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As General Motors (NYSE: GM) brass flail around Washington desperately seeking to avoid bankruptcy, the company is taking some draconian cost-cutting steps (subscription required) at its Detroit offices and plants. The company has stopped replacing the batteries in wall clocks, changed the brand of wipe-up towelettes it buys, and eliminated voice mail at most of its plants.

The company is doing everything it can to conserve cash while it begs for a taxpayer-funded bailout but, unfortunately, CEO Richard Wagoner has been unwilling to take a step that would save the company cash and send a message of solidarity to the company's employees and the taxpayers who are being asked to foot the bill for a restructuring. Last week, Rep. Peter Roskam, R- Ill., asked Wagoner whether he would be willing to cut his salary down to $1 per year while the company navigate through the mess he has helped to navigate it into. He declined.

Here's what so ridiculous about this: In 2007, Mr. Wagoner was paid $14.4 million, on top of another $10.2 million in 2006. In retrospect, he deserved literally none of that. Not a nickel. So the fact is that Congress should be asking him to contribute a good chunk of that to the bailout effort, not merely asking him to take a larger salary cut for 2008 or 2009. But he won't even do that.

Before Congress spends another second even discussing a bailout, they should toss Mr. Wagoner out on the street.

General Motors cuts back on pencils, batteries and voice mail originally appeared on BloggingStocks on Mon, 24 Nov 2008 11:57:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>automakersexecuitve payExecuitvePayexecutive compensationExecutiveCompensationGeneral MotorsGeneralMotorsGMinthenewsMon, 24 Nov 2008 11:57:00 EST<![CDATA[Grandstanding aplenty at congressional hearing on executive pay]]>http://www.bloggingstocks.com/2008/03/08/grandstanding-aplenty-at-congressional-hearing-on-executive-pay/http://www.bloggingstocks.com/2008/03/08/grandstanding-aplenty-at-congressional-hearing-on-executive-pay/http://www.bloggingstocks.com/2008/03/08/grandstanding-aplenty-at-congressional-hearing-on-executive-pay/#commentsFiled under: , , , ,

Pity the hapless ex-CEO who has to explain to the U.S. Congress how he got millions for failing at his job. It's like the person in the horror movie who doesn't realize that a bad guy is lurking in the dark woods even though that's clearly indicated by the scary music. In this case, the knife-wielding psycho Jason Voorhees is being played by Rep. Henry "I haven't met a microphone I didn't like" Waxman (D-CA).

What did former Countywide Financial Corp. (NYSE: CFC) Chief Executive Angelo Mozilo, former Citigroup Inc. (NYSE: C) CEO Charles Prince and former Merrill Lynch & Co. (NYSE: MER) head Stan O'Neal expect to happen? That they would finally be able to tell their "side" of the story? That they would be able to counteract media perceptions that they are a bunch of greedy pigs who were rewarded for their incompetence? Apparently, these once mighty kings of the boardroom were that deluded.

Mozilo was the most outrageous, telling the House Committee on Oversight and Government Reform that, "In short, as our company did well, I did well." The Wall Street Journal (subscription required) noted that Waxman, who locked horns recently with baseball great Roger Clemens, wasn't buying it.

Continue reading Grandstanding aplenty at congressional hearing on executive pay

Grandstanding aplenty at congressional hearing on executive pay originally appeared on BloggingStocks on Sat, 08 Mar 2008 11:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>angelo moziloccfccharles princeexecuitve payhenry waxmaninthenewsmerstan onealSat, 08 Mar 2008 11:10:00 EST