Bailout Watch 325: GM CEO Rick Wagoner Wants It All, Today
GM CEO Rick Wagoner is out and about today, peddling his company’s ability to be all things to all people save, perhaps, enough customers to avoid bankruptcy, bailouts and brickbats. The AP reports that Red Ink Rick reckons retirees are golden. “General Motors Corp. Chief Executive Rick Wagoner said Thursday the Detroit automaker can survive long-term without cutting benefits to retired workers. Wagoner made the remarks on NBC’s Today Show, where he was joined by United Auto Workers President Ron Gettelfinger. The two made the appearance from Detroit ahead of their renewed labor negotiations scheduled to begin next week.” Nothing like a good long suckle on the taxpayer tit to bring out a little media-pleasing solidarity. I wonder how Ron’s base feels about that one. Prety good if they’re retired, and think Uncle Sugar will cotinue to fuel the gravy train for the next twenty years or so. Perish the thought. Now, about those congressionally mandated concessions…
“I’m confident that we’ll be able to get the kinds of changes we’ll need,” Wagoner told Lauer (who makes $2.6m plus perks). And those changes are? Hello? Matt? Rick? Ron?
Under the terms of Bush $17.4b bailout, GM must bring its own hourly wage costs in line with America’s nonunion automotive factories. When Lauer called it a $10 per hour wage cap, Wagoner said the figure “may be a little bit on the high side.” As is anyone who thinks the UAW’s going to concede anything without getting paid for it.
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Where's George Will going to work when the NYT, Washington Post, Boston Globe, Chicago Tribune and LA times go broke? It's ironic, to say the least, to watch journalists working for insolvent companies like the NYTimes lecture Detroit about not changing with the times. I agree with Will about 60% of the time, but I'd like him to at least acknowledge that some of his income comes from a company, ABC, that makes its money from what technically belongs to the public, i.e. broadcast frequencies. The government's even giving out $40 vouchers so that viewers can continue to watch ABC broadcasts after the industry switches to digital.