GM’s Wagoner Resigns with $20M Retirement

Via The Blotter… According to GM’s financial filings, Rick Wagoner “will leave his post as CEO of bailed-out General Motors with a $20 million retirement package.”

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.

Yep… Under his leadership, “GM lost tens of billions of dollars, took billions in taxpayer-financed aid, and cut tens of thousands of jobs, including announced plans to cut 47,000 employees by the end of 2009,” and the guy gets to “drive away” with $20 million!

What a sad sorry mess this country is in thanks to corporate crooks like Wagoner.

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About Pamela Leavey

Pamela Leavey is the Editor in Chief, Owner/Publisher of The Democratic Daily as well as a freelance writer and photographer. Pamela holds a certificate in Contemporary Communications from UMass Lowell, a Journalism Certificate from UMass Amherst and a B.A. in Creative Writing and Digital Age Communications from UMass Amherst UWW.

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2 Responses to GM’s Wagoner Resigns with $20M Retirement

  1. SBO says:

    Explain to me how Wagoner is a “crook”. It would be arguable to call him incompetent. So now you want to take away his 401k and pension? Give me a break.

    Save the populist hype for companies and executives that deserve it.

    Last I checked, the ENTIRETY of the US auto industry is suffering. Not just GM.

    If you want to point the finger of blame, place it firmly to the UAW. Labor and pension costs made Detroit what it is today, not Rick Wagoner. The reason these problems have surfaced in the manner they have is because of the current financial crisis.

    If you blame Rick Wagoner for not “foreseeing” the current crisis, then we all share the blame.

  2. SBO

    It’s my opinion he’s a crook. It’s my opinion that most corporate ceo’s are crooks.