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GM CEO drives off with $22M
Rick Wagoner will leave his post as CEO of bailed-out General Motors with a $20 million retirement package, the company's financial filings show.
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Corine
I know that people are tired of the bail outs that don't seem to be doing any good. I do however have to support any bailout for GM. My father worked there for over 34 years, and recently retired. I believe that he worked hard for his money, and deserves to enjoy his pension and retirement. Now, however, if these bail outs do not work, and the company goes under, the goverment will take over his pension. Which means that they will decide how much of a pension that he deserves. They can decide to cut 40 - 60% of his pension out, and penalize him and others like him, because the company can't get thier act together.
Our economy is stressed now, can you imagine what it will be if the goverment doesn't bail GM out? We will suddenly have over a million more workers out there looking for jobs that are not there. Plus that is with just GM failing. How many more will be added to the unemployment if Ford goes too?
john
What has Gm done to go Green other then cars. What about solar panels on the factory roofs or wind mills to supply power. this would help cut there cost. Also what about the four day work week. I would like to see GM really tell what it does that goes into building a car and the cost.
Kathleen Bryan, Evans, Ga
Don't worry, the next time I'm in the market for a new car........it won't be a GM car. I diffinitely will be buying FORD. Any product that is made by the Ford Motor Company will be on my buy list. And any other bail out company will be on my NO buy list!
Karen D
My husband didn't get 22 million when he was forced into retirement! We are trying to live on less tham $3,000 a month with his retirement......and yes that's even with me working too.
Anonymous
I want the real crystal skulls to reveal themselves. Not the hollywood crystal skulls, the real 13 crystal skulls
JK Missouri
Real American's should protest this invasion of private industry. Rick W should keep his job until the board decides otherwise. Obama does not have the authority under the constitution to force the resignation. He only has the power provided by the bailout money and I think that's called "Extortion"
Rick W should keep his post as CEO just to defy the president's attempted power grab.
Anonymous
Our big Wangoner!! made a measley 17 million in wages last year, and we lost even more on our gm stock. DAH---some say he shouldn't go---give me a better reason than " well he's been with the company 32 yrs., well my husband was there 40 and me 30, we sure didn't leave with millions under our belts.!!"
feastie
Well, Mr. 40 and Miss 30 years at GM ... you didn't walk away with millions? I guess you probably weren't in charge of the entire company, were you? As it is, you still made more money than most Americans, still had far better health benefits and retirement benefits than most Americans. Go cry somewhere else.
The man put in his years, became vested, and his retirement account is what it is because of that and because of his position and salary. I think he should have been gone a long time ago, but I don't think for a minute that the government should have any voice in whether he went or not. If you had any kind of sense at all, you'd understand that and the reasons why.
hardy-UNC
Coach K should have kept his mouth shut. Me thinks he teed Obama off.
Duke lost x2. Dukes basketball team lost and Pete lost. Make Pete a professor
in Fuqua business school. He will at least have a job
gumbonazi
I will be in the market for a new car in the next three months. I am a Dodge guy. I have a Ram 1500 that's a helluva truck. I want the Dodge Challenger, but I don't want to end up making a purchase that will reward the Government''s behavior.
I am turned off by the government's direct involvement in how these businesses are run.
I am not so sure that when the Feds to take over the auto industry the public will want what they are making.
sweetmoses
it amazes me that you are so concerned with saving money in the short term that you totally dismiss the repercussions of your decisions. there was a day when america made the cutting edge technology and ruled the auto industry. and other than movies from hollywood, we don't make anything that we export other than cars. so why would anybody be against helping out the last manufacturing sector that we have?
people shop at wal-mart religiously to save $5 on a tv while every single thing in wal-mart is made in china. and we wonder why china's economy is booming right now, because we gave them the money. now look at us. we saved that 5 bucks and got that tv, but then when our neighbor at the local tv manufacturer gets laid off we think it's the government's fault. and we spend all of our money on toyotas and hondas instead of supporting the american auto companies because we save 100 bucks on the car and wonder why our own companies are disappearing.
and we demonize the uaw, which i have to admit is a pretty greedy institution, but they also had a lot to do with the growth of the middle class during the first half of the century. instead of cutting salaries from good american jobs, we should instead charge toyota and honda a premium to do business in this country. if an auto worker's health benefits and pension add 5 grand to the price of a car, we should charge the japanese companies 5 grand extra to sell their product so that the playing field will be level. i'm sure you'll call me socialist for that idea because it's not fair trade, so go ahead. but if you think about it, anything can be done cheaper somewhere else, and if we don't support ourselves, the rest of the world sure won't support us either.
and gm actually rejected the last part of the money from the government because they got their books in order, which is a sign that the stimulus is working already.
Roy1955
Another golden parachute while families lose everything. Is obama, or an inept congress, going to weakly try to force him to surrender the money? This seems like the beginning of the end of our way of life. It's been such a short run too.
Dee
I'm sure it was a contract that Geithner and Obama knew nothing about!
Scott
As a nation are suppose to be upset about the AIG employees getting millions in bonuses but for a president ousted CEO its ok for him to leave with $22 million? This presidency is a laugh, a joke. Please stop the world, I want to get off.
JK Missouri
I agree! The UAW has done to the auto industry what the steel workers union did to US Steel and the Teachers Unions are doing to public education. Unions are destroying US Industry.
feedup
No GM now stands for Goverment Movement. Be afraid, be very afraid my fellow citizen.
Anti-greeny new world order
great answer
sweetmoses
so you're in favor of firing a half million people..to do what exactly? any thought to how the state of michigan would be affected by that? any thought to the demand on federal resources? any thought to the increased rates of suicide, divorce, and foreclosure just to name a few? of course not, you just want to save a few bucks on your lease payment, so auto workers be damned.
Dan
ya how bout the unempoyment of all the uaw workers
IRS POOR
They would learn to live like all the rest of us have without having all the benefits and just a pay check and they would have to work a full day everyday for a pay check and not all the special days off with pay and 90% of there pay when they get laid off the rest of us don't get that why should they
I have friends that are uaw workers and I don't feel sorry
for them uaw workers one bit 75% of GM failure has been over all the money they have had to pay out to uaw workers that don't work Getting paid crazy money to put in a bolt for eight hours real hard work I know not everyone has that job but there is alot of them that way and getting all kinds of vacation days . UAW empolyees have had it to goo for way to long If all the people that worked for the uaw worked hard everyday and didn't bitch that somthing wasn't there job and had to have someone else come and do something they would still be in buisness Most of uaw workers would not last in none union shops because they would have to work not all uaw employees are lazy but alot of them are
greg
Dan. Well, for one thing, they are not UAW workers, they are "American Auto Workers", and they work for the company employing them, not the UAW. If the UAW wants to pay their wages then maybe they could say something. Enough said!
Hoplite
Should we call GM Government Motors?
Kim
Yes, and We the People should fire the new CEO-in-Chief Obama. Impeach him!!!!
catchup
if gm's ceo got fired becaused he failed, how is it barney franks still has a job?
Anonymous
the reason barney franks still has a job, is because if they gave him the boot he would sue. being gay and all.
Anonymous Tex
Government…stay out of the private sector. We have heard about greedy wall street executives that have made our banks fail. WELL, here is a case where greedy UAW executives have made the auto industry fail. Lets take away their
bonuses. LEts send Acorn to their homes. And lets make a new law to tax their bonuses at 90%.
Government can’t run anything successfully. They need to let these businesses fail, feel the pain and resurface in the free market system.
This is what happens when lobbiest pay for campaigns…corruptions and special interest. LETS HAVE PUBLIC FINANCING ONLY!!!!!!! The UAW put
Obama in office. The very thing that could fix the auto problem is to eliminate the unions...and Obama must be pro union since the paid his way to office.
IRS POOR
I guess gm ceo is smarter then obama he gets fired and 22 mill and gives obama all his problems i can"t wait for obama too fire me it must be the new way to creat jobs now the goverment really has the total control of you you wanted change we got it
Anonymous
I am SOO with you on that comment. Crap, I got laid off and having a helluva time getting unemployment and this dufus walks away with 22mil.. COME ON NOW
Curtis Johnson
He worked for GM for 40 years,well over any requirement for retirement in any occupation. How long were you employed before you were laid off? I bet it was not 40 years.The current problem with our automobile industry was the industry itself. Back in the 70's and early 80's they had a theory of planned obsolescence, that opened the door for Toyota ,Honda,and NIssan (formerly known as Datsun).Once the door was opened, the damage was done. People lost faith in the American auto industry, and union produced items.
Anonymous
Wagoner should be sent to Pakistan and given to the terror animals.Apparently they both did the same damage to our country.20 million.What a joke.
mware
Actually Wagoner was in charge of one of the few car lines that were making a profit.It was the best selling car of 2008.
They fired the wrong guy.
....by the way they had no right to fire the guy.
Missouri JK
The Governmnet agreed to pay the bonus. I don't agree with it put blame our government. They can't just decide not to honor it's contracts. What other contract can they decide not to follow, how about the constitution!
jill
They are violating the Constitution for a while now., or hasn't anyone noticed because of all the smoke screens?
Bill Wilson
Ouch!
Jeff American
GM CEO Rick Wagoner should take his firing to a Federal court as illigal. (I care not what his walking money bonus.) There should be either 2 outcomes.
#1. The courts determine that under the Constituion, the President can have zero influence into private business. Rick Wagoner will get his job back, Obama will have egg on his face, and we Americans would be given a shot in the arm that the US Federal court system is still working under the Constituion.
#2. The Courts determine against the Constituion that President Obama was outside his bounds in the CEOs firing, and then WE know that the Justices at the Federal Level also need to be impeached along with the Obama Dictator.
Anonymous
i agree with all you say
OBAMA=HITLER
IT SHOULD BE CLEAR BY NOW WHO OBAMA IS EMULATING WITH THIS MOVE...
Dee
The only difference is Hitler made the trains run on time.
Anonymous
www.monksmedia.com 8EST SUBJECT OBAMA
wine and roses
I will never purchase a GM vehicle EVER. A country that can't run a post office wants me to believe they can run an auto industry and make it profitable. It will only survive because the government will purchase only GM cars for government use. They'll also give rebates for GM cars only. Problem is - nobody has any money to buy cars....maybe I'll use my extra thirteen bucks a paycheck for a new car.
Anonymous
Article II, Section 5, paragraph 1 of the Constitution states, "The Executive Office shall protect and Maintain the Ability to Extend Warranties and Grant Federal Tax Abate for any tax rendered on US Automobile Production.
Missouri JK
I think that was the point of his post
greg
Well, I guess it's a good thing the President is getting involved then, since he alone has the ability to extend (not manage or create warrantees). Well maybe he should give the big three tax exempt status too. That should help them alot.
Anonymous
I looked under article II of the constitution, there is no section 5
M.Bison
He/she/it was being sacrastic.....
springchicken
duh.
Bulldog1
Why is it that we keep bailing out the banks & AIG. Even Turbo Tim got a good job with BO helping to sell us out.
Yet, the ceo of GM gets the axe? I guess he didn't donate enough money. Today it is the auto industry what is next?
I find it interesting that the unions didn't have to give anything up. And all the jobs that have been cut at places like the New York Times were non-union. Didn't the unions donate big to the democratic party?
Again I have to ask. Why isn't this pay to play?
Alfredo D. Dark
GM is one of the biggest health care provider in the world. They also build cars.
LOL
HAHAHAHAHAHHAAAGAHGAHHAGHAHAGKLJAGJAHAHAHAHAHAHAHAHAHAHAHaahahAHAHAHAHAHahahAAHAHAHAHAHHAAHAHAAHAHAHAHAHAA
LadyLiberty
Here's the thing....what you are not hearing and is NOT reading in ABC's report. Those "green machines" that obama wants will be built in FOREIGN countries; like South America where state-of-the-art plants are tooled for those type vehicles. The very same union that obama courts does not want those plants to be built in the US.