I wanna be right *squawk*”
TP Posters Say: “Polly wanna cracker?”
Trolls Say: “I wanna be right *squawk* I wanna be right *squawk*
March 30th, 2009 at 5:58 pmTim43 Says:
I suppose that you stalinist marxist liberals will attempt to take away this guys earned retirement too, right?
Better to take it away from someone than to go out and earn it yourselves, right?
HAHAHAHA
You’re a fool!
HAHAHAHAHA
You pay it b.
March 30th, 2009 at 6:01 pmpastcaring are you new to this site?
March 30th, 2009 at 6:04 pmRelatively speaking.
:]
March 30th, 2009 at 6:07 pmYou’re soooo riight. Perhaps you can just ring Obama up and correct aaaaalll the mistakes your friends made over the last 8, no make that the last 28 years. Thaaaanks.
March 30th, 2009 at 6:13 pmShouldn’t you have made a silly out of Wagoner’s name?
March 30th, 2009 at 6:16 pmAs opposed to how you come off looking? Angry, frustrated, defeated…
March 30th, 2009 at 6:19 pmOf course he didn’t know what he was doing, as usual.
March 30th, 2009 at 6:46 pm—
Are you suggesting that you are better equipped to be the president? Based on President Obama’s history, education, and resume I would argue that he does know what he is doing and that has nothing to do with whether or not I agree or disagree with it. I just am not such a boor as to even hint that I might know better. If you are more informed educated and successful why has no one asked for your input yet?
Finally a definitive response to the Please provide proof request.
BTW, Beefy did you get through on Obama’s private line…seeing as how you’re all important and such a noteworthy intellect?
March 30th, 2009 at 6:47 pmWell…since there’s a lot of work to do correcting everything, perhaps you could make a list with some of your ideas.
Then, we could all just listen to your great ideas and then we could all get together and listen in on your phone call on your private line to the oval office.
We would surely learn something for your astounding intellect.
*gag*
March 30th, 2009 at 6:54 pm*whispering* Pssst…hey…all you other insects….I’ll keep Beefy busy…just go to the newest post…he’ll never know to follow
So, Beefy where were we?
March 30th, 2009 at 6:56 pmSo if it weren’t for those skeletons you do or do not think you are better equipped to lead the nation? Yes? No?
March 30th, 2009 at 7:05 pmpastcaring ceratopogonidae Says:
Game of Life Says:
pastcaring are you new to this site?
Relatively speaking.
:]
Welcome! ;)
March 30th, 2009 at 7:23 pmThere is populous yearning to deny corporate bonuses. I don’t know if it’s more important to honor contracts of set a precedent that the people will not stand for executives to be enriched despite poor performance.
My point is this: If we are going to hold corporate executives to this standard (that they should not financially benefit, if their company fails or performs poorly), what about our government’s executives?
I personally believe our governmental leaders (the President, Senators, Representatives) are underpaid (when you consider only salary). But, many are able to enrich themselves though other means related to their service (speaking fees, book deals, post career lobbying, etc).
If our nation’s performance is dismal or failed (greater debt, more unemployment, lower GDP, etc) do we go after the money that our failed political leaders amass, as a consequence for that poor performance?
March 30th, 2009 at 7:30 pmFunny pastcaring you bring up gagging…beefie doesn’t have a gagging problem he swallows.
March 30th, 2009 at 7:33 pmThere always seems to be loopholes for these corporate jerks. Run the company into the ground – take your millions and go! Amazing!
March 30th, 2009 at 7:54 pmSo Klatuu is Beefeater? Not particularly suprising but interesting none the less…
March 30th, 2009 at 8:01 pmKlatuu, member of the corporate butt-licking party, please shut the hell up.
March 30th, 2009 at 8:05 pmI wonder if he will be able to live on it? Only 20 million? Poor guy.
March 30th, 2009 at 8:26 pmI’ll never get the Beefs and Klaats who go way out of their way to stick up for the Overdogs…it is just incomprehensible.
Is that what “conservative populism” is supposed to be? NYT?
I try tracking the logic with these characters (and that’s a subject I studied pretty extensively in College) and I just. don’t. get. it.
March 30th, 2009 at 9:01 pmThat beef is bad for your heart…
March 30th, 2009 at 9:22 pmbackup Says:
If our nation’s performance is dismal or failed (greater debt, more unemployment, lower GDP, etc) do we go after the money that our failed political leaders amass, as a consequence for that poor performance?
__________
Boy… talk about asinine questions.
March 30th, 2009 at 10:09 pmBeefeater Says:
dbadass Says:
So Klatuu is Beefeater? Not particularly suprising but interesting none the less…
Harrumph! Pay no attention to that man behind the curtain
***
let’s not forget when he was Tanqueray.
…
Tanqueray Says:
My guy Barry(fist-tap) wouldn’t be caught dead taking money from an oil company, he’s too pricipled….what? No way…
August 14th, 2008 at 7:58 pm
***
Tanqueray Says:
What this country needs is a real Dept. of Justice headed up by an honest Attorney General, to get to the bottom of this crap.
Go Barry(fist-tap),Edwards for AG.
August 8th, 2008 at 4:47 pm
***
Beefeater Says:
joe cantwell Says:
blackberry?
Hey, Me and Barry(fist-tap)baby. Good Canadian company too.
March 29th, 2009 at 10:24 pm
***
tanq (like dubya) just can’t let
go of a really cool nick name
he invented all by himself.
:)
March 30th, 2009 at 10:41 pmGood for Mr. Wagoner, I believe it’s well deserved and all Corporate Execs deserve a bous and all of the bennies that they were promised!
March 30th, 2009 at 11:12 pmBeefeater Says:
joe cantwell Says:
Beefeater Says:
dbadass Says:
So Klatuu is Beefeater? Not particularly suprising but interesting none the less…
Harrumph! Pay no attention to that man behind the curtain
***
let’s not forget when he was Tanqueray.
…
Tanqueray Says:
My guy Barry(fist-tap) wouldn’t be caught dead taking money from an oil company, he’s too pricipled….what? No way…
August 14th, 2008 at 7:58 pm
WTF! You keep other peoples posts on little sticky notes on your monitor? How obsessive!
***
tanq’s short-term memory syndrome.
from last night.
…
Beefeater Says:
republicans hate facts Says:
You KEEP PEOPLE’s POSTS handy to COPY AND PASTE?
We have instant access to EVERY post you have ever made on ANY website or newsgroup.
March 30th, 2009 at 2:23 am
…
you can get help.
:)
March 31st, 2009 at 12:17 amBeefeater Says:
joe cantwell Says:
tanq’s short-term memory syndrome.
from last night.
Oh, did I do that?
**
no,
it was your evil twin,
jim.
:|
March 31st, 2009 at 1:55 amTimmeh you insufferable moron. I suppose you thought we needed a new injection of your special brand of stupid to get us through the day. Love laughing at your ignorance. Why should HE get a golden parachute of 20 million dollars after 8 years as CEO. Give him the same as a UAW pension. He doesnt deserve any more than that.
March 31st, 2009 at 5:07 amBeefeater Says:
Obviously you are an ignorant piece of garbage. Just a stupid, demented propaganda parrot without the capacity for independent thought. You live only to spew the ignorance you have been brainwashed with. You are stupid. You are a punk. You are a worthless troll. Go back to your bridge and let the adults talk
March 31st, 2009 at 5:09 am***
beefsucker?
timmeh?
tanq?
klituu?
..
but then, i repeat myself.
:)
March 31st, 2009 at 11:09 am