WTF!!! GM's Rick Wagoner Gets $10M Retirement Package!!!

Our wonderful tax dollars at work again!!!!!!!!!!

Tell me how you feel about this!!!!!!!!!!!!
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[link to www.foxnews.com]

Former GM CEO Rick Wagoner Gets $10M Retirement Package
A Securities and Exchange Commission filing says the package includes a pension payout of $1.64 million for each of the next five years.

AP

Tuesday, July 14, 2009

DETROIT -- Former General Motors Corp. Chairman and CEO Rick Wagoner will retire Aug. 1 with a benefit package the automaker valued at more than $10 million.

A Securities and Exchange Commission filing says the package includes a pension payout of $1.64 million for each of the next five years.

Wagoner can also choose to cash out his company provided life insurance policy at $2.6 million. He also receives $74,030 a year for the rest of his life.

The 56-year-old Wagoner was forced out on March 30 by the Obama administration. But the filing says Wagoner will remain on the GM payroll until Aug. 1.

GM has received $50 billion in U.S. government loans and on Friday emerged from bankruptcy protection.

Wagoner was with the automaker for 32 years.

Last Edited by TheGasMan on 07/14/2009 07:20 PM