Rick Wagoner eligible for $20 million retirement package

According to documents reviewed by ABC News, Rick Wagoner will walk away with a $20 million retirement package. Even though the U.S. Treasury has banned GM from giving retirement packages to Wagoner or any other senior executives, Wagoner is eligible to collect $20 million in retirement benefits.

Wagoner was asked to resign his position of Chief Executive Officer of General Motors over the weekend by the Obama administration as a condition for the company to receive additional government aid.

The auto-task force said that the U.S. Treasury will fund GM for 60 days while it comes up with another restructuring plan.

– By: Omar Rana

Source: ABC News (via Jalopnik)