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THE OPPRESSED UPPER CLASS


rick wagoner

THE OPPRESSED UPPER CLASS
Only receives a 20 million dollar severance package

(Former GM Exec Rick Wagoner)

picture: dunno source, via our lol builder. lol caption: fastfood

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» 282 comments

  1. Kraas says:

    Aw, do you want me to fix you some soup?

  2. Anon says:

    Twenty MILLION?

    • jj says:

      This political commentary isn’t even funny…

    • dropulus says:

      Really : chicken feed in these days of a BILLION here or a TRILLION there…

      • The Steve says:

        This goes to ONE MAN.

        • dropulus says:

          Hmmm….. you never read the Hollywood trades, do ya?

          • obvious man says:

            but…. but…. nobody told him/her to hate hollywood types that get paid MILLIONS OF DOLLARS!

            Baa….. baaa…… baaaaaaaaaaaaaa……………….

          • The Crapture says:

            Well, genius, this could be because while they may make easy targets for being weird and ridiculous in their own right, the Hollywood people who get paid ridiculous sums of money don’t manage to take down WHOLE F**KING ECONOMIC SECTORS when they f**k up and one of their movies tanks…

            • I find myself liking you more and more…

            • Word to your mother.

              • Although I am still upset about The Happening…it was almost as painful as the global economic crisis. M. Knight Shamalamadingdong should be impeached! Or have his SAG card revoked, at the very least.

            • dropulus says:

              what “economic sector” did he “take down”, exactly?

              He failed to spin hay into gold.

              Hardly a crime.

              • The Crapture says:

                You’re right, his failure is hardly a crime, but then he isn’t being arrested, detained or prosecuted for failing… just like any normal person, he is merely being FIRED for it. Even when the writing was on the wall about which way oil prices and consumer preferences were beginning to trend as a result, this guy opted to “stay the course” with regards to things like fuel economy and other concerns and as a result, Gm took arguably the hardest hit of the Big 3. I don’t know about you, but where i work, if i were to make enough bad decisions, i’d be out on my ass too and it would happen well before i could ever put the organization in jeopardy of complete financial ruin. And the ruin of the American auto industry will have significant fallout throughout the over all manufacturing sector of our economy, at least insofar as those components and ancillary parts and accessories which have not already been outsourced to Mexico and overseas, but now, hey, even those folks are kinda looking screwed now too. This guy was and is an Epic FAIL, if that does not merit a pink slip, i don’t know what does.

  3. icanhazdoublecheezburger? says:

    ya we should have voted mccain
    then he would have gotten 80!…billion!

  4. Wolvie says:

    The libs steal your freedom as they distract you with class envy. Enjoy.

    • Smartz says:

      The conservatives steal your freedom as they distract you with rage at the terrorists.

      Same difference.

    • n8 says:

      I see you still have your head up your arse. The “libs” (ever notice how some conservatives say “liberal” like they would “n*gger”? Coincidence? I think not… anyway, where was I…)
      The “libs” are stealing my freedom to… what, exactly? Make bazillions of dollars without any kind of accountability? Why, those bastards…!
      Meanwhile, you were perfectly content to drop trou and grab ankles for Bush, and let him listen to your communications and search your house on his whim, in the name of the holy War on Terra.
       
      You disgust me.

      • mothergoose says:

        I think I saw Wolvie yesterday! I was following a car home from work with a bumpresticker that read: “I’ll keep my guns and money…you can keep the CHANGE”…it also had a “My redneck son beat up your honor student” sticker…

        • n8 says:

          Ugh… another ignorant defender of the status quo. The conservative response to Obama’s moves can be summed up as “Oh no, the wealthy are in danger! Defend them at all costs!” Why they’re so quick to defend their positions as dogs begging scraps from their masters’ tables is beyond me… maybe they’re afraid that without said masters, there will be no scraps to beg.

          • mothergoose says:

            Did you catch what John Boehner was saying yesterday…(paraphrasing) he talked about how shameful it was that Government would have a role in getting rid of a CEO and that Governement should not have a role at all in Private Industry…yet he’s been one of the leaders on the “crush the UAW” charge…so, it’s not ok for the government to have a say on the white-collar worker, but it’s ok for the government to have a say on the blue-collar worker?! It never ends…

      • trolldujour says:

        But the liberals refer to “cons”, “repugs”, “rethugs”, with sweetness and light? Ok…..

    • charro says:

      Explain yourself, Wolvie. Otherwise you’re just blowing smoke. Some citations would be nice too.

    • PortlandMark says:

      To paraphrase what you guys say when I start talking about Fourth Amendment rights: who do you know that’s actually had their rights taken away?

  5. I can’t believe I’m coming to Rick Wagoner’s defense here. *sigh* Actually, it’s not a severance package; it’s his pension. Yes, it’s a lot of money; it’s being paid out over a 5 year period. It’s not a bonus; it’s not inducement to leave…and he’s been with GM for 32 years. In addition, if GM files for bankruptcy soon (as is seeming increasingly likely) he’s not likely to see much of it.

    • n8 says:

      The government plan (as I read it in the WSJ yesterday) would “scrub” a lot of GM’s debts. Anything unsecured debt might as well be written off, and I’m thinking that any UAW retirees will probably want to start practicing saying “Welcome to Wal-Mart.” I wouldn’t mind seeing some former CEO’s in that job, actually…

    • carbonbased says:

      It’s horrible that these people, who were so grossly self-serving and incompetent that they created this mess, will receive overinflated severance packages, pensions, “golden parachutes” etc. But other people, who worked for these companies but weren’t involved, are getting swept into the quagmire too.

      I read a letter from a man who worked at AIG in a different division from the mortgage insurance area, and he did not draw a salary this year but was promised a bonus if he stayed on. Now he won’t get the bonus, and resigned. Granted, I’m sure his bonus was some obscene amount of money that was probably not fitting, but he was told he would get something, and since he didn’t help cause this depression he shouldn’t be penalized the same as those that did.

      So, I kinda have to agree with dissimilitude. I don’t know a lot about Rick Wagoner, and $20mil is an incomprehensible amount of money to give someone who obviously did a poor job, but after 30+ years, it should be expected that he get something.

    • PortlandMark says:

      “and he’s been with GM for 32 years.”

      Like the comedian says, “I want to thank my wife for five blissful years of marriage… and the other 27 years too!”

    • Independent says:

      I’m not defending Wagoner either but it is important, IMO, to remember that his “salary” was only $1/year.

      • Rafiq of the many says:

        For the “great job” he is doing with GM (especially being with them for 32 years) it seems to me that his salary this year is still too large. :-D

        • dropulus says:

          … and how could he have done better?

          • Uncle Fester says:

            Made improvements since 2000? Ya think?

          • Musicmom870 says:

            Well, just as an example, as the CEO of a company manufacturing and selling cars, he could have helped them make better f*cking cars. Case in point: my 2000 Impala. I LOVED that car. It had 6 seats and got 36 mpg (don’t ask me how, it wasn’t rated for that). I got 214,000 miles out of that car before the transmission quit on me. Nothing ever went wrong with that car that wasn’t my fault (like leaving the windows down in the rain and messing up the power window buttons). So I wanted to replace it with a new one just like it, but NOoooo. The damn things don’t come with 6 seats anymore, and the mileage sucks. Make a better car! Or at least don’t make them worse!

      • AugustWest says:

        I guess they got their money’s worth.

      • Uncle Fester says:

        Shame his pension wasn’t ‘final salary’ then :twisted:

      • The Crapture says:

        The fact that his salary was only $1 means he was already so rich that a real salary would only have been a case of gilding the lily

  6. Fast Food says:

    During Wagoner’s tenure as CEO, GM went from being the largest auto manufacturer in the world to the brink of bankruptcy and breakup. Also, during his tenure, GM’s stock price went down 95%. If that isn’t failure, define failure. And if a guy like that doesn’t get fired by this company somewhere along the way, then the system is broken.

    Cons believe that in a world without laws, rules, or restrictions on their behavior, the rich, white American Aryans will always prevail. And when they don’t, it’s always attributable to some nefarious external force, like government regulations, the refusal of the middle and lower classes to cooperate, or the inferior actions of non-white or non-American people.

    • Daeon says:

      you know… I was going to post a wall of text about that second paragraph, but honestly, I don’t see the point. you can’t win an argument with someone who probably isn’t going to listen anyway.

      • scott says:

        Particularly when they throw “Aryans” into the descriptives. That’s where I stopped reading.

        • viking gal says:

          Yup, me too.

        • Uncle Fester says:

          A thousand years!

        • Goosef says:

          Oh come on, we all know that Republican or “neo-con” goals are all based on ridding the world of rules and regulations, while at the same time murdering poor and “brown” people for fun. I know its the only reason I get up in the morning.

          Damn poor people keep holding me down from my ability to do anything well and of course the “brown” folks just don’t deserve to exist, yep, I guess I pretty much have to vote Republican now.

          (BTW, I hope that everyone here can detect the serious sarcastic tone inflected in this rant, but if not let the record show that I do not hate poor or brown people, but was using the insanity spouted forth by Fast Food to make my point)

          • Uncle Fester says:

            If you read New American Century’s avowed intent, the Neocon purpose is to extend American Power abraod, while introducing more regulation and control at home, by the application of fear and religion…
            Anyone who’s read your less bespittled posts would know you have little to nothing against people based on race or gender…

            • Smartz says:

              Doesn’t fear and religion go hand in hand? Most religions make you do “good” stuff in fear of going to a bad place after you die…but then again, media instigated terrorism could be a good source of fear as well. Like prioritizing murders and terrorist attacks as news stories are a couple big ones…

            • jerseygirl says:

              Thanks for mentioning the New American Century (NAC) Neocon “thinktank”. I read their web page before the 200 election and it scared the hell out of me. Unfortunatly NAC puppet GWB won and all his NAC buddies took positions in his administration as stated on the NAC website.

              *sigh* I wonder where we would be now if people had actually read their website before the 2000 elections.

          • No worries, I chuckled.

    • dropulus says:

      Given the huge union-based obligations that GM had racked up all during the port-war era, how could it have been different?

    • leah says:

      kinda depends on the type of con you’re talking about. i mean, so friends are cons, they’re not exactly monsters. my filthy rich neighbors who have an in-ground swimming pool and a mansion but apparently not enough money to pay me more than $3 an hour to babysit their demon-kids, on the other hand…

  7. Goosef says:

    Caption Fail, it should read:

    Private Sector jobs, now regulated by government.

    Or a good spin on an old favorite: Sure you can trust the government, just ask Rick Wagoner.

    What some fail to realize is that this is a private sector job. GM’s biggest mistake was accepting a bailout from the government. GM has been a dinosaur for years, which is very sad, but since when did any company or bank for that matter get so big that we CANNOT let it fail? Bankruptcy would have been better for GM employees, and GM car owners. The reason why the big 3 have been sucking so bad is because they keep doing the same old thing, making big engine hot rods that suck gas while Americans have since realized that they can get a better car, more fuel efficient for the same price or less by going foreign. In addition the US tax code penalizes GM and any manufacturer who wishes to ship their goods overseas and compete in the global market.

    That being said, yes GM’s board should have got rid of this guy a long time ago, but government regulation of private business employees scares the piss out of me.

    All of course is MHO.

    • A little paranoia is healthy. Though I have trouble with having the Little paranoia part… Which is why I am sure I will be dead before sixty. You are right about why they are failing though.

    • Uncle Fester says:

      Thing is, if you go to the Govt with the begging bowl, then expect that the Govt will want a say.
      TBH, I’d be more pissed that they thought the could take my Tax money, and then expect no one to represent my interests if they got their pound of flash from my taxes… OK, you may not *like* this government, but they’re the only people you have at the table when the people with the begging bowls start pissing it up the wall AGAIN…

      • Goosef says:

        fair enough, although I currently don’t see the government as representing my interests at the moment. That being said this is a piss-poor excuse for management by the govt. They should have told them (both administrations) that GM needed to go bankrupt. No company is big enough to not be allowed to fail our country will not die without GM, it will suck for the employees but the country will live. Just like congress should have left AIG alone, but since a lot of COngressmen/women had a lot of money tied into AIG they had to bail it out, to protect themselves.

        • Uncle Fester says:

          As far as the govt goes, it’s there effectively for the next 3 years, so try and make the best of it…
          I can see both sides of the Bankruptcy coin. Personally, I agree with it for the car manfactory industry, simply because it NEEDS cleaning out. It’s over unionised, and generally, inept. The AIG thing – again, a sold crash and burn may well have been needed, but that would have worse ‘unpredictable’ effects on the local and global economy that the bail out (generally, an uncontrolled collapse of a major part of a sector infrastructure is never a ‘good’ thing)… However, as a major stake holder, I wouldn’t see the point of retaining AIG. Which is pretty much the I hold of Northern Rock in the UK. What we should lobby for the division and sell off of the assets to groups who HAVEN’T screwed the pooch. Since the UK did too little too late our publicly floated Building Societies are now mostly Santander or Lloyds Bank (not related to Lloyds of London). They’re refusing to help non-stockmarket ‘mutuals’ since they fly in the face of their economic “ideas”(I use the term loosely, and have done since 1980), when actually,there are more ‘real people’ with their stuff on the line… The UK REALLY hates genuine mutuals, who haven’t been screwing people dry and haven’t been taking ‘risks’ with people’s cash (but some have been left with the package when it stopped ticking, due to the near criminal activities of the ‘independent’ overseeing and investment rating body in the US… the lads who are now being investigated by the Feds…)
          God’s wounds and death. I. Hate. Politicians. But in the end, they’ve all we’ve got…

  8. Josh says:

    I’m sorry but anytime the Government forces a private sector CEO to step down scares the crap out of me. I’m a Republican, albet a moderate one. I believe in gay marriage, pro choice, not religious, not a Bush fan…. but what Obama is doing is ridiculous. You might complain Bush “stole” some of our liberties, however he did it to protect this country from an enemy that just wants us dead. Obama takes our liberties (free market economy) with thunderous applause from the jealousy of people. “OMG he/ she makes more than me, they need to be punished!” BS!!! It’s the job of the BOD and Stock Owners to regulate employeement of CEOs, NOT the GOVERNMENT!!!! What’s next? “You have a Government contract, and I don’t like the look of your CEO, he’s fired!!!!” That’s not paranoia, IT JUST HAPPENED!!! Yeah these people were “greedy” or better yet they made money that YOU didn’t. Some probably did it honestly, some didn’t. Do you know WHY the American Car industry is failing as bad as it is?!?!? UNIONS!!! It costs WAY to much money to build a car here in the states (Nissan is hurting too) than it is overseas. However due to import laws, it’s just as expensive for American Companies to build cars overseas and ship them here. It’s not always the CEOs fault…. when you’re paying someone $50 an hour, the union another $50 an hour plus benefits, as compared to $50/ week no benefits in some of the other countries, who can sell their product CHEAPER?!?!!?

    • Uncle Fester says:

      See above… he asked for the cash…

    • LurkinMerkin says:

      Um, someone with math skills help me out here, $20 million divided by 32 years@40hrs/wk = ??/hour for {searching for euphemism…} sabotaging his own company?

      • Given that people who only show up for the minimum 40 rarely advance far in the corporate world, I averaged it out at 60 hours per week, and it’s a hair over $200 per hour.

        I volunteer to screw up –*coughs*, um, I mean “fix” GM for only $150 per hour!

        • LurkinMerkin says:

          Thanks! You’re right about the 40, though I forgot to figure in any vacation time, either. But apparently math wasn’t a big part of his skill set either!
          Um, I think GM has been pretty well “fixed” already, in the losing-of-testicles manner….

        • charro says:

          I’ll do it for $149/hr…

    • The Crapture says:

      Nissan and the other Japanese automakers operate the majority of their plants in Right-to-Work states and use almost exclusively non-union workforces, so if they are struggling as well, your union argument becomes a non-factor

    • carbonbased says:

      Oh right, it’s the union’s fault. A few things:

      1. If the company can afford to pay someone who was the CEO for less than 10 years, AND helped drag the company down, if they can afford to pay him $20 mil, they can afford to pay workers a living wage.

      2. Why is it ok for CEO’s etc to be over compensated, (and, yes, if you are the head of a company that fails and you receive millions, you’re over compensated), but regular people make $200, 000 a year and it’s undermining America! Is it the ties vs dirty fingernails? THAT’S class warfare.

      Why shouldn’t people who go to work every day be able to make a decent living? Unions fight for wages and health benefits and fair working conditions. I certainly don’t think the solution is to negate that here in the US and allow for sweat shop labor etc. Just because other countries do it, doesn’t make it right.

      We should impose greater trade restrictions on countries with human rights violations, thereby encouraging them to get there acts together, and opening up more industry in this country.

      MHO

      • The Crapture says:

        Precisely…when we lowly working class peasants raise a stink about the inequity of the economy, we’re fomenting “class warfare” but when the little helpless dears in their gated communities are sucking the companies dry and steering them toward the jagged rocks and making sure that everyone below is getting the ream good and dry-like, it’s merely status quo and is to be defended at all costs

        • Bob Dole says:

          Also, I would like to point out that unions are paid for out of worker’s wages, the company isn’t paying out anything for them… I mean, let’s face it, why would they want to? Also, I have been a member of a few unions, and I can’t recall paying out more than 50 dollars in an entire month. Not having real facts to back up an argument is an epic fail and just makes you look… well, you know.

      • charro says:

        Amen, carbonbased. Amen.

  9. Bill says:

    America has to be the only country you get a bonus, and government bailout for crashing your company and then complain about it.

    • Uncle Fester says:

      Businesses have been doing it for years… usually they get a new CEO who turns a going concern into a board and shareholder cash cow (which passes for sucess for a while) and when the whole damn thing crashes and burns, everyone on the board walks away with a sh!t load of cash, and another company is ripping the CEO’s arm off to get them to come and do it to them. The joy of the 80s…
      North Lincs Co-Operative society was a great example of that…

    • And yet if I screw up at a job, it would put a black mark that would be a boundary to getting hired elsewhere.

  10. Chorkie says:

    Class warfare – the REAL “only good war”!

  11. DLFiend4Ever says:

    I’m ready to be oppressed! Where do I sign up?

  12. steroid says:

    How do you know he doesn’t deserve $20 million? Oh, that’s right, you don’t think anyone deserves $20 million.

  13. akagiredsun1 says:

    Ahh more class warfare morons. You have no right to determine what is too much compensation, no one but the employer and employee can decide that.

    • Joseph says:

      Yeah, nobody but the employer and the employee can decide public opinion. They have every right to shape our opinions of their pay, otherwise it’s durn commeenism. I think that that 20 million could be better spent elsewhere if employees, and so don’t support them. Didn’t say anything about determining it, just claiming the right to ridicule it.

    • The Crapture says:

      When they came crawling to the Govt for assistance to resolve the failures they wrought, we as taxpayers assumed a right superceding that of the sharreholders. And of course, one of the biggest failures of the current business model both in the auto industry as well as many other industries is that the immediate, short-term concerns of the shareholders, while clearly important, became the singular focus of many CEO’s out there, even at the expense of the long-term health of the company. Oh, But silly me, i do forget myself…it’s only class warfare when the lowly unwashed heathens dare challenge the divine right of our betters to be paid FAR out the ass for taking a giant corporation and driving it right into the crapper…the taxpayer, the consumer and the worker are but mere cogs whose sole purpose is to keep this guy’s wheel of fortune a-turnin’, right?


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