Back when TTAC was a voice in the wilderness on GM’s C11, I asked Bob Lutz if his pension was bankruptcy-proof. Maximum Bob scoffed and joked that he’d check with his accountant. Well, I guess he didn’t; the Car Czar recently revealed that hard times had forced him to sell one of his personal jets. After losing his shirt on GM stock options. The fact that MB’s working for New GM also indicates that he forgot to get while the getting was good. He should have had a word with his boss, Rick Wagoner. The ex-GM CEO, the man who wiped billions from the company’s worth and faceplanted the American automaker, made sure his financial future didn’t depend on anything as trivial as success.
Sure, Wagoner was due to collect $22.1 million for time served. But even though his contract was with Old GM, Red Ink Rick’s riches were [somehow] assigned to New GM. Which means Wagoner’s getting an $8.2 million dollar thank you. Oh and a $74,030 annual pension. Oh and a chance to cash-in his $2.57 million life insurance policy. And unspecified perks (cars for life, travel, etc.). Bodyguards? The Detroit News tells us “General Motors Co. officials declined comment.”