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#1154367 - 03/31/09 12:55 PM Hey Obama - fire me, I'll take $23mm
HappyGilmore Offline
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Pulling people out of the ditc...
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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$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
HappyGilmore Offline
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Pulling people out of the ditc...
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
Pale Rider Offline
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under the Lone Star
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
HappyGilmore Offline
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Pulling people out of the ditc...
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
DD Regs Offline
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Somewhere in the middle
Originally Posted By: Duhhhhhhhh
$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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#1154472 - 03/31/09 02:27 PM Re: Hey Obama - fire me, I'll take $23mm DD Regs
B_F Offline
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Cincinnati, OH
I think the key to turning around the auto industry is finding a way to get the companies out from under the pensions they already have, including this guys.

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#1154500 - 03/31/09 03:02 PM Re: Hey Obama - fire me, I'll take $23mm B_F
HappyGilmore Offline
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Pulling people out of the ditc...
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
B_F Offline
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Originally Posted By: Happy Gilmore
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
DD Regs Offline
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Somewhere in the middle
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
A_G Offline
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So who has the power to decrease their power?
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#1154581 - 03/31/09 03:59 PM Re: Hey Obama - fire me, I'll take $23mm A_G
B_F Offline
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Cincinnati, OH
SuperObama will fix it all, regardless of whether he has the power to or not.

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#1154585 - 03/31/09 04:00 PM Re: Hey Obama - fire me, I'll take $23mm B_F
A_G Offline
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oh.
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#1154588 - 03/31/09 04:03 PM Re: Hey Obama - fire me, I'll take $23mm A_G
Miscuit Offline
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wow




laugh

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#1154590 - 03/31/09 04:06 PM Re: Hey Obama - fire me, I'll take $23mm Miscuit
Pale Rider Offline
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under the Lone Star
ya, he is that good!
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#1154592 - 03/31/09 04:08 PM Re: Hey Obama - fire me, I'll take $23mm Pale Rider
*nUnZeO* Offline
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~*TEXAS*~
yeppers smirk
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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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Originally Posted By: Happy Gilmore
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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