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Discussion Starter · #1 ·
DETROIT (AP) - General Motors Corp.'s board has voted to give Chief Executive Rick Wagoner a salary of $2.2 million this year.
The decision restores Wagoner's pay to its pre-2006 level. Wagoner had taken a pay cut as part of the Detroit automaker's turnaround plan.

The board also voted to give GM's new President and Chief Operating Officer Fritz Henderson a base salary of $1.8 million.


More at link:
http://news.moneycentral.msn.com/ticker/article.aspx?Feed=AP&Date=20080306&ID=8295392&Symbol=GM
 

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At least he won't be in poverty anymore.
 

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Nobody needs that much..
 

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That's a lot of money, that would of been better spend make GM cars better!!
 

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The ones who actually do the work that makes GM's money have to take pay cuts while the CEO who sits at a desk gets his pay kicked up...............

As long as GM is loosing money Rick should not get paid, I bet you then that GM will be profitable ASAP.
 

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Discussion Starter · #11 · (Edited)
The ones who actually do the work that makes GM's money have to take pay cuts while the CEO who sits at a desk gets his pay kicked up...............

As long as GM is loosing money Rick should not get paid, I bet you then that GM will be profitable ASAP.
Wasn't that the whole deal when he first took the pay cut (not to get it back until GM was profitable again) or am I getting people mixed-up?? GM is still far from profitably...
 

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Well, I think he deserves a paycheck. He has a huge responsibility and should get paid for his work. Is it worth over 2 Mil? That is up to the board to decide.
Did no one else notice the fact the Rick is also Chair of the Board... How do you spell "conflict of interest"

If the GM turnaround was complete, or even well underway and not up for debate, I would be the first in line to pay Rick a ton of cash... This is depressing as heck.

The stock price lost 60 cents a share today partly due to this anouncement.

:fall:
 

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I gotta say, stuff like this really demoralizes the workers. My dad remembers when Roger Smith got a healthy retirement bonus while GM was laying off workers all over the place. Everyone was pretty ticked off and felt like GM was abandoning them.
I agree that the man has to get paid...this is just a bad time. Wait a few years when GM's back on its feet and the turnaround efforts are pretty much done.
 

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Nobody needs that much..

Compared to the idiot CEO who drove Home Depot down and was walking off with a US$130 million golden parachute, $2.2 million a year is not bad for someone who is fixing the company.

Not objecting to the change. GM in general has been clearing out a whole lot of bad from the books and we are definately now seeing some of the best vehicles they have produced in a long time.
 

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My statement wasn't meant as a factual statement but pointing out the fact that its ok for them to use this logic on its workers but its not ok to use this logic on upper management.
There are "workers" somewhere working, but not getting paid?!!!? If that's true, I think I may know what the problem is - workers that aren't too good at math. They might also be a little fuzzy on the definitions of the words: "compensation" and "competitive".

-that is all-
 

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Why, can't they find a Mexican or Chinese dude to do the same "work" for a tenth of that? How come they don't ship those jobs to China. This is the age of globalization after all.
 
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