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#1154367 - 03/31/09 12:55 PM
Hey Obama - fire me, I'll take $23mm
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Joined: Jun 2004
Posts: 19,844
Pulling people out of the ditc...
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GM former CEO qualifies for pension and benefits of $23,000,000 with his recent ouster. Of course, since he was only working for $1.00 per year, this is a boon to him! And the company now has 60-days to turn around or lose all bailout funds. Well, no business of their size will be able to do that, so they may as well close them now. Of course, bankruptcy is an option - I wonder if the government loans are discharged through the bankruptcy process? I bet we're going to find out, real fast...
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#1154372 - 03/31/09 01:01 PM
Re: Hey Obama - fire me, I'll take $23mm
HappyGilmore
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Joined: Feb 2005
Posts: 5,349
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$20 says Obama did not consider this. This guy is a gaffe a minute.
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#1154378 - 03/31/09 01:07 PM
Re: Hey Obama - fire me, I'll take $23mm
Sound Tactic
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Joined: Jun 2004
Posts: 19,844
Pulling people out of the ditc...
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I'm sure they'll be looking for a way to eliminate his pension...
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#1154394 - 03/31/09 01:30 PM
Re: Hey Obama - fire me, I'll take $23mm
HappyGilmore
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Posts: 34,318
under the Lone Star
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32 years working for the man.......
he had better get a lump sum up front well before GM goes into bankruptcy......
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#1154424 - 03/31/09 01:55 PM
Re: Hey Obama - fire me, I'll take $23mm
Pale Rider
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Joined: Jun 2004
Posts: 19,844
Pulling people out of the ditc...
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he gets a very small lump sum payment, rough $850k, the rest is over time (of course, to actually receive the full $23mm I think he has to collect for 20+ years). And he does have stock options ranging from $20-$76 dollars, probably not a good choice since they are hovering around $3.00 right now.
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#1154432 - 03/31/09 01:59 PM
Re: Hey Obama - fire me, I'll take $23mm
Sound Tactic
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Joined: Nov 2008
Posts: 4,132
Somewhere in the middle
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$20 says Obama did not consider this. This guy is a gaffe a minute. Sure it will work. It did on his Harvard Business school project. BO Widgits was able to turn around and succeed. He got an A on that papaer with a smiley, so he knows it will work in the real word too. He Hopes( tm). ::Rolling eyes emotion::
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#1154500 - 03/31/09 03:02 PM
Re: Hey Obama - fire me, I'll take $23mm
B_F
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Joined: Jun 2004
Posts: 19,844
Pulling people out of the ditc...
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BF, I agree. I saw an article that something like 75% of all the debt and future obligations these guys have is to pension plans and union wages. I won't get in to the whole "unions are no longer good" argument...
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#1154517 - 03/31/09 03:10 PM
Re: Hey Obama - fire me, I'll take $23mm
HappyGilmore
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Joined: Nov 2006
Posts: 7,228
Cincinnati, OH
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BF, I agree. I saw an article that something like 75% of all the debt and future obligations these guys have is to pension plans and union wages. I won't get in to the whole "unions are no longer good" argument... I'm of the opinion that unions should only be formed for a short period if there is abuse. They shouldn't be long term thorns in the side of standard negotiation.
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#1154532 - 03/31/09 03:18 PM
Re: Hey Obama - fire me, I'll take $23mm
B_F
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Joined: Nov 2008
Posts: 4,132
Somewhere in the middle
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I argue with my relatives all the time about unions. Most of my family is "labor" and I have always been "Management". I believe they served a purpose at one time, but now are just stealing from the people they are suppose to be helping.
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#1154534 - 03/31/09 03:19 PM
Re: Hey Obama - fire me, I'll take $23mm
DD Regs
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Joined: Jul 2004
Posts: 18,989
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So who has the power to decrease their power?
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#1154585 - 03/31/09 04:00 PM
Re: Hey Obama - fire me, I'll take $23mm
B_F
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Joined: Jul 2004
Posts: 18,989
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oh.
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#1154590 - 03/31/09 04:06 PM
Re: Hey Obama - fire me, I'll take $23mm
Miscuit
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Joined: Aug 2002
Posts: 34,318
under the Lone Star
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ya, he is that good!
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#1154678 - 03/31/09 05:05 PM
Re: Hey Obama - fire me, I'll take $23mm
HappyGilmore
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Power Poster
Joined: Jul 2002
Posts: 5,568
New Jersey
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GM former CEO qualifies for pension and benefits of $23,000,000 with his recent ouster. Of course, since he was only working for $1.00 per year, this is a boon to him! And the company now has 60-days to turn around or lose all bailout funds. Well, no business of their size will be able to do that, so they may as well close them now. Of course, bankruptcy is an option - I wonder if the government loans are discharged through the bankruptcy process? I bet we're going to find out, real fast... An article in the newspaper yesterday indicated that Wagoner was being forced to stay on the payroll, so that he would not qualify for the pension and benefits.
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Management is doing things right; leadership is doing the right things. Peter Drucker
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