GM's Wagoner takes one for the team, cuts pay in half

Details are emerging about the meeting of GM minds that took place earlier this week when the board of directors met and voted to cut the company’s dividend in half. Also voted on a was cut in executive salaries, and none other than the Rick himself, Mr. Wagoner, has volunteered to give up half his annual pay. The rest of the board is accepting reductions in salary, as well, that range from 10 to 30 percent.
While the Ricker may be freefalling with a smaller parachute than before, we’re sure his backup chute is of ample size and fleeced with gold, if you know what we mean. Still, it’ll be a lot easier now for GM management to ask the UAW for concessions with a straight face.

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