GM to pay new CEO Akerson $1.7 million in cash a year Way to go GM. We're headed for another bailout sometime in the future
Right . . . and that'll be really really soon . . . . seeing that the U.S. still hold about 60% of GM stock. We should all live so long.
i agree hill. this is why i totally opposed the government take over of GM and Chrysler. They should have gone bankrupt on their own and had to go through the process to recover on their own.
Actually, as far as CEO salaries go, that is really small. Unfortunately, the really big money of being a CEO is NOT in the salary, it's in the stock, stock options, bonuses, company purchased house, car, plane, and other financial deals that hide the other 10 to 50 million. (Note the OP link mentions an additional 7.3 million of "not-salary" payment.)
My point is that the GM Board has no remorse about the creditors, sub contractors and employees and dealers who lost their jobs and had to eat what they were owed. Instead, they insensitively elected to pay Akerson a huge amount of money (a lot more than the $1.7M) shoving it into the faces of those whose lives were affected. Plus don't forget we paid for all this.
Sadly, the market feels that CEO's should make a boat load of money. In order for GM to have a CEO even remotely suited for the job, they have to pay him quite a bit. I'd say none of us are happy about it... but there really doesn't seem to be much choice due to market pressures.
Its funny, listening to this, the salary is low for a CEO, is it too much, I'd say it is, is it ridiculous, I'd say its not outrageous. Then, listening to the responses, should have let them go bankrupt, let them close, strange, because then I hear, he makes too much, think of the employees, jobs, dealers, seems to me, letting GM and Chrysler go bust would have been much worse. GM, Chrysler and Ford saved this country, there is a debt there that many people FORGET, if it weren't for them, we would be speaking Japanese, German and Italian right now.
i understand the comments, this being a car site, but really, gm is peanuts compared to what wall street pulled on the american people and the whole world really.
GM, Ford, Chrysler, Packard (remember them?), and countless others were paid for every jeep, truck, tank, and plane they built for the Federal Government. The debtors should have taken possession of GM & Chrysler then they could have done whatever they wanted with them. If you believe a debt is owed to the Big 3 then buy their product. You should buy 2, which includes my share.
I bought GM for a long time, still own a GM, so there. The debt is that GM, Chrysler and Ford turned over their factories, American factories, to make those jeeps, tanks and planes, and yeah they got paid, but if it weren't for them, we would not have been able to make those jeeps, tanks and planes, they were, and still our, our major manufacturers of transportation products, thus part of America's defense.
