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Former General Motors chairman and CEO Richard Wagoner was entitled to receive $23 million in retirement benefits as recently as last year, but after driving the company into bankruptcy and costing taxpayers billions, it's been decided that $23 million was too much.

Now Wagoner will be getting just $8.6 million over the first five years of his retirement, a benefits cut the company said is consistent with what other workers are taking.

But wait a minute: How many other GM workers are getting $8.6 million? Not many, but I guess the argument GM is making is that it's consistent on a percentage basis. But how many of GM's workers were as directly responsible for the company's downfall as Mr. Wagoner?

Richard Wagoner's retirement package has gone from hilariously excessive to ridiculously excessive. In that sense, there's no principled distinction between Wagoner taking $23 million and taking $8.6 million. If he had any character or desire to salvage what's left of his legacy -- and prevent his children from having to bear the name of an infamous villain -- he would have turned down all retirement benefits and directed that they be used for the benefit of the company's lower-level workers.

Then, Mr. Wagoner could say that the price of his character was at least $8.6 million. But for now, this retirement package will do nothing but buy him some nice foreign cars and cement his place in the annals of infamous executives.

Former GM CEO settles for a less ridiculous retirement package originally appeared on BloggingStocks on Wed, 15 Jul 2009 09:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>ceo compensationCeoCompensationfeaturedGeneral MotorsGeneralMotorsretirement packageRetirementPackageRichard WagonerRichardWagonerWed, 15 Jul 2009 09:30:00 EST<![CDATA[Outrageous executive severance perks - talk about chutzpah!]]>http://www.bloggingstocks.com/2008/07/22/outrageous-executive-severance-perks-talk-about-chutzpah/http://www.bloggingstocks.com/2008/07/22/outrageous-executive-severance-perks-talk-about-chutzpah/http://www.bloggingstocks.com/2008/07/22/outrageous-executive-severance-perks-talk-about-chutzpah/#commentsFiled under: , , , , ,

Golden parachute Stockholders of publicly traded companies, as well as the general public, have recently become outraged with executive compensation and their hefty bonuses, especially in light of the mounting losses at some companies. It seems that no matter what happens or what they do, executives somehow always win. They win big during their employment, and sometimes even more as they retire. With all that money, you'd think that haggling over some perks in their package would be beneath them . . . but it isn't.

The recent outrageous perk award goes to Continental Airlines (NYSE: CAL) CFO Jeffrey Misner who asked for and was granted a free lifetime parking spot at Jacksonville International Airport. As long as the 54-year-old retiree lives within 200 miles of Jacksonville Airport, and providing Continental has operations at the airport, Misner will have a free parking place. Of course, that's just a perk that goes with a $2,997,000 retirement pay.

At the beginning of the year, many were shocked to hear that Countrywide Financial Corp. -- the poster child of the subprime mortgage meltdown, which has been bought by Bank of America (NYSE: BAC) -- CEO Angelo Mozilo was going to receive a $36.4 million cash severance payments, $400,000 per year for consulting services, and perks including the use of a private airplane. He walked away from most of these after a public outcry. Don't feel bad though, he still left with at least $23.8 million.

It just doesn't cease to amaze me how some people have the nerve to ask for certain perks in addition to their very fine salaries and severance pays. Here are some more examples:

Continue reading Outrageous executive severance perks - talk about chutzpah!

Outrageous executive severance perks - talk about chutzpah! originally appeared on BloggingStocks on Tue, 22 Jul 2008 13:46:00 EST. Please see our terms for use of feeds.

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