Wishcumstrue 6th Gear March 30, 2009 Share March 30, 2009 General Motors CEO Rick Wagone to resign on 30 March. And no, this ain't pre-April Fool joke. GM may be allowed to go bankrupt in next 60 days restructuring business plan does not meet approval. Chrysler may be next if they don't satisfy White House's grading on their taxpayer's bail out ca$h within next 30 days. Ford remains the last of the Big-3 in the US auto industry that did not ask for US gov bail out. Official Statement from GM 30th Mar 2009 GM Message from Rick Wagoner On Friday I was in Washington for a meeting with Administration officials. In the course of that meeting, they requested that I ↡ Advertisement Link to post Share on other sites More sharing options...
Darth_mel 1st Gear March 30, 2009 Share March 30, 2009 (edited) His name was a self-fulfilling prophecy. "Wa" he is really a "goner" liau. Edited March 30, 2009 by Darth_mel Link to post Share on other sites More sharing options...
Caravan 5th Gear March 30, 2009 Share March 30, 2009 Good for obama, enough talk and time for some tough actions. The rest of those receiving bailout better wake up their idea. Link to post Share on other sites More sharing options...
Drive_carcar Clutched March 30, 2009 Share March 30, 2009 It's heartening to know that Obama is really working at getting rid of toxic "assets", like the CEO who flew to Washington in private jet to ask for Govt aid - i.e. Wagoner himself. It has been for way too long that such Mr DoLittles were allow to draw obscene salaries and perks, with very little results to show. Link to post Share on other sites More sharing options...
Kusje Supersonic March 30, 2009 Share March 30, 2009 What obscene salaries? He's working for a dollar. You won't be able to find a cheaper person to replace him. Link to post Share on other sites More sharing options...
Wt_know Supersonic March 30, 2009 Share March 30, 2009 (edited) i'm happy to go with 23 million pension fund, anytime. the ship is severely damaged and sinking. ----- NEW YORK (AP) - When General Motors Chairman and CEO Rick Wagoner leaves the automaker, he'll take with him a financial package worth an estimated $23 million. The terms of General Motors Corp.'s government loans prevent it from giving executives severance pay, but they don't affect earned pensions. As of Dec. 31, Wagoner's accumulated pension was valued at $22.1 million, but he'll receive that in payments over the rest of his life, so the actual amount he collects might be different. According to GM's latest annual report, Wagoner also will receive about $367,000 in stock awards and about $535,000 in deferred compensation. Wagoner announced his resignation Monday. Obama administration officials asked him to step aside as part of the government's plan to assist the struggling automaker. (Copyright 2009 by The Associated Press. All Rights Reserved.) What obscene salaries? He's working for a dollar. You won't be able to find a cheaper person to replace him. Edited March 31, 2009 by Wt_know Link to post Share on other sites More sharing options...
Sunlight 1st Gear March 31, 2009 Share March 31, 2009 cant see this happening in singapore as the toxic asset is linked to the govt & familee example-big wafer fab in woodlands Link to post Share on other sites More sharing options...
Twnll 1st Gear March 31, 2009 Share March 31, 2009 WE the citizens pay for their mistakes mah. Never mind, its an honest mistake, as always. Link to post Share on other sites More sharing options...
Stary Supercharged March 31, 2009 Share March 31, 2009 I wouldn't mind to "step aside" if I have $23 million of pensions too. Imagine almost a million a year for the rest of his life....and away from all the spotlight and pressure. This kind of thing can only happen in US. My only question is....why take so long to fire him? Link to post Share on other sites More sharing options...
Speddevil Neutral Newbie March 31, 2009 Share March 31, 2009 Obama is doing the right things for a good cause esprcially in this turbulent times.. Link to post Share on other sites More sharing options...
Speddevil Neutral Newbie March 31, 2009 Share March 31, 2009 They finally realise their mistakes... at least this is still good. Better late than never Link to post Share on other sites More sharing options...
Eyke Supercharged March 31, 2009 Share March 31, 2009 This kind of thing can only happen in US. didn't a certain powerful person right here in Sg step down after extreme poor results? Link to post Share on other sites More sharing options...
Silver_blade Turbocharged March 31, 2009 Share March 31, 2009 Obama is doing the right things for a good cause esprcially in this turbulent times.. Agree....GM will not stand a chance to survive under the same boss and board members. Such thing should have taken place a few years ago...instead of now, which is very late. But better late than never. Link to post Share on other sites More sharing options...
Jacf Neutral Newbie March 31, 2009 Share March 31, 2009 didn't a certain powerful person right here in Sg step down after extreme poor results? here, we dun use 'step down or step aside'.. we use 'self-renewal or to pursue other interest'.. must save face for that person,ok! unlike in US, where they are straightforward! Link to post Share on other sites More sharing options...
Kusje Supersonic March 31, 2009 Share March 31, 2009 i'm happy to go with 23 million pension fund, anytime. the ship is severely damaged and sinking. 23 million dollars is already his. Work or no work, it already belongs to him. If he works for 2009, his additional wealth is $1. Link to post Share on other sites More sharing options...
Vtim 3rd Gear March 31, 2009 Share March 31, 2009 didn't a certain powerful person right here in Sg step down after extreme poor results? yah lor, if that person do not have "associated" power, don't think that person will be in that post at the first place, powerful person doesn't mean good result Link to post Share on other sites More sharing options...
Jamespatrcik Neutral Newbie March 31, 2009 Share March 31, 2009 things are really bad now..were moving to a different condo for less expenses... anyway..its a good thing that such programs are being implemented..for the benefit of their economy..at least there are news as well of the economy getting a little bit better... Link to post Share on other sites More sharing options...
Darth_mel 1st Gear March 31, 2009 Share March 31, 2009 cant see this happening in singapore as the toxic asset is linked to the govt & familee example-big wafer fab in woodlands The entire par-lee-ment is a loadfull of toxic waste lah. ↡ Advertisement Link to post Share on other sites More sharing options...
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