In a heartfelt press release, General Motors (NYSE: GM) announced that vice chairman Robert Lutz will be retiring at the end of 2009.CEO Richard Wagoner said that "h
If GM's performance over the past few years is indicative of invaluable contributions, I shudder to think what might have happened without Mr. Lutz.
You might think that Lutz is sad about the decline and fall of GM. And maybe to some extent he is. But it hasn't hit him in the pocketbook, that's for sure. Lutz owned a total of just 75,603 shares of the company's stock -- a pittance given that he "earns" a salary of more than $1 million per year.
In a blog post announcing his retirement (seriously) , Lutz said that "I remain as confident as ever in the future of General Motors and the continued excellence of its products."
If he's so confident, why doesn't he back up the rhetoric and use a chunk of his hopelessly inflated salary to buy a stake in GM, just like he demanded that every single taxpayer do?
Closing Bell: Stock bulls and dollar death (DDRX,GMCR, PEET, SBUX, EBAY, CI, TECD)
So long peak oil, here comes peak uranium
Black Friday expected to be strong, no promises for Christmas
Reader Comments (Page 1 of 1)
2-10-2009 @ 1:34PM
Alan said...
First of all Lutz is a car person, but you have to understand that there is more then just putting out a pretty car. The bean counter's are the people to blame not to mention the UAW for raping the big three automakers.
They are getting paid salaries that their education and skill levels do not warrant.
Bust the UAW union and you will see the big 3 prosper!
2-10-2009 @ 1:36PM
Ken said...
Bob Lutz is to GM as Zac B. is to BloggingStocks. ZING!
http://WeAreOfMichigan.blogspot.com
2-10-2009 @ 1:40PM
john anderson said...
I just hate people that bash good people when they dont know hit from chili.Mr lutz deserves respect and to say good ridence to him shows me you do not know what your writing about.Too blam anyone person for the problems this country is facing is stupid.If the oil comp had not jumped the oil prices thing would of been just great at all the big three.I drive a chevy Impala nad its hit 38 on the hwy and ON STAR is one of the best safty features on any car.
2-10-2009 @ 4:04PM
J OConnor said...
At least Lutz isn't leaving GM the way he did with two other car companys. Example; Scheduled to speak at a big company meeting, he slipped a note under the hotel doorway of the CEO's room that morning that said,"I won't be there today. I have taken a job with BMW". He still has little respect from a number of former co-workers.
2-10-2009 @ 6:23PM
nks4398 said...
Just asking.....but Zac B. what do you do for a living??
2-11-2009 @ 1:56AM
Bob said...
Bob Lutz is a bumbling old fool. He went on Colbert to talk about the one product that could save GM (The Chevy Volt) and came off basically saying it was for dirty hippies. REGARDLESS of how you feel about PHEV's, that is NO WAY to sell a product.
See http://www.comedycentral.com/videos/index.jhtml?videoId=185021 and cringe.
2-11-2009 @ 1:49PM
genesis68ba said...
Someone please wake me up when little zac-e boy had anything of any value to add.
2-12-2009 @ 7:58AM
Paul said...
Ya these young guys like this quack or ZAK know it all..WONDER WHERE THEY DUG HIM UP?