There may have been good reasons to jettison Wagoner. His inexplicable decision to take a private jet to DC in order to beg Congress for a handout would be one of them, certainly….

That’s petty.

unclesmrgol on March 31, 2009 at 9:38 AM

Be lucky he isn’t stacking the Supreme Court, ala Bush & FDR.

sethstorm on March 31, 2009 at 11:08 AM

A bizarre charge, since Bush never stacked the courts.

spmat on March 31, 2009 at 11:44 AM

Pinochet would roll in his grave to be compared to that.

unclesmrgol on March 31, 2009 at 9:38 AM

Be lucky he isn’t stacking the Supreme Court, ala Bush & FDR.

You guys just validate my position like mad. You sound just like the people on HuffPo.

God hate anyone who gets a bonus.

Right-wing, left-wing…..doesn’t matter.

You’re all alike.

AnninCA on March 30, 2009 at 7:22 PM

And what position might that be? The Missionary? You come out of left field with this; there is no prior comment on this matter at all on your part outlining what position you might have. Suddenly the flamethrower comes out…

Ed’s article certainly makes the claim that Wagoner is entitled to his severance package, regardless of perceived transgression. I, in my comments preceding this one, have made the same claim — that Wagoner has the moral upper hand here as well. I think he deserves every penny — and more. Obama’s request that he resign has sullied his reputation, as well as underlined the root point that Obama now owns GM — not the stockholders. But the fact that GM has not gone through bankruptcy keeps in place the legal requirement that it honor every contract it has made as written — including its contract with Wagoner. That puts the Government on the line as owner. Now, the Government can pass a law rescinding that obligation, but that will certainly be viewed as a Bill of Attainder — possibly by the Supreme Court as well.

Again, Wagoner deserves every dime he negotiated out of GM, just as those execs at AIG deserved their bonuses too.

It’s all faux outrage, orchestrated by the White House as a red herring to justify their nationalization of a private corporation.

Oh and I would buy another GM car, even a Ford car(I never was too crazy about the blue oval brand) because they are 100% better than they were ten years ago.

If and when GM gets over the hump, it will be little doubt that Wagoner had a bunch to do with it so don’t start giving the credit to Fritz.

“We knew someone was going to have to take the proverbial `bullet,’ and it would have made it a lot easier to accept that had the CEOs of the banks also been required to give up their jobs,” said Jim Graham, president of a union local in Lordstown, Ohio, where GM produces the Cobalt and Pontiac G5 fuel-efficient cars. (Jeff Karoub, AP)

Obama wants to be “the people’s” Potus, he had better apply taking the bullet to banking CEOs. But since THEY covered his corrupt campaign finances that got him into office, it ain’t gonna happen.

So Auto Workers, take note sooner than later that YOU are expendable; YOUR jobs are considered better terminated/outsourced as Obama whims. YOU and your unions thought Obama would be YOUR sugar daddy. Get real. The ONLY people that matter to Barack are himself, Michelle and his two girls, period. He will serve his Soros master not from loyalty to him, but because it is to his own selfish interest to do so.

Greed, Obama is thy power grab manifestation.

This video tells the simple truth…

Now, if they can get rid of the bankers that took bailouts and caused this mess, we are getting somewhere.

+100

AaronGuzman on March 31, 2009 at 12:14 AM

Or structure it so that you can’t just raise it by 2500 to account for it.

ladyingray on March 30, 2009 at 4:00 PM

There are actions and consequences. Go against the company’s beliefs, get punished for it.

suzyk on March 30, 2009 at 5:36 PM

I will. They’ve yet to design a golfcart that wasn’t a “captive import”.

Does this surprise anyone in the least? That’s the way the game is rigged. Beaucoup big bucks for success, beaucoup big bucks for failure. Everybody gets an A. Such a deal!

MB4 on March 30, 2009 at 2:58 PM

I know you are bitter, but saying things like this shows your ignorance of how the corporate word works. I’d try to explain it, but I doubt those here that think these types of contracts are evil would understand. People at this level are no different than professional coaches (at the college and pro level). Companies offer them these kinds of contracts to ensure they don’t go “coach” for the “other team”. GE kept Jack Welsh around for so long for a reason. They made it financially unattractive for him to leave for another company. And don’t base your opinion of Waggoner on where GM is now. He didn’t run them into the ground; the UAW did.

Update: A couple of commenters claim that ABC got this story wrong and that Wagoner isn’t due any severance, and point to the reporting in this WaPo article from last night. Read it carefully, though:

Wagoner’s resignation does not mean that he will leave the company immediately. He will continue to draw his $1 annual salary, because if he leaves the company he is entitled to a multimillion-dollar pension that the government does not want to pay, a source familiar with the matter said.

ABC didn’t report it as a “severance package,” and GM is on the hook to pay his already-negotiated retirement benefits — unless they can clear them in a bankruptcy proceeding (which is doubtful for pensions), but which will also void the union’s contracts at the same time. If he’s resigning, they’re going to have to pay those benefits, and probably sooner rather than later, and the White House can’t do anything about it.

Seems like it all hangs on this deal of paying Wagoner $1 a year. To avoid paying Wagoner his retirement, he would have to resign his position while still working for the company. If the government forces him to do that, it sounds a lot like slavery. I wouldn’t think the government could do that, but apparently they can take over a major corporation, fired the CEO, and replace the Board of Directors. Are there no limits?

For that matter, what experience does Big O have in managing?

There! FIFY.

And, out of respect to all the women, let’s refrain from referring to Barry as “Big O”

How much of your retirement has Obama ate up.

Ummm…I don’t believe there are retirement plans for part-time pizza delivery drivers

Apocalyptic

Submit your negative word or phrase.

Christien on March 30, 2009 at 3:12 PM

Apocolyptic

Now, if they can get rid of the greedy bankers that took bailouts and caused this mess, we are getting somewhere.

Good grief, wasteofalife, you can’t even keep your own story straight. I thought the “mess” was all Bush’s fault? Now it’s not?