25 Votes

AIG Bonuses Piss You Off? GM To Pay Rick Wagoner $20 Million To Leave In Retirement Alone

Agent009 submitted on 3/30/2009 Official Bell & Ross Timestamp: 1:35:12 PM

35 user comments | Category: Misc News | Source: | SOURCE: abcnews.go.com

Rick Wagoner will leave his post as CEO of bailed-out General Motors with a $20 million retirement package, the company's financial filings show.

Although the Treasury Department has barred GM from paying severance to Wagoner or any other senior executive, Wagoner is eligible to collect millions in retirement benefits from his former employer, according to the documents reviewed by ABC News.

The Obama administration asked for Wagoner to resign Sunday, as part of its restructuring of the auto industry. President Obama said this morning that forcing Wagoner out indicated it was a time for new leadership.

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AIG Bonuses Piss You Off? GM To Pay Rick Wagoner $20 Million To Leave In Retirement Alone

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— Agent009 (View Profile)

User Comments

That's the agreement.

If you don't like it you can lump it.

Now that Russia and China want to start a new 3rd world currency to undermine the Euro and the Dollar we a Socialist that will lay down and allow it!
— EL34 (View Profile)

Posted on 3/30/2009 1:41:36 PM | reply to this comment | Votes: -7

And exactly what do you think you can do to stop China and Russia from Accepting the Dollar as the World's Reserve Currency ?

What a Clown.

Do you think that the USA would tolerate the Chinese Currency being the world's Reserve Currency if the country held such large Debts for so long ?
— I95SPEEDINGTICKETS (View Profile)

Posted on 3/30/2009 2:22:12 PM | | Votes: -4

To two posters above.

Neither one of you make any sense.
— vladyxa (View Profile)

Posted on 3/30/2009 2:47:36 PM | | Votes: 11

Wow, no wonder we are in trouble. Because of a loop hole in the way our Government wrote an agreement not to pay out bonus's and severance packages to these bastards, he get's forced out and is awarded $20 million !!! Someone should be shot !!!!!!!!!!
— AMiodynski (View Profile)

Posted on 3/30/2009 2:13:00 PM | reply to this comment | Votes: 2

I want my share of the tax dollars back !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
— AMiodynski (View Profile)

Posted on 3/30/2009 2:13:30 PM | reply to this comment | Votes: 1

Well, I'll give you a deal...

With regards to GM, I'll give you your share of tax dollar loans (about $45 USD) and if GM goes under, you can compensate me for my share (1/306,000,000) of the hundreds of billions of lost GDP & tax revenue.

Sounds fair eh?
— neutral (View Profile)

Posted on 3/30/2009 11:27:21 PM | | Votes: 3

Remember, the GM Board of Directors did not force Wagoner out. Obama did. The $20 million severance was in his contract.
— HSCenterconsole (View Profile)

Posted on 3/30/2009 2:37:34 PM | reply to this comment | Votes: 5

It wasn't severance it was retirement.... Still proof you can still get a big pay day without a bonus.
— Agent009 (View Profile)

Posted on 3/30/2009 3:04:05 PM | | Votes: 3

We saw what legally binding contracts meant to the gov't with AIG when they decided to take the bonuses back they knew AIG execs were getting in the first place (and later pretended to be outraged over). The info is right on the Treasury site. It's not hidden or anything.
— cyco (View Profile)

Posted on 3/31/2009 8:09:02 PM | | Votes: 1

Yes-That's the bottom line. It was a legal contract just like AIG's contracts were legal. It is useless to rant and rave.Rather it is more constructive to go forward and make the changes.
— mini22 (View Profile)

Posted on 3/30/2009 3:02:03 PM | reply to this comment | Votes: 5

That's right and Wagoner deserves every penny of the $20 million.

Let bama and plugs take a pay cut.
— EL34 (View Profile)

Posted on 3/30/2009 3:17:57 PM | | Votes: -4

There's already a reserve currency, its called gold.

China manipulates its currency so the RMB will never be a reserve currency no matter how many wet dreams know nothing economists have about the miracle market.

The only reason China wants an IMF currency is so they can continue to manipulate its currency and use it for trade, then convert it to safer IMF dollars. Since President Jesus started xeroxing greenbacks, China's seen about 15% of their nestegg disappear into thin air.

LOL, big surprise Wagoner is hosing GM, Obama takes care of his corporate buddies. To paraphrase the Simpsons "OMG, is he going to be ok?!"
— huu76 (View Profile)

Posted on 3/30/2009 3:49:13 PM | reply to this comment | Votes: -4

That's right Huu76, everything is Obama’s fault. The economy, Poor car sales, Global Warming, High Fuel prices (when they rise again), the real estate market, Wall street. Even 9/11 was Obama’s fault. LOL!!

The more you wrongly blame Obama for our countries Ills the more the rest of the world we see us as a bunch of whiney babies. Which is exactly what you are doing now.

Obama is years ahead of the Alternative (McCain/Palin) who believes that Tax cuts for the rich will solve all of our problems. Get a clue.
— LexSucks (View Profile)

Posted on 3/30/2009 4:47:48 PM | | Votes: 5

LexSucks, you completely didn't understand Huu's comment. He never said everything was Obama's fault, it was you who imputed it to him.

He's right about China, BTW.
— MrBratwurst (View Profile)

Posted on 3/30/2009 8:10:25 PM | | Votes: 5

So is it really that wrong for China to protect itself from the capitalits who prints their own money and is out to destroy the worlds economy? Wouldn't you do the same Huu76 if you were running China and you knew these destructive greedy capitalists was about to steal all your eggs? Everyday I hear "america should be worry because China is building up it's military", yet america and the brits are all over the world flexing their powers unchallenged. Where does the double standards end?
— Badgewhore (View Profile)

Posted on 4/1/2009 3:22:41 AM | | Votes: 2

He has a contract and a contract is a legal document that must be upheld in a court of law. Otherwise, all contracts can be made null and void - the end of capitalism and freedom as we know it!
— imanley (View Profile)

Posted on 3/30/2009 5:32:55 PM | reply to this comment | Votes: 4

Already done - the gov't did it with AIG and the DA from CT was unable to cite the law that was broken in order for them to go after the bonuses. No court, no trial, no jury, no justice what so ever. Pure unadulterated pandering and the public lapped it up.

Welcome to the new world, comrade.
— cyco (View Profile)

Posted on 3/31/2009 8:13:22 PM | | Votes: 2

The contracts should be null and void when they have to beg like a bitch for US Taxpayers money so their companies they drove into the ground with the shitty product's and greedy union's and contracts got them into trouble !!! The second you ask the US to help you, you should give up your "retirement contract" and everything else that pays you that amount of money for being a failure !!!!!!
— AMiodynski (View Profile)

Posted on 3/30/2009 5:48:18 PM | reply to this comment | Votes: 5

So if for a reason you where to lose your job and you live in the state of lets say Califorina (where unemployment benefits are dry and the state is far in the red) should the state not find a way pay you?
— 1UAW (View Profile)

Posted on 3/30/2009 5:57:20 PM | | Votes: -1

We don't even treat other countries like this when our gov't gives them our hard earned $ and they go and lose it to war lords and massive corruption. But somehow it's ok to treat Americans this heavy handed? What exactly is it people like you and our gov't have against America?
— cyco (View Profile)

Posted on 3/31/2009 8:17:21 PM | | Votes: 2

1UAW

No, blame your boss for running the company to the ground, then blame yourself for working for such a dumbazz boss. The states got nothing to do with poorly ran private business. Now I would agree with you if you live in Iceland where the govt. got itself in too much debt and is now bankrupt.
— Badgewhore (View Profile)

Posted on 4/1/2009 3:27:19 AM | | Votes: 0

Badgewhore.... GM did nothing wrong our plans that were already in place since 2007 to get the company more profitable was sideswiped by a failing economey.

1. Health care is on the heads of the union not GM
2. New hire employees make $14 an hour (less than Toyota)
3. stfu
— 1UAW (View Profile)

Posted on 4/1/2009 10:23:42 AM | | Votes: 1

I agree with UAW. Bonus and Severance Pay are worlds apart. We are angry about the bonuses which, IMO there should be a law banning them when the company is receiving bailout money from Government. As for severance pay, every imaginable employee is entitled to it.
— woood (View Profile)

Posted on 3/30/2009 9:18:31 PM | reply to this comment | Votes: 2

Lexsucks,
Tax cuts for the rich don't work, neither do bailouts/free money for the rich. Atleast the rich have to actually make money before the tax cuts will do them any good.

Obama may not be the cause of these problems, but what he's doing now is making things worse (esp when he campaigned on his "midas touch"). Free market/capitalism = survival of the fittest and failure provides new opporutunity. The FDIC protects the people who don't have $250,000 in the bank (I'm guessing the majority of people). Failure also punishes greed and bad decisions.

9/11 was Bush's fault? Clinton could've taken Osama out but he was too busy targetting Monica.

The longer into Obama's Presidency, the more the world will see that he's the biggest con job in American history. I'm not Bush, but I've not only repeated his every decision, but I've expanded on them. But I'm not Bush because I'm black and don't you forget it in 2012.

Let's see.
Obama and Bush Iraq withdraw timelines were months apart (end of 2010 vs beginning of 2011).
Bush/Obama/McCain all agreed on giving the 1st bank bailout, Obama tossed in the stimulus package (which will only provide temporary jobs) and now is contemplating a 2nd bank bailout so they'll have money to do what they should've done with the first installment.
Troops out of Iraq and straight into Afghanistan.
Bush authorized drone strikes and Spec Ops into Pakistan, Obama authorizes full engagement over the boarder.
Obama says he'll close Gitmo but its non-binding.

Chrysler is a writeoff since its private. GM will probably need to cut its workforce in half to be viable. Gov't will more than likely need to subsidize 0% and other incentives for the foreseable future, and GM will have to sell cars for basically cost (a few hundred bucks above) inorder to get cars moving off the lot (and to keep their R&D active).
— huu76 (View Profile)

Posted on 3/30/2009 10:08:26 PM | reply to this comment | Votes: 1

Maybe you should blame america for even going to the middle east in the first place? We were playing both sides and arming their people to blow each others apart while we profitted. Remember who put saddam in power?

While you're at it, blame the russians too, they were the ones countering our every move and turning the middle east into a mess where peace will never be able to achieve. Once the russians were defeated, we continued to cause troubles for the arabs. When Bin laden didn't like our dirty tactics and sent guys over to blow us up to give us a taste of our own medicine, we ain't cool with that. We fooled and pressured our friends and allies to join us in a war so we can kill more innocent people and proclaim ourselves heros and liberators.
— Badgewhore (View Profile)

Posted on 4/1/2009 4:04:08 AM | | Votes: 1

The problems in the middle east were born long before America was even "discovered".

Do not blame their problems on America. Our only mistake was trying to fix a problem that can't be fixed.

We went into the middle-east after 3000+ of our innocent civilians were murdered. Did you forget so soon?

Iraq, well that should have been a spec-ops to take out Saddam. Unless they know something that is still classified, that should have solved the problem.
— kablaam (View Profile)

Posted on 4/2/2009 6:46:36 AM | | Votes: 1

He doesn't have a plan, he's just your typical GOP fanboy that only knows how to complain.
— Badgewhore (View Profile)

Posted on 4/1/2009 3:33:06 AM | reply to this comment | Votes: 1

I'm sure that will go a long way to purchasing a new rug for him lol.
— dhkss2002 (View Profile)

Posted on 3/31/2009 3:48:06 AM | reply to this comment | Votes: 1

This is a retirement benefit, not a bonus or severance. Note that even though he has stepped-down as CEO he is still working at the company, thus he will not yet be paid the 20m. I don't know if his $1/year salary is still in effect though, since he isn't the CEO anymore.

In his defense, he has worked at the company for decades, so some sort of retirement benefit seems reasonable, though I'd argue that 20m is excessive.
— holmstar (View Profile)

Posted on 3/31/2009 10:02:14 AM | reply to this comment | Votes: 2

Retirement Benenfit should be a company matched 401k, not a 20 Million payout !!

— AMiodynski (View Profile)

Posted on 3/31/2009 1:46:51 PM | reply to this comment | Votes: 2

Feel free to do this when you start your own company. I'm sure you'll get droves of highly qualified applicants.
— cyco (View Profile)

Posted on 3/31/2009 8:19:50 PM | | Votes: 2

cyco.. Your right about that, people on autospies know a lot less than they think about the business world and only use this site to cry about things instead of contributing with creative solutions.
— 1UAW (View Profile)

Posted on 4/1/2009 10:27:56 AM | | Votes: 2

cyco

HAHAHAHA....highly qualified!!! Good April Fool's joke cyco....
— mmeecc (View Profile)

Posted on 4/1/2009 6:32:27 PM | reply to this comment | Votes: 1

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AIG Bonuses Piss You Off? GM To Pay Rick Wagoner $20 Million To Leave In Retirement Alone

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