GM CEO Secures $4.6 Million Pension

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Dango330

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Discussion starter · #1 · Nov 29, 2005

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http://www.newsmax.com/archive...shtml
"Monday, Nov. 28, 2005 10:21 a.m. EST
GM CEO Secures $4.6 Million Pension

As General Motors slashes jobs, closes plants and battles to avoid bankruptcy, the company’s CEO has set up a retirement plan that will pay him at least $4.6 million a year – nearly twice his current salary.
G. Richard Wagoner, who the New York Post calls "the greediest, most undeserving CEO since Chainsaw Al Dunlap,” was named GM’s chief financial officer in 1992, when the company had a global payroll of 750,000 employees.
Under Wagoner’s command as CFO and, since 2000, CEO, the carmaker has seen its employees dwindle to 324,000.
Now the company has announced plans to cut 30,000 more jobs and close 12 North American plants, and Wagoner is denying rampant rumors that GM is preparing for file for bankruptcy protection."
Unbelievable! http://****************.com/smile/emthdown.gif

 

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MRVW00

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#2 · Nov 29, 2005

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F*CK HIM!

 

Professor Gascan

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#3 · Nov 29, 2005

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*Gets popcorn and waits for Golf Strom's inevitable rant*

 

Hajduk

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#4 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (Dango330)

If GM declares bankruptcy, does he still get his pension?

 

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av_audi

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#5 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (Hajduk)

Quote, originally posted by Hajduk »

If GM declares bankruptcy, does he still get his pension?

Of course.

 

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synthsis

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#6 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (av_audi)

wow. just wow. i had to edit myself there from some pretty mean stuff including cancer and his man parts.

 

ATL_Av8r

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#7 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (Dango330)

$4.6 million just for retiring? Jeez....he must be union.

 

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StattlichPassat

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#8 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (synthsis)

Hahaha!
But yeah, this guys is truly a sonuvabish. Wtf, mate. http://****************.com/smile/emthdown.gif

 

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venom600

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#9 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (av_audi)

This is ludicrous. I never believed that the top execs were nice guys, but this is just beyond contempt. And yes, I still hate the UAW, just now it is matched by my hate for the execs.

http://****************.com/smile/emthdown.gif

 

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330R

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#10 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (Dango330)

And when Toyota's CEO makes less than $1 million per year...
You couldn't write a worse tragedy than the GM story. http://****************.com/smile/emthdown.gif http://****************.com/smile/emthdown.gif

 

chucchinchilla

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#11 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (Dango330)

Quote, originally posted by Dango330 »

the company’s CEO has set up a retirement plan that will pay him at least $4.6 million a year – nearly twice his current salary.

GM need to get this guy outta there ASAP without benefits

 

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vwgilly

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#12 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (Dango330)

The biggest problem isn't what the general public thinks, it is what the GM employees think.
This is the best way to absolutely crush morale. Morale is what gets a company to succeed, just like when Lee Iacocca took only a $1 a year salary in the 80's as a symbol to inspire employees.
I'm sure plenty of GM employees are wishing him harm, enough so that he will never be able to enjoy one penny of that retirement fund.
Merry Xmas GM employees!

 

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av_audi

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#13 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (venom600)

Folks, this has been going on for a few years now. More and more companies are unloading their benefits obligations (pensions, retiree benefits, etc) while at the same time assuring incredible retirement benefits for the top execs. GM will soon join this list that includes companies such as Polaroid. Just a few weeks ago, Time magazine had a cover story titled "The Great Retirement Ripoff."

 

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xdre

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#14 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (Dango330)

Ouch.

 

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330R

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#15 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (chucchinchilla)

Quote, originally posted by chucchinchilla »

GM need to get this guy outta there ASAP without benefits

Morrissey works at GM?

 

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Bixmen

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#16 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (330R)

Familiar to anyone? Didn't Packard Motor Company's Nance do something pretty similar to this in their lean years?
wow. just stunning that he would have the nuts to do this...

 

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DSG-TDI

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#17 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (Bixmen)

yeah, this absolutely has to be a dismal winter holidays for GM workers. I hope Wagoner gets a visit from the Spirits of GM Past, Present and Future this Christmas.

 

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LSinLV

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#18 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (b5audi(t))

Wow!!
Doesn't ANYONE here ever read a 10K????
Not only is this not unusual, but it's not that much!! many more have taken much more....and in companies doing worse, or being bought out....
This really is nothing new....you are just hearing about it because of your interest in the business.....
..and NO, I am not condoning this...just stating the obvious...

 

masa8888

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#19 · Nov 29, 2005

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Re: GM CEO Secures $4.6 Million Pension (Bixmen)

Pretty seedy of Wagoner to do this, but it's just a drop in the bucket compared to the amount GM bleeds every quarter. It is a major moral killer though for those under him.

 

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racerx138

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#20 · Nov 29, 2005

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Ya, these kind of things aren't new at all. However, you would think that GM would try and keep some things kinda quite in thier present state.