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WEDNESDAY, NOVEMBER 25, 2009
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GM's Wagoner to Get $8.2M, Plus $75K Annual Pension

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(Newser) – Now he can fly on all the private planes he wants: Former General Motors CEO Rick Wagoner will collect an $8.2 million payout package, plus a $74,000 annual pension, reports the Detroit Free Press. If he chooses, the 56-year-old Wagoner also can cash out a company life insurance policy worth $2.6 million. If this seems like a lot for the ex-chief of a bankrupt company, it may help (a little) to know that his retirement benefits were valued at $22 million only last year.

Wagoner worked for the company 32 years before the government asked him to step aside in March. He had been a vocal opponent of the bankruptcy filing. In a speech today in Michigan, President Obama once again cited "poor management" as the main reason both GM and Chrysler had to file for bankruptcy.

GM's Rick Wagoner, right, Chrysler's Robert Nardelli, center, and Ford's Alan Mulally testify before Congress last year.
GM's Rick Wagoner, right, Chrysler's Robert Nardelli, center, and Ford's Alan Mulally testify before Congress last year.   (AP Photo/Manuel Balce Ceneta)
GM CEO Rick Wagoner, in 2006.
GM CEO Rick Wagoner, in 2006.   (AP Photo/Carlos Osorio, File)
GM CEO Rick Wagoner.
GM CEO Rick Wagoner.   (AP Photo/Carlos Osorio)
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7 comments
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BeatBlaster
Jul 14, 09 11:27 PM CDT
wtf? Reply
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+1
coco-jin
Jul 14, 09 11:47 PM CDT
Dear NYT: Martyr, my arse! Love, A real live resident of the city of Detroit. Reply
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+2
emptycalm
Jul 15, 09 12:13 AM CDT
what a slap in the face to the rest of us. Reply
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+1
skylinesandsunsets
Jul 15, 09 3:37 AM CDT
I wonder if Neo-cons will blame the unions for Wagoner's big ass paycheck? Reply
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+1
Woofer58
Jul 15, 09 7:56 AM CDT
Having been a hard worker for many years, I find it hard to believe that 'any' job is worth that kind of pay. It's insane. Reply
Vote up! Vote down!
+2

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