• Jun 8, 2010
It pays to be an executive for General Motors. Actually, scratch that... it will soon pay to be an executive with General Motors, assuming that the automaker's upcoming Initial Public Offering takes place according to plan. According to our friends at TheDetroitBureau.com, a dozen top officials at the company could be looking at a payday totaling as much as $13 million or more, depending on the value of GM stock after the IPO.
According to filings submitted to the Securities and Exchange Commission, Chairman and CEO Ed Whitacre, Vice Chairman Tom Stephens, Chief Financial Officer Chris Liddell, Vice Chairman Chris Girsky and North American President Mark Reuss are all slated to get major stock deals.

After GM received its $50 billion bailout from the U.S. government, Kenneth Feinberg, Treasury's special master on pay, set up pay restrictions for officials at the automaker that capped salaries at specified levels, oftentimes to no more than $500,000 per year. Naturally, the stock deals awarded to the aforementioned executives after the company's expected IPO should more than help make up for any perceived monetary deficiencies.

[Source: TheDetroitBureau.com]


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  • 32 Comments
      • 4 Years Ago
      Let's all buy a Toileta and go run into a tree. What about us??
      The poor trusting stock holders who lost everything. I lost $100,000.00+
      Where is my stock??? I worked over 30 years for a decent retirement. They said don't sell the stock it will come back. In a rats ass!!!
        • 4 Years Ago
        I never really post msg. But I TRULY sorry for your loss. Having a 100k loss because of a bunch of overpaid exec, that's really really bad.
      • 4 Years Ago
      If anything should be learned from the recent financial, automotive, etc. industry messes it is that giving executives "aggressive" compensation packages does not guarantee competent management. It was highly paid executives that helped drive the automotive industry, financial industry, etc. into the ground. Sadly, some of the highest paid executives have turned out to be the biggest disappointments. Past boards should be embarrassed by the pay packages they approved.
      • 4 Years Ago
      Well that seems fair.

      .
      .
      .


      *cough*
      • 4 Years Ago
      Sorry,
      They deserve
      nada.
      zilch
      nothing

      They have clearly demonstrated they can't run a company.

      Remember, we the tax payers are still paying to clean up the messes left behind by the "old" GM.

      Did you read the recent article here about the cleanup of the old GM sites in Michigan alone.....?

      Sorry, the executives created the mess, now go lay in it.
        • 4 Years Ago
        Not sure if you've heard or not. But the companies changed CEOs a few times in the past 2 years. These aren't the people who drove the company to the ground!
      • 4 Years Ago
      That is the most depressing thing I've read today, and I'm just done reading about that guy who killed the kitten because it switched his X-Box off.

      What

      a

      bunch

      of

      c***s
      • 4 Years Ago
      Crazy.
      • 4 Years Ago
      With Zero debt I wonder how high the stock price will go!
        • 4 Years Ago
        Boycott......GM.......
        • 4 Years Ago
        It'll go as high as they need it to go.
        • 4 Years Ago
        With Zero debt I wonder how high the stock price will go!



        It will go as high as the insiders want it to go. It will crash just after they sell their own stock and laugh all the way to the bank.
      • 4 Years Ago
      Explain to me why we should boycott GM? Now, people have different opinions on whether GM should have been bailed out, but that is the past. We all, in a way, own GM....why would we boycott something we own? What would be gained but a total loss in our "investment".
      • 4 Years Ago
      I totally supported the bail out. Government has been throwing money at various companies for years, either in terms of tax breaks or grants. I can't imagine what good would have come out of GM going under.
      That being said I really feel for those stockholders who lost their retirements while these ass clowns get rich.
      This is why I always blow a fuse when some myopic blogger blames the unions for all of America's woes. Certainly there is blame there but I think we are seeing the unchecked greed and incompetence of the American executive (and or banker or Wall Street type).
      I am far more afraid of these good capitalists than I ever will be of government.
      • 4 Years Ago
      I knew there would be some negative nellys out there about this. Regardless of your feelings about GM, executive pay, or the governments involvement in all of this; GM is still a business!! It has to remain competitive within the industry to keep their talent. Would you continue to work for a company that offered no bonuses versus one that offers millions in bonuses...just because it's the 'honorable' thing to do?? Didn't think so!!
        • 4 Years Ago
        This assumes that better pay = better talent. I think it's been proven many times especially in recent years that better pay does NOT result in better, more talented, more competent executives. It would probably just as easy to argue that the opposite is true! :-)
      • 4 Years Ago
      so are things like this reasons why GM went bankrupt?
      • 4 Years Ago
      Anybody know how many of these guys were directly appointed by the Obama administration to run GM? Ain't that a gig, being handed a job to run a company that cannot fail (because it gets billions upon billions of free -- at the taxpayer's expense -- money to stay afloat) and then after paying of a token "loan" files for IPO, handing out potentially HUGE bonuses. For what, a year's worth of "work". From where I sit these clowns don't deserve an extra dime because they sure don't seem to be fixing the company.
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