The bailout of the auto industry was not as luxurious as Wall Street but this retirement package is not too shabby. Clearly Wagoner didn’t make enough money during his tenure while driving the company into the ground. It’s yet another example of a poorly implemented bailout that has allowed the select few to prosper enormously. For the taxpayers who have funded these bailouts and are being pummeled during the recession, all they get is a lousy bill. Any talk about class warfare ought to be addressing the flogging of the middle class by the narcissistic extreme upper class.
Former General Motors Corp. Chairman and CEO Rick Wagoner will retire Aug. 1 with a pension and benefit package the automaker valued at more than $10 million.
Wagoner, 56, who was ousted by the Obama administration on March 30, will get $1.64 million in benefits annually for each of the next five years, plus an annual pension of $74,030 for the rest of his life, according to company documents filed Tuesday with the U.S. Securities and Exchange Commission.
Wagoner, who spent 32 years with the company, can also choose to cash out his company-provided life insurance policy at $2.6 million, according to the filing.