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Strategies & Market Trends : Waiting for the big Kahuna

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To: GROUND ZERO™ who wrote (88771)	7/14/2009 7:35:00 PM
From: Hawk	Read Replies (2) of 94695

Do all the auto workers receive this kind of severance package? Ex-GM CEO gets retirement package worth over $10M Ex-GM CEO Wagoner receives retirement package worth more than $10M; will retire Aug. 1 On Tuesday July 14, 2009, 6:48 pm EDT Buzz up! 13 Print Companies: General motors corporation DETROIT (AP) -- Former General Motors Corp. Chairman and CEO Rick Wagoner will retire Aug. 1 with a benefit package the automaker valued at more than $10 million. A Securities and Exchange Commission filing says the package includes a pension payout of $1.64 million for each of the next five years. Wagoner can also choose to cash out his company provided life insurance policy at $2.6 million. He also receives $74,030 a year for the rest of his life. The 56-year-old Wagoner was forced out on March 30 by the Obama administration. But the filing says Wagoner will remain on the GM payroll until Aug. 1. GM has received $50 billion in U.S. government loans and on Friday emerged from bankruptcy protection. Wagoner was with the automaker for 32 years.

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