Wow, Reuters has reported that our car company, Government Motors, will pay our new CEO Akerson over $9 million in cash, salary and stock grants. In addition to that, they will pay Ex-CEO Whitacre $300,000 for serving on the GM Board of Directors for 4 months. Great jobs, if you can get 'em.
I see our new Pay Czar is really diligent in shrinking the CEO salaries of companies still on the taxpayer dole. That's what Obama was blabbing about when he took over GM. They're sure doing a great job, don't you think?
Funny how the math works. Toyota is solvent, in spite of their gas peddle problem, has lots of money in cash reserves, and their CEO makes $900,000 a year. BMW ties its executive bonuses to blue collar performance.
And then there's Government Motors. The company makes terrible business decisions, becomes insolvent, gets bailed out with taxpayer capital, files bankruptcy, and has minimal cash reserves. They fire their long term American ad agency and hire a French agency, with our tax dollars. They continue to get bail out money, and then they build a new plant in another country, not in America. Gee, who should we thank for this?
And then they award a newcomer with almost $10 million in compensation, and you can bet a new fleet of corporate jets will be on the way once their IPO is sold.
Our Government Motors sure knows how to game the system, and I'll bet they are laughing all the way to their Swiss bank accounts.
Thanks, Obama, for nothing.
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