It was announced the other day that Rick Wagoner, the former Chairman and CEO of GM, negotiated his retirement package with GM. It includes almost $8.2 million in payments over the next 5-years plus a $74,030 annual pension. How’s a dude suppose to live on $1,636,105 for five years and $74,030 a year for the rest of his life? Just kidding. Here’s my point.
During his tenure, GM’s North American market share fell from 28.2% to around 18%; the value of GM (market capitalization) tumbled from approximately $36 Billion to approximately $0; and its share price went from around $90 to around $0, all the while being paid huge sums of money. (And as Chairman of the board, he had considerable influence in deciding what his compensation, as CEO should be.)
Thank you Mr. Wagoner! Thank you for your hard work and outstanding results! Here’s your $10 or $20 million. And this lovely set of golf clubs. The taxpayers paying for this clusterfuck will be at your home shortly...they'll be the ones with the torches and pitchforks.
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