General Motors has announced that they are making drastic cuts in a desperate attempt to save the iconic American car manufacturer from filing for bankruptcy.
The stock is trading at just over $9.80, a price GM hasn't been at since
since the 1950s. Yeah, that's a 54 year low. Let's adjust that number for inflation! Fun!
What else?
White collar retirees aged 65 and older will no longer be eligible for GM funded health insurance after January 1, 2009. Hello medicare! Good luck with the
$300 per month pension increase.
That's right: Rick Wagoner, whose $1.1 million salary in 2007 was supplemented to the tune of 13.3 million (not a grand number for a CEO, to be sure, but hardly what the average failed businessman makes) has announced that white collar retirees over the age of 65 will no longer benefit from the company's private health insurance plan. Not that they'd been promised private care through GM for the last forty years or anything, but whatever. By the way, Wagoner's base salary was commented on in a Forbes piece entitled "Paying for Failure," which ranked the performance-to-pay salary ratio of top CEOs... Wagoner came in at 160 out of 175.
Fuck everyone in Detroit. If (when?) GM finally bites the big one, American "leadership" will have no one to blame but themselves. This has been a very poorly run company for decades, and it's about to be a chapter in our American history. I was going to type "footnote," but no - the demise of General Motors is certainly worth a chapter. Too bad that the work ethic of the millionaire executives didn't come close to that of their tens of thousands of employees.
Best of luck to all of them, including my father.
No doubt countless books will be written about it, hopefully more from the employee perspective.
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