Sunday, February 21, 2010

General Motors...meet the new boss...just like the old boss

NEW YORK (AP) -- General Motors Co. CEO Ed Whitacre will receive a salary of $1.7 million this year, plus stock awards that will bring his total pay package to $9 million at a later date, the automaker said Friday.

In a surprise announcement, GM also said former CEO Fritz Henderson has been rehired as a consultant. Henderson, who was forced out of the job in December, will work 20 hours a month and will be paid $59,090 a month, the company said.

Whitacre's total compensation is larger than Henderson's when he was CEO. Henderson received a total pay package worth nearly $5.5 million.

Whitacre's pay package includes a cash salary of $1.7 million that took effect Jan. 1. It also includes $5.3 million in stock awarded in increments starting in 2012, plus another stock award worth $2 million. The details, including the timing, of the $2 million stock award still need to be worked out, a GM spokeswoman said.

GM is 60 percent owned by the federal government and has received $52 billion in federal aid. The company plans to repay as much of the money as possible by issuing stock to the public, possibly as early as this year.


Now let me see. GM had to be bailed out or go under and now the new boss is just like the old boss.

Over paid beyond belief.

And to make it worse, the new boss needs the old boss to tell him what to do at a rate of $3000 an hour...

This is pure embarrassment to free enterprise. It is pure crap.

And it is a prime example of how the people at the top are being protected.

With the single exception of a '92 Ford Ranger I have driven GM for 30 plus years

I am done with'em. My next car will be a Ford, Japanese or Korean product.

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On Twitter I am Lesabre1

Commentator's Comment Award for 2-21-10

GOC has his AOTW, UrgentAgenda has its fools award. So I am always on the look out for a commentator's comment that I can also honor by recognizing it and posting here on Tall Cotton.

One of the requirements is that the comment must be so clear, so specific, so accurate and defining that it needs little or no comment by me.

I give you this comment made by Complainjane:

Re: Downs Syndrome actress Andrea Friedman (Family Guy) Rips Palin
posted at 2/21/2010 11:31 AM CST
The relentless and desperate efforts to justify anything Sarah Palin does is reaching fever pitch among some here. The winter Olympics should include the jumping through hoops and mind-boggling distances that our Sarahphiles here have obsessively had to stretch the truth in their obsessive compulsion of Sarah-worship.

I think there should be a law against Sarahphilia. If you are found guilty of Sarahphilia, your name should be on a list of registered offenders and you shouldn't be permitted within 200 yards of a voting booth.

Oh democracy where art thou?

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