rick wagoner

Rick Wagoner may be leaving his position as CEO of General Motors but he’s not going away empty handed. Though he cannot receive a severance package under the terms of the auto industry bailout, he is due to receive some $20 million in retirement benefits after 32 years with with the company.
And this is on [...]

From the treasure trove of conservative apocalyptic predictions that actually sound pretty good comes this piece today in the neocon magazine, Commentary. The article describes the ideologically driven conditions being placed on General Motors as a result of the government bailout, arguing that “GM will be used to pay off various Democratic interests and constituencies.” [...]

The heads of Detroit’s automakers might be willing to accept $1 salaries as a condition of a federal bailout, but they won’t commit to capping their total compensation, even at $1 million.
So says Rep. Brad Sherman (D-Calif.), a liberal member of the House Financial Services Committee, which hosted the three auto execs this morning to [...]

In 1979, with Chrysler at the brink of failure, Lee Iacocca famously cut his salary to $1 per year in recognition of the federal help that eventually saved the company.
Fast forward nearly 30 years, and several lawmakers have put the Iacocca challenge to the CEOs of Detroit’s Big Three, who are in Washington this week [...]

House Financial Services Committee Chairman Barney Frank (D-Mass.) said in no uncertain terms Wednesday that the $25 billion bailout being sought by America’s Big Three automakers would constitute just the first federal offering in what would be a much more expensive rescue plan. Asked by National Public Radio why Democrats think $25 billion for Detroit [...]