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#305432 - 31st Mar 2009 2:39pm FAILED GM BOSS TO POCKET $20 MILLION
StuyMac Offline

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Registered: 24th Nov 2003
Posts: 12002
Loc: Wirralshire
WTF!!!!

I cant belive this kind of thing is still happening - they fook everything up, and get a megapayout for it.... somad

Originally Posted By: Pistonheads
Bailed-out, kicked out, but not down-and-out as Wagoner scores monster pay-off

He may have been ousted by Presidential decree, but former General Motors boss Rick Wagoner won’t be joining the queue at the Detroit soup kitchen any time soon.

Much like the former RBS boss Fred Goodwin here in the UK, Wagoner faces being pilloried in the US media over a ‘golden parachute’ deal that is reportedly worth over $20 million. The staggeringly generous retirement package will be paid over a number of years, in spite of U.S Treasury Department strings attached to its GM bail-out that stated no severance packages would be paid to failed auto industry execs.

History has yet to decide how Wagoner will be remembered, with many in the industry believing his turn-around plans for GM were soundly based and thwarted only by the sudden collapse in the global economy.

Others may not be so kind, especially the 47,000 former GM employees whose jobs were axed on Wagoner’s watch, or the US taxpayers who have already witnessed $13bn of their dollars being swallowed up by GM – perhaps still on its way to Chapter 11 bankruptcy.
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#305488 - 31st Mar 2009 7:10pm Re: FAILED GM BOSS TO POCKET $20 MILLION [Re: StuyMac]
MissGuided Offline

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Registered: 18th Jul 2008
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Wow! That's sick!
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#305501 - 31st Mar 2009 8:06pm Re: FAILED GM BOSS TO POCKET $20 MILLION [Re: MissGuided]
DavidB Offline
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Registered: 7th Dec 2003
Posts: 5599
Loc: Bebington, Wirral
Incredible isn't it? It doesn't help that MP's and corporate directors are in each other's pockets.
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