Packing their golden parachutes

[Questor]

One has to wonder of all the old boys at GM are methodically cashing in on golden parachute deals after getting promoted for a short time.

DETROIT — Just eight months after taking the reins at General Motors, CEO Fritz Henderson was ousted by the board Tuesday.

Henderson, formerly old GM's chief operating officer, fought from the beginning to be considered a viable chief but often appeared to be at odds with Ed Whitacre, the company's government-named chairman of the board and now interim CEO.

"Fritz has done a remarkable job in leading the company through an unprecedented period of challenge and change," Whitacre, former CEO of AT&T, said at a news conference. "While momentum has been building over the past several months, all involved agree that changes needed to be made."

[bearmgc]

Fritz gave it all for many years. I'm sure his retirement is intact, well deserved. But for a moment, consider the many many middle management guys that took early retirement at 55 with full pension and full medical benefits, who had been sitting pretty for the past 6-7years. Where else in the world, could a parts shop guy with a high school education, get early retirement? Today when so many educated, skilled workers are out on the streets now, looking for a job. I know a few of those early retirees, and they sure as heck didn't scrimp and save when they left. Many squandered their money like fools, the self entitled mis-managers that they were. The whole GM corporation was a bubble kingdom. I do not fault those that worked hard and really earned their pension, but GM was like a good ol boys club, back patting and promoting their widget supervisors, to keep the status quo. It wasn't just the big bosses who drove that corporation into the ground. Many yes men, who played the corporate game, got their little, but substantial golden parachutes. They feel sooo justified in their butt sitting today. It would have been a good thing for those 55 years olds to get out in the real world, hunt down a real job, go to school and learn about the rest of us.

[Dixie Dude]

bearmgc, this is true with a lot of American corporations.  It is true with mine.

[bearmgc]

Did the US government intervene in all those corporations, to save them from tanking? GM's early retirees will soon be double dipping when they begin to collect social security. Their early retirement benefits are currently courtesy of the US taxpayer.

[Dixie Dude]

It is one thing to LOAN a company money at a low interest until they can pay it back, it is another to take over the companies shares of stock to own it.  The US government should never OWN any company unless it can't be provided by another private company.  If GM had been allowed to file bankrupcy last year, it would have had to sell some of it's assets, and could have stayed in business only making Cheverolets and/or one or two other models.  Ford sold all it's foreign assests, Range Rover, Volvo, Madza, and Jaguar, took the money and paid it's debt.  They are still in business and are making a profit.  Same with Chrysler, they should have folded their cars just made trucks and jeeps.  AIG and other banking institutions should have fell, the assets would have been bought by other banks.  Companies come and companies go in America, good ones well managed stay.  GM may end up being bought out by the Chinese since they own over $1 billion in US T-bills that will have to be paid eventually by our bankrupt government.  They may also buy other weak companies to get a foothold into American business and manufacturing.

[Redtail1949]

i would be willing to bet he left because he just could not function as a lacky for some overseer from Goverment Motors at the White House. probably some puke that is a tree hugger and never worked a day in his life.

you see it starting to cause problems in the financial sector with the Goverment interference people will not accept jobs on the higher levels.. they just are not going to risk their careers with all the Goverment red tape. It is not going to work it never has in history. When to Goverment takes control..effort stops productivity falls and quality is non existant. but the socialist in power are gonna keep going the corporations they control will be losers and will fail.

the socialist will not quit until the people rise up and demand a stop to it.