CEO Rick Wagoner asked to Resign by the Anointed One

[Clem Z.]

Re: CEO Rick Wagoner asked to Resign by the Anointed One

this is a serious problem for all us GM owners,older corvettes to new corvettes because if GM goes under your older corvette value will also go down as the country will be in deep financial trouble. to get people back to their cars they need to do the 10 year/100,000 mile warranty thing like hyundai as that is what got my son to buy one after having intake and head gasket problems with 2 GM vans after the 36 months/36,000 mile warranty was over . the 5 year/100,000 miles that GM has now does not work for people who only drive 4000/5000 miles a year.

[Ian G.]

Re: CEO Rick Wagoner asked to Resign by the Anointed One

I heard the gov't is actually going to honor the GM warranty if they do go under, to help them through the restructuring period. At least that's what I read.

http://money.cnn.com/2009/03/30/news/economy/auto_warrantees/index.htm

[Steven B.]

Re: CEO Rick Wagoner asked to Resign by the Anointed One

Wagoner gets pension, but that's all


Leslie J. Allen
Automotive News
April 1, 2009 - 12:12 pm ET

DETROIT -- Ousted CEO Rick Wagoner left General Motors with a $22.1 million pension, but that pales compared with what he could have received if GM were in better financial shape.

As of the end of 2008, Wagoner had 4.7 million unexercised stock options, giving him the right to purchase GM shares at prices ranging from $20.90 to $75.50.
In happier times, they could have netted Wagoner a tidy sum. When he became CEO in 2000, GM's stock price was about $70 a share, and the peak price that year was $93.62.
But with the stock at less than $3 a share lately, the options aren't worth the paper they're printed on.
"They're all out of the money and worthless," said Alexander Cwirko-Godycki, research manager for Equilar Inc., an executive-compensation research firm. "They represented a significant part of his pay package over the years."
Equilar found that in Wagoner's 17 years as a senior executive, he earned about $9 million by exercising stock options.
In addition, federal bailout restrictions prevented GM from paying Wagoner severance. Had those restrictions not been in place, the board would have had the discretion to award up to $17.1 million in severance, Cwirko-Godycki said.
In addition to his pension benefits, Wagoner had $534,627 worth of deferred compensation in a plan similar to a 401(k).

[Jerry G.]

Re: CEO Rick Wagoner asked to Resign by the Anointed One

I think this discussion is interesting. We all hope US car makers can get it together. It doesn't help an intelligent discussion to throw in cheap shots like "the anointed one" We've had enough as a country of letting talking heads divide us. let's pull together and figure out how to help our country, and enjoy our hobby.

[John H.]

Re: CEO Rick Wagoner asked to Resign by the Anointed One

Other than the Junk I bought new in '77 out of the Norwood, Ohio plant,(I still own that one) all the others,(trucks & cars), have been very good! Some over 200,000 mi. towing and pushing snow. I wonder what the total compensation was paid to the guys at Norwood before and after it was closed? After the problems with the build quality of my T/A, members of my family went to Datsun ,never to return.I just hope the new CEO at GM does not scrap the HP projects or view the Corvette as "excess".

[Michael F.]

Re: CEO Rick Wagoner asked to Resign by the Anointed One

I am available to run GM and I am not a socialist like the current/new government recently elected

[Bryan M.]

Re: CEO Rick Wagoner asked to Resign by the Anointed One

I'm confused, which is easy, but I thought he was the "elected" one.

[Dale S.]

Re: CEO Rick Wagoner asked to Resign by the Anointed One

Am I missing something here? It is ok to call one president a "Traitor" but not ok to call another president the '"anointed one" . Dale

[Jerry G.]

Re: CEO Rick Wagoner asked to Resign by the Anointed One

It's not OK in either case. Name calling just isn't going to help solve the real problems we Americans face.

[Edward C.]

Re: CEO Rick Wagoner asked to Resign by the Anointed One

Yah, lets not call anyone a enemy conbatent or anything a war on terror. That will solve all our problems.

[Henry S.]

Re: CEO Rick Wagoner asked to Resign by the Anointed One

Yah, lets not call anyone a enemy conbatent or anything a war on terror. That will solve all our problems.

And calling one President a "traitor" and calling another President an "anointed" one proves what?? That someone is ignorant?? Like it or not the majority of Americans elected President Obama, just like the majority elected President Bush.

[Edward C.]

Re: CEO Rick Wagoner asked to Resign by the Anointed One

A majority of the people do not elect a president but the majority of the Electoral College does. Funny how few complained about what Bush and his staff were called and accused of but now the liberals want to change the rules. I think the anointed one is mild conpared to what the previous adminstration was called. Just wait until Obama institutes his grand scheme for all of us producers and them listed to the hew and cry from everybody.

[Ian G.]

Re: CEO Rick Wagoner asked to Resign by the Anointed One

Actually, Bush was elected the first time by delegates of the electoral college. The majority of Americans (popular vote) voted for Gore. Not the first time that's happened in our history. Unfortunately I know more about history than cars That's because I'm an ignorant Japanese car buyer, except for my awesome and beloved 1959 Corvette.

http://americanhistory.about.com/od/uspresidents/f/pres_unpopular.htm

We should definitely blame the liberals for Bush being so unpopular, rather than his accomplishments while in office.

http://politicalticker.blogs.cnn.com/2008/05/01/poll-bush-most-unpopular-in-modern-history/

Does anyone remember that while the Rebublicans had that majority in Congress, they were threatening to eliminate the filibuster rule, because the Democrats, just kept on using it? I think that's called changing the rules also. Not unpredictably, they have taken the opportunity to do it as well ( and are a lot) now that they are the minority again. I like Democracy. Personally, I don't get ticked off when someone calls the president a name, unless they're from another country. Only we are allowed to call Bush names. Whoever called Bush a traitor was stupid. Everyone knows Bush is stupid, not a traitor. I'll just throw that out there.

[Brian K.]

Re: CEO Rick Wagoner asked to Resign by the Anointed One

Just be glad you don't work on those Jap cars! I've got 22 years in the auto repair industry, and when I can grab the rad support in any jap car and bend it with my bare hands and bolts twist and break on 2 year old cars. I dont care what consumer reports says, they dont work on them or see them after an accident! How about a door lock on a 2008 Honda fails and it take 1 hour to take door panel off a closed door that wont open for either outside or inside handle then you have to grind apart the lock which is incased in nylon! took another hour and had to wear a fresh air system because of the toxic fumes, there goes that new car smell. The steel they use is JUNK so malleable, you will never see them being restored or cherished like old detroit iron. It's my belief the goverment should'nt have gave money to GM and should'nt tell them who's CEO. GM should just go chapter 11 and reorganize, better for them better for us. I've never seen the goverment solve a problem, that would mean the people they hired to solve the problem would be out of work and lose that cushie job and the power that goes with it. And since we still have the constitution call the President whatever you want!

[Henry S.]

Re: CEO Rick Wagoner asked to Resign by the Anointed One

A majority of the people do not elect a president but the majority of the Electoral College does. Funny how few complained about what Bush and his staff were called and accused of but now the liberals want to change the rules. I think the anointed one is mild conpared to what the previous adminstration was called. Just wait until Obama institutes his grand scheme for all of us producers and them listed to the hew and cry from everybody.

Reported this week that 36%, the highest percentage of Americans since 2004, think the country is headed in the right direction. If I remember right it was in the teens right before he was elected.

http://www.rasmussenreports.com/public_content/politics/mood_of_america/right_direction_wrong_track/right_direction_or_wrong_track

You are right the electoral college does elect the President. However, the majority of Americans supported and initiated that decision when they went to the poll on Nov 4.

Many times in the heat of the moment (and I am definitely at fault) people say (or write) something they shouldn't. My point was as was stated by others earlier, the office of the President of the United States deserves more respect that we show it. NO MATTER WHO SITS IN THAT CHAIR.

Just a thought, but this thread seems to have steered off course somewhat from the CEO being ousted.