Gov Motors CEO to get huge pay

[msmith198025]

http://online.wsj.com/article/SB10001424052748703787304575075843943185642.html


General Motors Co. Chief Executive Ed Whitacre will receive a pay package valued at $9 million to help turn around the government-owned auto maker, according to a regulatory filing.

Mr. Whitacre, according to the filing, will receive a $1.7 million base salary this year. The rest of his compensation is comprised of $5.3 million in stock available to him beginning in 2012 and restricted stock units valued currently at $2 million.

[HDRoberts]

Not surprised the conservative base on this board has stayed silent. It would be hypocritical to complain about this guys salary while defending private sector bonuses.

[Derwin0]

Not surprised the conservative base on this board has stayed silent. It would be hypocritical to complain about this guys salary while defending private sector bonuses.Actually I'm surprised there isn't more complaints from the left. After all, they're the ones who complained about the bankers getting bonuses.

As it is, if he did his job, then let him get a bonus.
But since most of it is in GM stock, it'll be worthless before long anyway.

[msmith198025]

Actually I'm surprised there isn't more complaints from the left. After all, they're the ones who complained about the bankers getting bonuses.
As it is, if he did his job, then let him get a bonus.
But since most of it is in GM stock, it'll be worthless before long anyway.

Lol, you and me both.

[HDRoberts]

I do think he is overpaid, but paltry compared to what others are making.

[NickG420]

I do think he is overpaid, but paltry compared to what others are making.

Explain to me how he is overpaid...

[HDRoberts]

Explain to me how he is overpaid...

Simple math.

Let's assume he works every week 16 hour days 6 days a week. That's just under 5,000 hours a year. Let's just say it's 5,000.

$9 Million / 5,000 = $1,800 an hour. That's $30 every minute. I never have thought anyone's time is worth that.

[msmith198025]

Simple math.

Let's assume he works every week 16 hour days 6 days a week. That's just under 5,000 hours a year. Let's just say it's 5,000.

$9 Million / 5,000 = $1,800 an hour. That's $30 every minute. I never have thought anyone's time is worth that.


If he makes them much more than that, then yes, his time is worth it. (not saying he is, I have no idea)

[HDRoberts]

If he makes them much more than that, then yes, his time is worth it. (not saying he is, I have no idea)

Assuming he is one of the few capable of that. I doubt that highly. Executives positions are all about who you know from what I've seen.

[msmith198025]

Assuming he is one of the few capable of that. I doubt that highly. Executives positions are all about who you know from what I've seen.

It would be nearly impossible to say that for certain.
You assume such, and it may or may not be true. Personally, it would make no business sense to overpay someone by that amount if they do not pull their weight. I know I wouldnt.

[HDRoberts]

It would be nearly impossible to say that for certain.
You assume such, and it may or may not be true. Personally, it would make no business sense to overpay someone by that amount if they do not pull their weight. I know I wouldnt.

Thing is, the people saying rather or not that is good business sense are their fellow executives. The fox is guarding the hen house.

[NickG420]

He's been the head of SBC since before anyone even knew who they were until now where they have their hand in every form of telecommunications...He led them through numerous mergers and acquisitions.

I would say he's well worth what they pay him...

[msmith198025]

Thing is, the people saying rather or not that is good business sense are their fellow executives. The fox is guarding the hen house.

And all executives are overpaid, or shady, ect.

Im sorry, lol, it REALLY comes across that way in nearly all cases when you talk about rich people and their pay.

[vurbano]

good for him. I think if you can get a gig like that its good for you. its never been a crime in this country to get paid until Obama came along with his legion of trolls. And at least One of them is in this thread already

[Bear Paws]

And all executives are overpaid, or shady, ect.

Im sorry, lol, it REALLY comes across that way in nearly all cases when you talk about rich people and their pay. I posted this the other day on another thread in response to HD Roberts constant whining about the "rich".
I make no apologies. I'm well used to people like him from when I worked behind the iron curtain that where obsessive ideologues well versed in the universal Bolshevik mantra of hating the rich. They where self made Trotskyite martyrs of their own creation sitting around in bars and coffee houses reciting lofty poetry and theories about the injustices of the rich rather than lamenting that it was the prison of their own socialist system and self acclaimed ideologies that made them poor.


You can never convince those obsessively jealous and envious of the so called "rich" that the reason they are where they are is because of themselves and not the fault of the rich. Rich and poor is not because of zero sum like the Bolsheviks would have you believe. People that are successful in life, whether it be economic or societal look upon others success as inspiration, not with malevolence toward them...The ones that start their own business or work for others with great success (Eg. CEOs, managers, etc) and become "one" of the rich are those that look upon successful business people as role models of personal success, to be emulated and learned from rather than to be reviled.

Consider the different attitude and treatment by these rich bashers toward the the slub working behind the 711 counter if they discovered he was the owner of several 711s and was only "filling in".

That hatred of the rich sure worked out well for the USSR and is working so well for North Korea, Cuba and so on. Yet in China more people have come out of abject poverty in the recent years than in all of history in the world simply because they have embraced the rich, free market and entrepreneurship without artificial limits of wealth.

[Bob Haller]

I wonder how much CEOs of similar companies make?

[HDRoberts]

I posted this the other day on another thread in response to HD Roberts constant whining about the "rich".
I make no apologies. I'm well used to people like him from when I worked behind the iron curtain that where obsessive ideologues well versed in the universal Bolshevik mantra of hating the rich. They where self made Trotskyite martyrs of their own creation sitting around in bars and coffee houses reciting lofty poetry and theories about the injustices of the rich rather than lamenting that it was the prison of their own socialist system and self acclaimed ideologies that made them poor.

Again, this false belief that I hate the rich. I was just questioning the wisdom of someone getting paid a dollar every 2 seconds. Is anyone's time really worth that?

I do aspire to be them. I'd love to make $9 Million in a year, because I'd comfortably retire the next year. That's another thing I don't get about these people. Can't they step aside and let those aspiring to be like them be like them? They have already made their stack. But of course, I'll never be one. Why? I don't know the right people. Plain and simple.

It's interesting you talk about a 7-11 owner working hard. First, no one that owns a few 7-11s is making $9M a year. Probably not $1M a year. Still, let's say the CEO was working. Heck, that has happened. There is even a reality TV show based on the concept. You know what the moral of those stories are? Not that the employees conclude their CEO is underpaid. Rather, the CEO gets an appreciation for how hard the employees work for 1/100th what the boss makes.

Yes, hating the rich has not turned out well for the USSR. But before you continue the exponential growth of the wealth of the rich, as yourself, how did that work out aristocracy that tried to build their continuing massive wealth on the backs of the poor and middle class? Same for the French Revolution. Maybe we need to find a happy medium.

[Bear Paws]

[QUOTE]Again, this false belief that I hate the rich. I was just questioning the wisdom of someone getting paid a dollar every 2 seconds. Is anyone's time really worth that? . Performance pay and in fact price of anything is actually a fact of supply and demand…. so no one company can afford to pay low as it would then loose talent…That's the free market system which is what guarantees you the same opportunities for reward if you are motivated, knowledgeable and good at what you do.. We see that in Sports and Hollywood as well. Very few people have the ability to manage the complexities of these large companies. Most never make it to headlines level compensation and generally most of those comp packages consist of stock options rather than cash. .


I do aspire to be them. I'd love to make $9 Million in a year, because I'd comfortably retire the next year. That's another thing I don't get about these people. Can't they step aside and let those aspiring to be like them be like them? They have already made their stack. But of course, I'll never be one. Why? I don't know the right people. Plain and simple.
There you go with the zero sum again..First... its not because of them that you don't make as much as they...They are not taking yours. It does not belong to you because you have not earned it. Second... its not up to them, or anyone for that matter, to "step aside" to make certain you get your piece of the proverbial pie. Is your responsibility to increase the size of the pie, create your own wealth and if you can make more than the next guy... God bless you. By your theory we would still be trying to divide the bourgeoisie pie of 1848..(Year Marx published his manifesto) .


It's interesting you talk about a 7-11 owner working hard. First, no one that owns a few 7-11s is making $9M a year. Probably not $1M a year. Still, let's say the CEO was working. Heck, that has happened. There is even a reality TV show based on the concept. You know what the moral of those stories are? Not that the employees conclude their CEO is underpaid. Rather, the CEO gets an appreciation for how hard the employees work for 1/100th what the boss makes. Your hopeless. My 711 example was a analogy but lets run with it. The owner knows how to do every single job in that store from making slush puppies to making correct change including some very important ones the counter employees don't. Ones that if not done properly the job for the slub would not exist.. Like managing real estate, inventory, employees, schedules, payroll, licenses and paying bills and taxes. Anytime the "employee" wants to become the owner there are plenty of convenience stores out there for him to buy the same way his boss did. Which usually meant showing up on the shores of America with little more than a shirt and pants and the willingness to bust his ass, sacrifice, scrimp and save working behind that or some other counter for his dream of owning his own store.


Yes, hating the rich has not turned out well for the USSR. But before you continue the exponential growth of the wealth of the rich, as yourself, how did that work out aristocracy that tried to build their continuing massive wealth on the backs of the poor and middle class? Same for the French Revolution. Maybe we need to find a happy medium. One would hope the lessons of the USSR be not repeated here in the soon to be USSA.

That's the dead end Bolshevik mantra. "On the backs". What the rest of the world calls private "at will" employment you call "on the backs". You can not have growth and employment without accumulation of capital, that which you call wealth. You would still be living in the middle ages.

Your employer does not need to make a capital profit because it can raise taxes on the backs of those that actually do create capital. That my young friend is the ultimate "on the backs of".

The French revolution failed because it started out with the American Revolution ideals but got hijacked by the collectivists. It lost the vision of freedom for the sake of equality and got neither.

[HD MM]

Whatever GM is doing seems to be working. The plant here in Lordstown plans on taking on a 3rd shift and just announced 1,200 new jobs!

[markh]

Maybe the the guys who owns the local 7-11 should be the guy making the millions instead of the CEO. "Mister Danny is not working very hard."

We outsource jobs because we can get them done cheaper overseas. Maybe we should be outsourcing the executive jobs. American CEO pay is way out of whack with the rest of the world. When Daimler bought Chrysler the Chrysler CEO was making way more than his new boss at Daimler. If saving money on the peons jobs is good then think how much we could save if we brought in really sharp Indians or Koreans to run our companies.

[Salsadancer7]

Maybe the the guys who owns the local 7-11 should be the guy making the millions instead of the CEO. "Mister Danny is not working very hard."

We outsource jobs because we can get them done cheaper overseas. Maybe we should be outsourcing the executive jobs. American CEO pay is way out of whack with the rest of the world. When Daimler bought Chrysler the Chrysler CEO was making way more than his new boss at Daimler. If saving money on the peons jobs is good then think how much we could save if we brought in really sharp Indians or Koreans to run our companies.

Interesting point.....Bear? You views on this?:)