Tuesday, March 31, 2009

Outrageous workers' costs at GM

No, not the union workers, the exiting CEO.

WASHINGTON — As the Obama administration tries to rein in sky-high executive compensation at firms that are getting billions in taxpayer funds, ousted General Motors Chief Executive Rick Wagoner is due to walk away with a pension and benefits that total $23 million.

Wagoner, whose company is on tap to get a nearly $30 billion bailout to help it restructure, is unaffected by the cap on compensation that's now levied on banks other financial firms and is expected to be extended to the automakers.


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