AIG Bonuses Piss You Off? GM To Pay Rick Wagoner $20 Million To Leave In Retirement Alone

Rick Wagoner will leave his post as CEO of bailed-out General Motors with a $20 million retirement package, the company's financial filings show.

Although the Treasury Department has barred GM from paying severance to Wagoner or any other senior executive, Wagoner is eligible to collect millions in retirement benefits from his former employer, according to the documents reviewed by ABC News.

The Obama administration asked for Wagoner to resign Sunday, as part of its restructuring of the auto industry. President Obama said this morning that forcing Wagoner out indicated it was a time for new leadership.

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EL34 - 3/30/2009 1:41:36 PM

-7 Boost

That's the agreement.

If you don't like it you can lump it.

Now that Russia and China want to start a new 3rd world currency to undermine the Euro and the Dollar we a Socialist that will lay down and allow it!

I95SPEEDINGTICKETS - 3/30/2009 2:22:12 PM

-4 Boost

And exactly what do you think you can do to stop China and Russia from Accepting the Dollar as the World's Reserve Currency ?

What a Clown.

Do you think that the USA would tolerate the Chinese Currency being the world's Reserve Currency if the country held such large Debts for so long ?

AMiodynski - 3/30/2009 2:13:00 PM

+2 Boost

Wow, no wonder we are in trouble. Because of a loop hole in the way our Government wrote an agreement not to pay out bonus's and severance packages to these bastards, he get's forced out and is awarded $20 million !!! Someone should be shot !!!!!!!!!!

AMiodynski - 3/30/2009 2:13:30 PM

+1 Boost

I want my share of the tax dollars back !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

neutral - 3/30/2009 11:27:21 PM

+3 Boost

Well, I'll give you a deal...

With regards to GM, I'll give you your share of tax dollar loans (about $45 USD) and if GM goes under, you can compensate me for my share (1/306,000,000) of the hundreds of billions of lost GDP & tax revenue.

Sounds fair eh?

HSCenterconsole - 3/30/2009 2:37:34 PM

+5 Boost

Remember, the GM Board of Directors did not force Wagoner out. Obama did. The $20 million severance was in his contract.

Agent009 - 3/30/2009 3:04:05 PM

+3 Boost

It wasn't severance it was retirement.... Still proof you can still get a big pay day without a bonus.

mini22 - 3/30/2009 3:02:03 PM

+5 Boost

Yes-That's the bottom line. It was a legal contract just like AIG's contracts were legal. It is useless to rant and rave.Rather it is more constructive to go forward and make the changes.

EL34 - 3/30/2009 3:17:57 PM

-4 Boost

That's right and Wagoner deserves every penny of the $20 million.

Let bama and plugs take a pay cut.

LexSucks - 3/30/2009 4:47:48 PM

+5 Boost

That's right Huu76, everything is Obama’s fault. The economy, Poor car sales, Global Warming, High Fuel prices (when they rise again), the real estate market, Wall street. Even 9/11 was Obama’s fault. LOL!!

The more you wrongly blame Obama for our countries Ills the more the rest of the world we see us as a bunch of whiney babies. Which is exactly what you are doing now.

Obama is years ahead of the Alternative (McCain/Palin) who believes that Tax cuts for the rich will solve all of our problems. Get a clue.

MrBratwurst - 3/30/2009 8:10:25 PM

+5 Boost

LexSucks, you completely didn't understand Huu's comment. He never said everything was Obama's fault, it was you who imputed it to him.

He's right about China, BTW.

imanley - 3/30/2009 5:32:55 PM

+4 Boost

He has a contract and a contract is a legal document that must be upheld in a court of law. Otherwise, all contracts can be made null and void - the end of capitalism and freedom as we know it!

AMiodynski - 3/30/2009 5:48:18 PM

+5 Boost

The contracts should be null and void when they have to beg like a bitch for US Taxpayers money so their companies they drove into the ground with the shitty product's and greedy union's and contracts got them into trouble !!! The second you ask the US to help you, you should give up your "retirement contract" and everything else that pays you that amount of money for being a failure !!!!!!

woood - 3/30/2009 9:18:31 PM

+2 Boost

I agree with UAW. Bonus and Severance Pay are worlds apart. We are angry about the bonuses which, IMO there should be a law banning them when the company is receiving bailout money from Government. As for severance pay, every imaginable employee is entitled to it.

kablaam - 4/2/2009 6:46:36 AM

+1 Boost

The problems in the middle east were born long before America was even "discovered".

Do not blame their problems on America. Our only mistake was trying to fix a problem that can't be fixed.

We went into the middle-east after 3000+ of our innocent civilians were murdered. Did you forget so soon?

Iraq, well that should have been a spec-ops to take out Saddam. Unless they know something that is still classified, that should have solved the problem.

dhkss2002 - 3/31/2009 3:48:06 AM

+1 Boost

I'm sure that will go a long way to purchasing a new rug for him lol.

holmstar - 3/31/2009 10:02:14 AM

+2 Boost

This is a retirement benefit, not a bonus or severance. Note that even though he has stepped-down as CEO he is still working at the company, thus he will not yet be paid the 20m. I don't know if his $1/year salary is still in effect though, since he isn't the CEO anymore.

In his defense, he has worked at the company for decades, so some sort of retirement benefit seems reasonable, though I'd argue that 20m is excessive.

AMiodynski - 3/31/2009 1:46:51 PM

+2 Boost

Retirement Benenfit should be a company matched 401k, not a 20 Million payout !!

mmeecc - 4/1/2009 6:32:27 PM

+1 Boost

cyco

HAHAHAHA....highly qualified!!! Good April Fool's joke cyco....