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Automotive News & Views United Automobile Workers of America (UAW)
16705 messages, Last post on Nov 25, 2009 at 6:56 PM
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Replying to: dallasdude1 (Dec 27, 2008 10:28 pm) Take out the worthless stock options and look at what he actually got and will only get for 2007 it comes out to under $2 million. Still a lot of money but a bit less than $14 million. Of course if the stock goes up to $100 he will be sitting pretty.
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Replying to: dallasdude1 (Dec 28, 2008 9:47 am)
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Replying to: dallasdude1 (Dec 28, 2008 10:10 am) Because of a suggestion that the UAW mortgage their resort to help the D3 somehow now that's having the poor subsidize the wealthy? What a stretch. Calm down, that's not what I said and was not the intent of the post. The bailout to AIG, etal, is a farce and an insult to every hard working American whose job may be in jeopardy, not to mention the millions of Americans whose assets and savings built over many years is being vaporized day by day. The perpetrators of the largest fraud in recorded history should be held accountable by the courts through indictments of misfeasance, malfeasance, and outright theft. And where is the Congress, many of whom are complicit in the meltdown of our economy? Obviously our elected representatives lack the courage to deal with the almost total destruction of millions of lives and property. And yet the talk is merely the elimination of bonuses and/or salary increases. How many billions of dollars have been filched by greedy executives and boards of directors in the form of obscene salaries, bonuses, stock options and other creative forms of payout? The American public has been and continues to be raped and pillaged by greed. Will it never end? No argument there. Glad we agree that all bailouts are an insult. One point of view would argue that while the financial sector is the *grease* that lubricates our entire economy, other companies such as the D3 are just various sectors that are less fundamental to the economy operating. Circuit City, Mervyn's, Linen's N Things, even GM can go bankrupt -- but the grease is still needed for the ENTIRE economy to run. Not sure I believe the argument but it's not apples to apples with the D3.
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Replying to: 62vetteefp (Dec 28, 2008 11:21 am) Not sure how the other compensation is arrived at, but this article from March would indicate well over $2M even without the stock options. Would like to see the details on that. Note that in 2007 GM had a record $39B loss. DETROIT (Reuters) - General Motors Corp (GM.N) Chief Executive Rick Wagoner's salary and other compensation rose 64 percent in 2007 to about $15.7 million, mainly due to option grants, according to a proxy filed on Friday. The GM compensation committee cited significant progress over the past few years in reducing the automaker's health care cost burden, increasing growth internationally and improvements in its cars and trucks in the 2007 awards to executives. Wagoner's compensation rose from about $9.57 million in 2006. The figure was arrived at based on Wagoner's salary, all other compensation and the basis of annual grants. GM paid Wagoner a salary of $1.6 million in 2007, along with $1.8 million in non-equity incentive compensation and nearly $700,000 for other compensation that includes insurance benefits, security, aircraft expenses and other factors. GM, which reported a record $39 billion net loss in 2007, released the figures in a proxy statement on Friday afternoon that was filed with the U.S. Securities and Exchange Commission.Take out the worthless stock options and look at what he actually got and will only get for 2007 it comes out to under $2 million. Take out the worthless stock options and look at what he actually got and will only get for 2007 it comes out to under $2 million.
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deal, dallasdude. My take is one of 20 years of experience in Tech.Illustration at The Boeing Company in Everett, WA. I worked on the 747 and 767 widebody jetliners. Mr.Boeing(actually just a bunch of grey-suited dorks who short-sightedly decided that laying off 40,000+ people had to be done, talk about investing in your best resources, your workers)laid many of us off. I re-trained in the Allied Healthcare field. It has not been an easy road but it is going great for my wife and I now. She is working as a Cook at the same small hospital I work as a Certified Respiratory Therapist. Simple point to make: there is always a need for Respiratory Therapists and Nurses. The older RT's and Nurses are always retiring. It is good work, inside and usually clean(the pt.'s can let out some obnoxious smells and liquids that I won't spill out at this time)and full-time hours are there. You do have tests upon tests to pass and then state and national certification. Continuing education is always a requirement, too. But there are some fine schools out there and, what I'd like someone reading in here to comment on, there's usually Fed.monies to loan out to people to get this training. The system needs more workers and if there is a will there is a way to get re-trained. These types of college grads will find work out there, nationally. Wherever they want to go. This is not a field that is tied to the Puget Sound area. There's work on the beautiful Olympic Peninsula of Washington state. There's work all over Michigan! There's work all over Florida! Idaho! Montana! Wyoming! Go get it! Gary Payton is my pick alongside Michael Jordan as the two best guards in NBA hx. The '96 Finals went to da Bulls, because of Michael. But GP, with his doggedly persistent defense+a dynamite talent for picking up steals(hence his nickname 'The Glove')and constantly driving successfully to the hoop(and hitting beautiful long jumpers)has me put Gary at the Top, with MJ. Enjoy your NBA season and a bucketful of great NFL games today, for that matter.
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Replying to: tlong (Dec 28, 2008 11:46 am) Not sure how the other compensation is arrived at, but this article from March would indicate well over $2M even without the stock options. Would like to see the details on that. GM paid Wagoner a salary of $1.6 million in 2007, along with $1.8 million in non-equity incentive compensation and nearly $700,000 for other compensation that includes insurance benefits, security, aircraft expenses and other factors. OK it looks per your quote he took home a $1.6 million paycheck. and some non-equity incentive compensation for a total of a possible $3.2 million and then the $700k in other. Add it up and you get $3.9 million possible. Sure would like to see the $700 k broken down. But it is still a long way from the $14 million people like to quote. From the GM restructuring plan presented to Congress. A.7 GM Executive Compensation o No long term incentive pay out 2004 through 2008 o All stock options 1999-2008 underwater In addition, CEO/Chairman, COO/President and Vice Chairman o Salaries reduced as much as 50% from 2006 to 2007 o CEO has or will forfeit 330,000 options in 2008 and 2009 Other o Supplemental Executive Retirement Plan (SERP) frozen and adopted lower accrual rate consistent with the tax-qualified plan on December 31, 2006 o 401k matching contribution eliminated in 2008 o Post-65 healthcare benefits eliminated for all salaried employees, including executives As a result of these pay practices, as indicated in the table below, the actual compensation received compared to the Proxy reported compensation shows that the CEO and COO have actually earned far less than what is publicly reported. 2007 Actual Compensation Received Proxy Total Compensation G.R. Wagoner, Jr. actual $1.8 M reported $14.4 M |
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Replying to: iluvmysephia1 (Dec 28, 2008 11:49 am) I guess you've never heard of a guy named Cousy. |
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Replying to: 62vetteefp (Dec 28, 2008 12:58 pm) The $700K might be things like life ins, health ins, private jet travel for personal reasons (based upon a company I recently worked for, the CEO was given unlimited personal private jet travel but all the travel was added to his compensation at the end of the year. It's a great perk but still has to be listed as income). Agreed that underwater options are worthless, but they do have the potential to be worth many times salary if stock price increases. Not sure what or how much is accrual rate on Supplemental Retirement Plan - some sort of funding of a retirement account that is not actual salary but may be substantial? The links don't quantify this. In any event, Wagoner clearly has made some progress and it's not an easy situation. But he presided over many poor strategic decisions and did not have the company prepared well for the next inevitable business cycle, which was due to come. If he was losing money in good years it was bound to be bad. Also as you know I question the product decisions - not the CTS and Malibu, but more the Hummers, the Volt, the Camaro, and particularly the lack of 1-2 competitive world-class small cars. The entry level vehicles, even if not profitable, are the keys to the next generation of buyers and their brand loyalty. Too important to leave with the Cavalier or Cobalt. |
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Replying to: 62vetteefp (Dec 28, 2008 12:58 pm) |
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Replying to: gagrice (Dec 28, 2008 4:21 pm) A bandwagon jumper? I've always been a Bears/Cubs/Bama/Longhorn fan.
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