Check out this CNN video story. If that doesn't work, try here. This guy made about $90,000 bucks in 2007. He also cuts all his own perks and eats in cafeteria with the rest of his employees. Rick Wagoner of GM's total compensation in 2007 was about $15,700,000 in 2007 -- a year that his company lost almost 40 billion dollars. Can you imagine him cutting his pay below a UAW worker? or even a plant manager? I can't, as I have ranted about here before, he is held cultural hostage in a system that glorifies hierarchy and social standing rather than doing good right -- or challenging the wrong thing. I would also note that this is not a purely cultural thing -- some U.S. CEOs have voluntarily slashed their pay during bad times. JetBlue CEO Dave Barger, for example, cut his own pay to annualized rate of of $250,000 in mid-2008 when fuel prices shot through the roof, and I don't believe he has raised it yet. I want GM to be saved, but believe that most of the senior management needs to leave -- for the good of their workers,the good of the company, and the good of the country.
P.S. I also have a question based on my last post: Have their jets been sold, or are they simply for sale?
Comments