March 31, 2009

Suck $63 million out of a company as you run it into the ground... check. Take $20 million more on the way out... check... GM's Wagoner got paid.


But...

Oh, wait..

There's a but...

IF GM goes bankrupt, which it will, then ONLY $1 million of Wagoner's $20 million parachute is guaranteed. So he gets in line with the other screwed GM pension bagholders.

Gee, you think that's why he was fighting against bankruptcy so hard?

Gee, ya think?

Give it back Wagoner. You f*cked your company, you f*cked America. Give it back, because you'll lose it anyway. Or like RBS's Fred the Shred, they'll come for you too.

32 comments:

wallstreetveteran said...

Crazy. And people give Wall Street abuse. At least the line worker makes a few hundred K. Boss makes millions. GM? Line worker makes so little. Boss cleans up. Shame

Guaranteed Approval! said...

Wagoner has been richly rewarded for his role as a co-conspirator in the REIC's ponzi scheme.

He helped create the GMAC slogan: "Would you like to supersize your liar's loan with a new SUV?"

Anonymous said...

The entire State of Michigan will want a piece of this turd.

Darwin always wins, no matter what he does now.

The List adds another name...

Better call up Ange and Bernie for some advice Rick. If you hear clicks on the line its probably the FBI or ?.

Keep moving.

Anonymous said...

Ooooobaaamy!

Gimme Cheese.

Anonymous said...

Rich people give money back? Never going to happen. You have to pry it out of their cold, dead fingers with a crow bar.

Anonymous said...

More Great Ponzi Scheme News:
or
Tales from the something-for-nothing economy
or
Free Cheese from Detroit
or
Thank your Union Brother
or
Can you believe how desperate we have become
or
Please. Please, Please BUY this crappy design, poorly constructed, union made overpriced shit no one wants or needs...

Ford, GM to cover car payments if buyer loses job
By Kimberly S. Johnson

Associated Press
Posted: 03/31/2009 08:12:16 AM PDT

DETROIT — Ford Motor and General Motors are offering payment protection plans to help reassure consumers who may be putting off buying a new car because of worries about losing their job.

The offers come as auto sales have been battered by the recession and tight credit, reaching their lowest levels in 27 years.

Ford said today it will cover payments of up to $700 each month for up to a year on any new Ford, Lincoln or Mercury vehicle if consumers lose their jobs. The program runs until June 1.

Hours later, GM said it will make a similar offer. GM's new CEO, Fritz Henderson, said the company will make up to nine car payments of $500 each for customers who have lost their jobs through no fault of their own.

Customers must qualify for state unemployment to be eligible for the program. The program starts April 1 and runs until April 30.

They will 'cover' the payments? WTF does THAT mean? Vomit in my mouth and up and out my nose...

America has been bent over a rail by Wall Street and DC, gang-raped, frontally f*cked and its throat has been slit.

BTW: Don't worry about warranty claims on those new shiny shitboxes, send to President BoJangles c/o: White House, Wash DC. Enclose a sase for reply as we are in a tight budget in Wash. DC and franking priveleges do not apply to Federal Govmnt. automaker warranty bail out program.

DIE AMERICA

master of puppets said...

Geee, where is our Saudi imbed when we need him .

Where is the;

‘Rick Wagoner is only a puppet of the Global elite’

The secret underground super powerful golf ball crunchers,
planed the demise of GM so they can control the image the Pontiac logo,
they don’t care about the little guy.

Whaa waa *sob*..

les said...

Wagoner is better than the new GM CEO Henderson.

Obama and Henderson are talking about a "scrapage" plan similar to ones in Japan and Europe. They want to increase sales by encouraging consumers to get rid of their old cars.

In Japan, cars over 5 years old are assessed a special "safety inspection" tax which increases every year. Most people in Japan don't have cars older than 5 years because the tax is so exorbitant.

I'm calling it.

Obama, worst president.

At the end of 4 years, America will be worse off because of his decisions.

I don't believe in his socialist agenda. We don't need a bigger government.

And what price to you put on freedom.

I don't like taxes that penalizes us for not spending.

Or rewards for people who got into mortgages that are over their heads.

Anti-State said...

In your anger, some of you people are missing the big picture. Sure, these CEO's are sleeze-balls, but the state taking control over private businesses is going to come back and bite us all on the ass...big time.

Anonymous said...

OT, but…
Regular, long-time HP’er / S&A’er posting as an anon.

I am ill today. Really f*cking sick, and I should be at home and in bed - where I spent the past 3 days – instead of here at work. There is a particularly nasty ‘bug’ going around here right now, and a lot of people are sick.

I called in sick yesterday, and was then phoned by my employer 4 times, with a lot of pressure being put on me to come in and work on a project.

So today I came to work, although I feel terrible. My head hurts, I feel weak & dizzy, I am constantly coughing and blowing my nose, and this morning when I spit in the sink there was blood in it.

This is a corporation who thinks nothing about laying off people who have worked here for 30 years, whose CEO’s gave themselves 15% percent raises a year ago, and then announced none of us people doing the real work will get a raise this year.

I am pissed, and will cough in the face of any manager who sticks his snout into my cubicle today. Furthermore, I am going to take the germ-ridden kleenix - which I have been blowing my nose into – and wipe it on every single doorknob in this building. Let’s see how well this place functions when half its staff is out sick.

Certainly I am not the only person with this sour attitude. Although the ‘dreaded Bird Flu’ has not yet struck, just imagine if and when it does hit. Thanks to all the heartless employers who have no qualms about forcing their employees to come to work when they are sick – and an army of pissed-off employees – this epidemic will spread like wildfire through the population and wipe out millions.

But at least the corporate CEO’s will be insulated from the repurcussions of the havoc which they have brought upon the population…

You mean they won't?

Peahippo said...

Give it up, Keith. These guys get paid like kings regardless of what happens. Why do you think Gordon Brown just sits there while lambasted by critical speeches? IT'S BECAUSE NOTHING WE DO WITHIN THE LAW MATTERS ANY MORE. The structure of our law has a macro-structure that supports the formation of dynasties. Either you accept it, or take up arms against it. As you should clearly see by now, voting Dem or Repub just doesn't matter.

Brown will just sit there in his fortified compound while Britain burns, and he'll just wait it out. Wagoner will do the same while Michigan burns. They are untouchable under our law ... particularly due to our reluctance to CHALLENGE WEALTH UNDER THAT LAW.

Anonymous said...

"What's good for GM is good for the country."

So, who's gonna bail out the country??

Anonymous said...

A blast from the past...

"On Jan. 13, 2005 GM announced that it wants to separate from its huge credit finance subsidiary, "to try to protect GMAC from GM's sinking credit rating," the Detroit Free Press reported. GM wants to create, before the end of 2005, a new holding company called Residential Capital Corp., to include GMAC—much of whose assets now are in mortgages and mortgage-backed securities—and another GM subsidiary called Residential Funding, Inc. GMAC debt is now just two notches above junk, but they obviously think it would improve if detached from General Motors. Unsaid, is that this could prepare GM (the auto company) for a declaration of bankruptcy, followed by an attempt thereby to "lose" its UAW pension fund.

But the Pension Benefit Guaranty Corporation, itself already more than $23 billion in deficit, could not simply absorb the obligations to GM's hundreds of thousands of pensioners, plus the loss of its pension insurance premium payments. It would defend itself, with a government lien against—GMAC.

Standard and Poor's credit rating agency already assessed this threat in an August 2004 analysts' report, "Assessing the Risk of Pension Plan Terminations on U.S. Auto Lease Securitizations," which specifically discussed GMAC. "Standard and Poor's is concerned with the following scenario," the analysts wrote: "The corporate sponsor [of the pension plan, GM in this case] files for bankruptcy; the sponsor or the PBGC terminates the pension plan...; and the PBGC attaches a lien to whatever assets are available.... The titling trust [GMAC, holder of hundreds of thousands of auto loans and leases] therefore, as a bankruptcy-remote entity, and a part of the sponsor's controlled [corporate] group, could be ... a target of lien attachment by the PBGC." And they noted, "Standard and Poor's assumes the risk of a GM and GMAC insolvency is high" because of the low credit ratings." (...)

patrat said...

The country is dysfunctional. We are at the mercy of it. It is extremely hard to be self sufficient today.

Anonymous said...

"I'm calling it.

Obama, worst president.

At the end of 4 years, America will be worse off because of his decisions."

good call...but i'm gonna go further.

at some point (when the world realizes the obama incompetency) hillary clinton will resign from the administration citing the administrations incompetence and "political differences".

she will run against him in four years and win the administration and the presidency.

it hath been foretold.

Anonymous said...

at some point (when the world realizes the obama incompetency) hillary clinton will resign from the administration citing the administrations incompetence and "political differences".

she will run against him in four years and win the administration and the presidency.

it hath been foretold.


NOT gonna happen. A failed president loses the next election for his party. If Obama is a failure, the Democrat party will get tossed out on its ass. Hillary needed McClown to win to set his failed presidency up for her 2012 coronation. She is finished.

Anonymous said...

It has never been the unions, or the management, it's the "free" and "unfair" trade brought on by your bought and paid for politicians.

The irony is, you are all so fucking stupid that when they told you that you did not need manufacturing jobs and that we were the idea people, you fucking bought it.

And now all you stupid fucks rail against the unions and management, when it is really the bought and paid for politicians who allowed the disassembly of our country and its productive means.

And, I am not even, nor have I ever been in a union.

Anonymous said...

"In Japan, cars over 5 years old are assessed a special "safety inspection" tax which increases every year."

I was wondering about that on my recent first visit - there are no rusted out cars are on the roads in Japan.

Anonymous said...

Deficits don't matter.

ABC...Anybody but a Clinton said...

"hillary clinton will resign from the administration citing the administrations incompetence and "political differences".

she will run against him in four years and win the administration and the presidency.

it hath been foretold."

_____________________________________

I can only pray that you are joking...Have you not had enough of the Bush,Clinton,Bush Jr & cock hair loss from another Clinton reign?

Please...25+ years of this dynasty...with the emphasis on NASTY got us into this world of hurt.

Are you not entertained?

Mitesh Damania said...

Dang I need to startup my own crappy car company and jump out with my golden parachute.

Mitesh Damania said...

If you really think about it, why should the President have so much power?

Anonymous said...

Perhaps the dumbest mistake he made was dropping out of the NISSAN - RENAULT alliance talks.

It could have been a good move.

Anonymous said...

Mitesh said:
"If you really think about it, why should the President have so much power?"

Mitesh, I remember being taught in in school a long time ago (7th grade?+/-) how the executive branch "really has little power... blah blah... congress... house of representatives... blah blah... checks and balances... blah blah blah..."

And I remember thinking that it all made sense to me.

Ooops.

Anonymous said...

Yep, all the bad guys get a ton of money and the rest of us get to
suffer .We get to work hard and pay big taxes and suffer from inflation in the future ,all because the elite got to change us into the bagholders of junk assets
and unpaid debt and insurance bets
of the money changers .

Some of these guys made billions per year off the boom . They had some of those creeps on a program on TV ,and getting more was just a game to them . They had guilt ,but they paid a fake psychologist to
help them stuff their quilt and tell them they deserve their ill-gotten gains . You can buy anything if you have enough money ,
but can money buy you love ?

les said...

Unions destroy productivity.

For example. Someone spills some grease on the floor. Assemblers say its not in my union job description that I have to clean the floors. Management can't clean it up because they are banned from doing any labor on the factory floor. Everybody has to wait for the unionized janitor to come by and clean up the mess.

It's not an exaggeration.

In state offices, one can not change a light bulb without putting in a work request for a unionized maintenance worker to change it.

les said...

"Teamsters"

If teamsters had their way 100 years ago, we'd still be delivering goods by a team of horses and wagon.

Teamster unions came about when motorized trucks started taking over the delivery business.

Mike Hunt said...

Anon 5:55,

Money can buy you love in Thailand. Do you want the love short time or long time?

-Mike

Anonymous said...

"Anonymous said...
Perhaps the dumbest mistake he made was dropping out of the NISSAN - RENAULT alliance talks.

It could have been a good move.

April 1, 2009 3:06 AM"

Yeah, that would have saved them...

Just think, maybe they could have resuurected Studebaker and bought the Edsel division from Ford.

DIE GM. YOU'RE A HIV INFECTED CORPSE KILLING EVERYTHING AND EVERONE IN YOUR PATH.

Go Buy 'Roger and Me' Right Now and watch it.

then watch it again

and again

and again

and again.

Get it?

DIE GM and TAKE CHRYSLER WITH YOU!

Anonymous said...

Keep it up Keith!. Things are going to change in this country. You can feel the anger building. Things will change on a dime for the elite that are robbing our country's wealth. From rich to scared in an instant.

Anonymous said...

"...when they told you that you did not need manufacturing jobs and that we were the idea people, you fucking bought it.

And now all you stupid fucks rail against the unions and management..."


And police/firemen; appalling, isn't it?

The best laugh will be after responders/unions make crap wage, everyone else will magically prosper, right?

Get ready America - you're about to get it in BOTH holes this time

Bukko_in_Australia said...

Les, what fantasy world are you in?

I've worked in two unionised hospitals. We had union janitors. If a patient shat on the floor, or pulled her IV out and bled all over the place, the "rules" said housekeepers should clean it up with antiretroviral disinfectants. But no union goon ever stopped me, and all the other nurses I worked with, from getting towels and mops and cleaning it up ourselves. That's what union workers do -- we get the job done.

Have you ever worked in a union shop, Les? Do you know any of the stuff you're saying for a fact, or are you parroting what Rush Limpballs tells you to think?

My work is the same in union hospitals in two countries as it was in at hospitals in two U.S. states. The difference is, my bosses can't screw me over at will in the union hospitals the way they did in the non-union ones. I like it when the bosses can't screw me over.