Oh, golden parachute!
Former General Motors Corp. Chairman and CEO Rick Wagoner will retire Aug. 1 with a pension and benefit package the automaker valued at more than $10 million.
Wagoner, 56, who was ousted by the Obama administration on March 30, will get $1.64 million in benefits annually for each of the next five years, plus an annual pension of $74,030 for the rest of his life, according to company documents filed Tuesday with the U.S. Securities and Exchange Commission.
Being from corporate America means never having to say you’re sorry… even when you fail.
“GM CEO Who Drove Them To Bankruptcy Gets $10 Million Retirement”
Republicanism in a nutshell.
This is not capitalism. This is cronyism. This is kleptocracy.
This guy has obviously had enough:
Disgruntled guy burns his GM shares, swears never again to buy anything GM, Video:
http://www.youtube.com/watch?v=iY84WB5c9Q8
LOL
If it weren’t for democrat regulation and taxation perverting the invisible flying finger of the free market, fuckup executives would only get 5 mil golden parachutes.
Okay I’ll stop pretending to be Jay Franked Observer now.
BTW, has anyone else seen the new line of GM cars that is supposed to usher in the renaissance of GM? Holy cow, talk about ugly! They must be getting their designers from Regent University.
This IS obscene.
Don’t they know that the era of “a contract is a contract” is over? A contract means diddly when the Obama administration decides it doesn’t like it!
I guess this means that the Obama administration does approve of this deal, then…
J.
Kind of like when the UAW signs a contract in good faith with the auto manufacturers and the auto manufacturers declare bankruptcy so they can break it?
Thank you EL, for blowing the lid off this giant conspiracy. GM went bankrupt solely to screw the union, not because they were … you know … out of money.
Sure glad we poured those extra tens of billions into the auto companies before they declared bankruptcy… sigh.
In the bad old days, there was pretty much one way out of a contract: go to court. Could be bankruptcy, could be another type of court, but it took a judge and a hearing to undo a contract.
Now, of course, it’s so much better: just get the Obama administration on your side. No need for taking the risks of the court ruling against you.
J.
Actually, I saw many conservatives say it’d be better for GM to file for Chapter 11 so they could break the union contracts. And no, I’m sure the executives would consider screw over the working class as a side benefit as they walked away with millions.
And conservatives, the banks didn’t have to take the money. So, all the bitching about the Obama Administration is just that…bitching.
Jesse, I was one of those “conservatives” who said that — that bankruptcy would be a good option for GM, because it would let them break the union contracts — and the CEO’s contract, too, for that matter. Because I happen to believe in playing by the rules, in the rule of law, of respecting precedent. And if you don’t like the rules, change ‘em — don’t ignore them.
As far as the banks go… “the banks didn’t have to take the money.” Apparently you missed the news that quite a few banks who didn’t need TARP money were heavily pressured by the federal government to take it to provide cover for those that did need it — and were later denied permission to repay the funds and get off the federal government’s hook.
Sorry you missed those points, Jesse…
J.
GM CEO FIRED BY OBAMA IS GETTING 10 MILLION AND MY 500 STOCK SHARES ARE WORTH LESS THAN TOILET PAPER.
GM went bankrupt solely to screw the union, not because they were … you know … out of money.
Clearly they’re not out of money if they can pay Wagoner. Why does the union get fucked on their contract, but he doesn’t?
Because I happen to believe in playing by the rules, in the rule of law, of respecting precedent.
Ha! Says the guy who sees no problem with torture, subversion of the fifth amendment and ignoring the Geneva conventions.
Duros, good question. Why don’t you ask the Obama administration? They’re the ones who “own” the deal.
And thanks for informing me of my positions. I was under the impression that I opposed torture (but didn’t consider waterboarding torture), don’t recall discussing the 5th Amendment, and suggested that the Geneva Conventions are obsolete and don’t apply to non-state actors such as terrorists — but apparently I misunderstood myself.
J.
Right wing deceiver “Jay Tea” responds to the factual assertion that “the banks didn’t have to take the money” with an deliberate deception: “Apparently you missed the news that quite a few banks who didn’t need TARP money were heavily pressured by the federal government to take it to provide cover for those that did need it”
It was Republican President Bush’s Goldman Sachs crony Hank Paulson who did the pressuring.
The fact that the banks accepted the deal when the banks ‘own Congress’ isn’t the fault of the anonymous “Federal Government” that right winger “Jay Tea” misleadingly tries to pin this on.
It was Republican leaders working in tandem to save their crony bankster buddies.
Right winger “Jay Tea” sums up his positions: “apparently I misunderstood myself.”
That’s one true statement.
Baby steps, “Jay Tea”, baby steps…
Right winger “Jay Tea” blames a broken contract on Obama at 6:19 AM.
Three hours and 20 minutes later, at 9:39 AM, “Jay Tea” brags that he was one of the right wingers that claimed “that bankruptcy would be a good option for GM, because it would let them break the union contracts”
This is the right wing mindset in a nutshell: A willingness to break an inconvenient contract and then blame someone else, a willingness to break the rules (which is what a “contract” is) while simultaneously claiming to be following the rules.
And then to really shove it down your throats right wingers blame anyone but themselves for what they are doing.
Right Winger’s First Rule: Rules Are For Other People.
The News Reference Bot does not do sarcasm well.
That’s quite alright, Jay. I’m sure it must be hard to keep track.
You oppose torture, but you don’t consider waterboarding torture. Okaaaaay, then.
Funny how the Torquemada did. And the Japanese. And the North Koreans, Chinese and North Vietnamese.
The News Reference Bot does not do sarcasm well.
Is this some kind of wingnut code? Your “sarcasm” was my hypocrisy, which was NR’s point. Would you be willing to submit to a battery of psychologial tests?
Where’s the highly respected data that proves that torture works best to extract accurate information?
There’s gotta be at least one wingnut here who’s seen some screwup in their own personal lives get promoted up the ladder just because they played the insider game well. How did you handle it? What did you do about it?
In the bad old days, there was pretty much one way out of a contract: go to court. Could be bankruptcy, could be another type of court, but it took a judge and a hearing to undo a contract.
Jay Tea, WTF are you talking about? Could you put a few more details on this vague rant?
Apparently you missed the news that quite a few banks who didn’t need TARP money were heavily pressured by the federal government to take it to provide cover for those that did need it — and were later denied permission to repay the funds and get off the federal government’s hook.
And apparently you missed this news:
http://www.thestreet.com/story/10512843/banks-to-start-tarp-repayments-next-week.html
But that’s okay, this article is only a month old. No one really expects you to conform your idiocy to reality.
Just curious here; the fact that these banks and financial firms have paid back the money that the Fed gave them, plus the fact that Goldman Sachs is turning a profit, would that be enough to consider the whole TARP thing successful? And if so, who do we give credit to?
What’s sad is that $10 million is probably considered a “low” retirement package by most CEOs of similarly-sized corporations.
All the other CEO are gonna make fun of him.