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.
As General Motors teeters on the brink of bankruptcy, several major executives have just taken advantage of an opportunity to sell their stock shares just after the company's quarterly earnings report came out in May. Among them, Bob Lutz, Troy Clarke, Thomas Stephens and several others decided that it was better to cash out and get something, no matter how paltry.