Rick Wagoner eligible for $20 million retirement package

Posted: Mar 30, 2009
Filed under: GM, Industry News

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)

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  • JVC
    This is nothing but a SPIT IN THE FACE to all taxpayers. After bringing down GM he gets a "reward" of "only" $20M, how can this guy live with himself ?
  • Bobmarley
    awsome! He should take as much as he can get just to prove how stupid this administration is (along with Bush who also gave them bailout money)
  • Ivan Gutierrez
    So is he going to get it or not?
  • Pat
    my god... no comment...really.
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