I thought that maybe, just maybe, GM's failure CEO Rick Wagoner wouldn't get a golden parachute because of the current political climate. I was wrong.
PAYDAY: GM's Rick Wagoner Drives Away with $20M Retirement
Critic Calls Multi-Million Package "Perfect Example" of Frustration with Industry
By MICHELLE LEDER and JUSTIN ROOD
March 30, 2009
The Blotter - ABC News
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.
The only way to reduce this obscene payment is for GM to declare bankruptcy:
If GM is forced into bankruptcy, Wagoner could get much less, according to Dave Schmidt, an executive compensation analyst with James F. Reda and Associates. Less than $1 million of Wagoner's total $20.2 million pension package appears to be guaranteed if GM goes bankrupt, Schmidt said.
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