ABC News reports that outgoing GM CEO Rick Wagoner will walk away with a $20.2 million retirement package, not including the usual perks bestowed upon The General’s generals (e.g., free air travel, secretarial services, cars for life, etc.). Also standard: Wagoner’s pension is insured. In other words, if/when GM eventually files for Chapter 11 protections, even if the company ends up in liquidation, Wagoner’s pension is safe. And as the money is not a “bonus,” it can’t be stopped by the federales. In an email to ABC, GM spokeswoman Julie M. Gibson pointed out that it’s actually only $5M or so paid out over five years. (It’s my money and I want it now!) In a subsequent “clarification,” Gibson said the terms of Wagoner’s final compensation were not yet hammered out. “Specifics on any compensation entitled to, or actually paid to Mr. Wagoner are still being reviewed.” Could that mean he actually INCREASED his pay-out to piss off? Anyway, if Rick decides to take GM to court, guess who pays for the lawyer? Not that he can’t afford one: Wagoner’s already banked over $60,000,000 in salary. As for the value of Wagoner’s stock options, well, I guess there is some justice in the world.
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