Fair Play? GM Slashes Pensions Of Those Who Ran It Into Bankruptcy

General Motors Corp. is making dramatic reductions in the pensions of some of its outgoing high-level executives -- a move that is expected to cost ousted CEO Rick Wagoner up to $15 million.

GM President and CEO Fritz Henderson confirmed Friday that pensioners whose yearly payments are $100,000 or less will lose nothing.

But those who get more will receive a third of what they had expected in excess of $100,000. No one is likely to lose as much as Wagoner, who was fired more than two months ago by President Barack Obama.

 

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Agent00R - 6/18/2009 10:50:48 AM

+9 Boost

I do not see why these individuals, who ran a company into the ground, should be rewarded.

Hell, they're lucky they are receiving ANY pension.

tundrahq - 6/19/2009 12:11:10 PM

+1 Boost

Agreed. How is this possible in the first place?

SteedPub - 6/18/2009 11:27:07 AM

+11 Boost

I am not a CEO hater, I don't begrudge the big salaries.

But you sink the ship, you don't get to keep sailing for free.

Agent00R - 6/18/2009 3:23:29 PM

+2 Boost

+ 1

upwards - 6/18/2009 11:28:06 AM

+2 Boost

nice picture

ChevyFan100 - 6/18/2009 12:00:37 PM

+4 Boost

Wagoner shouldn't get anything since he was running the company to the ground while Alan Mulally was transforming Ford into a 21st century automaker.

veyron1001 - 6/18/2009 1:15:48 PM

+3 Boost

So by your logic. American auto companies need to go nearly or is bankrupt before change happens. Sadly this is true.

bfghemicuda - 6/20/2009 6:14:03 PM

+1 Boost

If a CEO runs a corp in the ground he or she should get nothing. On the other hand this is more proof that Obama is flexing his dislike for Capitalism.