When Rick Wagoner was forced out
of his position as the CEO of General Motors
last March, he left with a severance plan that included $22 million paid out over the course of a few years, plus a yearly pension. Just a few months later, The Los Angeles Times
is reporting that Mr. Wagoner has worked out a deal with his ex-employer that will "only" pay out $8.2 million, plus $74,030 per year for life, along with health and life insurance
plans. Wagoner's retirement becomes official on August 1, at which time he can begin reaping the benefits of his golden parachute.
Wagoner's severance, while greatly reduced, is still worth more money than most Americans will earn in their lifetime, and it will doubtlessly prompt some to once again question big payouts to ex-executives at federally bailed out companies. We wonder if now is a bad time to hit up Wagoner for a low interest loan to help us get into a new Camaro
[Source: The Los Angeles Times
| Image: Bill Pugliano/Getty]