Mo Money!

Autoblog reports: Wagoner cuts pay by 25% to aid turnaround, well kind of.

The Detroit News reports: Wagoner paid $10M despite GM losses.

Damned unions.

Comments

[Interesting Theory...]

Let me get this straight.. Wagoner made $1.65M, but the Detroit News is reporting it as $10M, even though they're tacitly acknowledging that it's a meaningless number. Never mind that GM lost $8 billion less this year than last year. If some portion of that is due to Wagoner, I'd say he's easily worth $1.65M. Even $10M.

My employer gave me stock options that are priced at $70. The company stock is currently at $20. Guess how much those options are *really* worth?

If the UAW wants to whine about compensation, perhaps their members would be willing to forgo cash compensation in favor of equity compensation? That would seem like good incentive for them to help out GM, rather than trying to bleed it for every nickel they can.