Don't feel sorry for ex-GM CEO Wagoner
By jonesy123
@jonesy123 (3948)
United States
April 1, 2009 8:17am CST
After being asked to leave GM by the White House, Wagoner resigned. But looks like there is no need to feel sorry for him. He got $20 million as a good-bye 'present'. Those are supposed to be retirement benefits and such.
Putting aside any sentiments about whether the White House/Obama had the right to 'ask' him to resign, do you think he deserved such a package in the light of GM now even facing bankruptcy?
I don't think so. I think a lot of people will lose out on a lot of benefits, when that company goes into bankruptcy restructuring. Personally, I think he should not have gotten all of his benefits either. If the White House asked AIG execs to pay back their bonuses shouldn't they ask him to do the same?
1 person likes this
3 responses
@gitfiddleplayer (10362)
• United States
1 Apr 09
Okay, you put in 20 years with a company, stocks, profit sharing, 401K and then when your company goes under they keep all of your money, I don't think so.
@jonesy123 (3948)
• United States
2 Apr 09
Well, fair is fair. It'll happen to all of the other employees there. Others have losses. If they ask so many other execs to hand things back, then why not him?
@bobmnu (8157)
• United States
2 Apr 09
The government regulates your best selling products out of the market and you are forced to try and convince people to buy a more expensive product that is not as good as the one you used to sell. Who is to blame for that? You make a product that people want and a few people don't like it so they get a law passed so you can't sell what people want to buy.
@bobmnu (8157)
• United States
2 Apr 09
IF that was the deal he made then he should get it. But Congressional Democrats have blocked it so he can not receive it for now. Why not fire the UAW president too? And while you are at it lets end all the GM Retirement plans. What is good for the Boss is good for the workers too. Most people will agree that the Retirement Plans are what got GM and the other Auto Co is the main reason they are in trouble. One report I read said that $3,500 of every car they sell goes to pay for the retirement plan of the workers. Paying for workers to sit around and do nothing for up to 5 years is not smart. Paying for full Health insurance after retirement is also expensive. The UAW needs to share in the burden.
If people think this is good that the government can cancel contracts at will because they are receiving Government money should think twice. What is to stop them from changing your employment contract? Or to change you retirement contract (401k or IRA) to a flat interest with the government getting the difference?
@Taskr36 (13963)
• United States
1 Apr 09
I don't feel sorry for this guy at all. He certainly should have been fired and obviously he'll be leaving with the golden parachute. My only issue is that he wasn't fired by the board of directors, stockholders, or anyone else with the proper authority. he was fired by the president in a disgusting example of socialism.
