NOTHING'S CHANGED: GM CEO secures fat pension
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Closet American
Joined: July 17, 2005
Posts: 5,851
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From: Vancouver, BC (Hollywood North)
GM CEO secures fat pension
Posted Nov 29, 2005, 2:00 PM ET by Eric Bryant
So, let me get this straight - one of the major problems with the Big 3 is excessive worker benefits, right? So, if that’s the case, then one would expect executives to practice what they preach. And at about this time, you’re wondering if I’m really from this planet, and for good reason. GM CEO Rick Wagoner will be receiving a $4.6M retirement package, courtesy of a Supplemental Executive Retirement Plan that has been set up for him. This plan comes from funding that is separate from GM’s vastly underfunded pension plan, and is said to be payable even if GM files for bankruptcy. Is it just not possible to properly fund one’s own retirement on $4.8 million a year? Or is the goal to just eliminate whatever sympathy that the public might still have for GM’s management? Wow.
Posted Nov 29, 2005, 2:00 PM ET by Eric Bryant
So, let me get this straight - one of the major problems with the Big 3 is excessive worker benefits, right? So, if that’s the case, then one would expect executives to practice what they preach. And at about this time, you’re wondering if I’m really from this planet, and for good reason. GM CEO Rick Wagoner will be receiving a $4.6M retirement package, courtesy of a Supplemental Executive Retirement Plan that has been set up for him. This plan comes from funding that is separate from GM’s vastly underfunded pension plan, and is said to be payable even if GM files for bankruptcy. Is it just not possible to properly fund one’s own retirement on $4.8 million a year? Or is the goal to just eliminate whatever sympathy that the public might still have for GM’s management? Wow.
GTR Member
Joined: January 30, 2004
Posts: 4,743
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From: NE PA
He's an executive, and believes the world revolves around him. GM will be in bankruptcy in 12 months. The cuts aren't deep enough, and won't occur soon enough. Wall St. apparently thinks the same.
http://finance.yahoo.com/q/bc?s=GM&t=3m
http://finance.yahoo.com/q/bc?s=GM&t=3m
Shelby GT500 Member
Joined: March 10, 2004
Posts: 2,586
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From: Sherman, TX
The current trend with CEOs...high pay, large benefits and even larger pensions/exit payouts.
And people wonder why American companies can't compete and why there's such a rift between blue collar/white collar and upper management.
And people wonder why American companies can't compete and why there's such a rift between blue collar/white collar and upper management.
FR500 Member
Joined: August 15, 2005
Posts: 3,084
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From: Honolulu
Hey GM! Hire me, dangit! I'm sure I can be at least half as inept in regards to running the company - heck, I might mess up enough to turn it around! If the company goes under before that, I wouldn't mind raking in the unemployment checks either. OK, what about paying me half as much? I promise to try to be totally incompetent or else you can send me packing along with a big severance check for my troubles. 
After reading the posts on this topic - I guess corporate America (esp. GM) really is "Bizarro World". Talk about a "golden parachute"...
After reading the posts on this topic - I guess corporate America (esp. GM) really is "Bizarro World". Talk about a "golden parachute"...
My C/T is cooler than Arin is.
Joined: August 6, 2004
Posts: 4,596
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From: Parkersburg, WV
Originally posted by ex-Galaxie500@November 30, 2005, 1:04 PM
The sad thing is that I'm not the least bit surprised...
The sad thing is that I'm not the least bit surprised...
Bullitt Member
Joined: January 30, 2004
Posts: 235
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its all politics. I dont understand why people get so riled up over this stuff. This is exactly what you have to do to make it up the ladder. ruthless as it may be, come on people. get used to it.
sorry, everythings not always perfect
sorry, everythings not always perfect
I Have Admin Envy
Joined: January 30, 2004
Posts: 6,740
Likes: 1
regardless of the way it is, it's a tough pill to swallow when a lot of people are losing their jobs.
What irks me is the lack of accountability. This company is being run into the ground by bad leadership yet they still maintain their sweetheart deals.
What irks me is the lack of accountability. This company is being run into the ground by bad leadership yet they still maintain their sweetheart deals.
Team Mustang Source
Joined: June 8, 2005
Posts: 705
Likes: 1
From: South Carolina
Originally posted by pilot1129@November 30, 2005, 8:36 PM
its all politics. I dont understand why people get so riled up over this stuff. This is exactly what you have to do to make it up the ladder. ruthless as it may be, come on people. get used to it.
sorry, everythings not always perfect
its all politics. I dont understand why people get so riled up over this stuff. This is exactly what you have to do to make it up the ladder. ruthless as it may be, come on people. get used to it.
sorry, everythings not always perfect
If that's what you have to do to get up the ladder, you deserve to fall
That kind of attitude is why they get away with it
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