Ex-CEO of GM laughing all the way to the bank.

[Ericthejet]

From TTAC.com
July 14, 2009

Back when TTAC was a voice in the wilderness on GM’s C11, I asked Bob Lutz if his pension was bankruptcy-proof. Maximum Bob scoffed and joked that he’d check with his accountant. Well, I guess he didn’t; the Car Czar recently revealed that hard times had forced him to sell one of his personal jets. After losing his shirt on GM stock options. The fact that MB’s working for New GM also indicates that he forgot to get while the getting was good. He should have had a word with his boss, Rick Wagoner. The ex-GM CEO, the man who wiped billions from the company’s worth and faceplanted the American automaker, made sure his financial future didn’t depend on anything as trivial as success.


Sure, Wagoner was due to collect $22.1 million for time served. But even though his contract was with Old GM, Red Ink Rick’s riches were [somehow] assigned to New GM. Which means Wagoner’s getting an $8.2 million dollar thank you. Oh and a $74,030 annual pension. Oh and a chance to cash-in his $2.57 million life insurance policy. And unspecified perks (cars for life, travel, etc.). Bodyguards? The Detroit News tells us “General Motors Co. officials declined comment.”

[obsolete]

Some day we will get sick of being butt fucked by big businesses and our government and we'll do something about it.

[xrocket21]

Some day we will get sick of being butt fucked by big businesses and WE and we'll do something about it.

fixed it for you

I wouldnt count on the govt doing ANYTHING in the best interest of the avg american

[obsolete]

You read wrong. I said big business and our gov't are fucking us and we will do something.

[DuncanMoto]

Start the movement.
Don't buy a GM car.

[obsolete]

Start the movement.
Don't buy a GM car.

I don't plan on it. I don't buy new cars any way.

[SVRACER01]

Start the movement.
Don't buy a GM car.

never!!

[TheIglu]

I'm going to look at a GM car tonight after work.

Yeah, it's made by Toyota, but it's still a GM brand.

[-jro-]

Start the movement.
Don't buy a GM car.

Even if you don't buy one they're getting our money anyway

[richw]

Only our government could bail out Goldman Sach's but NOT have a claim on future success or at least interest.

Meanwhile your savings CD's are as low as 1.25% because the banks get unlimited funds from the FED's at 1%. Then they mortgage it out at 4.9%, lend it at 10%, or credit card it at 23%. They must be high paid geniuses to figure out how to make money doing that. The same Fed pays you about 5% or the Chinese so they can lend the money at the 1%.