Summing up the U.S. auto industry: Lose $30 billion, get nearly $15 million!


"Where'd my $15 million go?"

If you worked at a company that lost $30.9 BILLION in a year, one might think the first outcome would be to dump the guy running that company.

Heck, if an NFL team misses the playoffs the year after winning the Super Bowl, the coach is history.

Not so in the automotive world! In fact, it seems the most logical thing to do is REWARD the man in charge. Perhaps a nice plaque for a job well done or maybe a gift certificate to a fancy restaurant. Or, you know, $14.9 million works too.

That’s what GM gave head honcho Rick Wagoner last year. If you believe in karma, though, you’ll relish this news: most of that was in stock options that have dropped in value to about $682,000 today. 

Yeah! Put that in your pipe and smoke it, Wagoner! A measly 682 Gs for a year’s work!? You’ve probably got union employees who were paid more! 

My fellow blogger jgoods recently posted a great article  about the imminent bankruptcy of GM (and maybe the Big Three), which mentioned that Wagoner is now working for $1 a year. How admirable. Why is this guy even still employed? 

While there isn’t anyone alive who can come and pull GM out of this mess, Wagoner should at least be fired for his part in the downfall of his company.

After bankruptcy, I hope GM does rebuild. I just don’t think Wagoner should be a part of it. 

Do you think GM CEO Rick Wagoner deserved a $14.9 million payday in 2008?


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