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eeluddy


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More GM executive huge salary crap
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http://www.leftlanenews.com/gmac-ceo-took-home-1162-million-in-2008.html

Last year may have been rough for GMAC the preferred lending arm of General Motors but the financial turmoil of 2008 didnt seem to have any adverse effects on the companys CEO. GMACs head honcho, Alvaro de Molina, took home a cool $11.62 million in compensation last year.

According to Automotive News, de Molinas final compensation was made up of $1.2 million in salary, $5.81 million in stock and $4.8 million in other compensation plus an offset of $194,000, due to an accounting standard.

De Molinas 2008 compensation was more than double the $4.93 million he earned in 2007, despite GMACs continued operating losses.

Although sky high executive compensation would have been a non-issue just a few years ago, de Molinas $11.62 seems extraordinarily high these days, especially considering the state of the U.S. automakers. In fact, GMAC recently took a $6 billion from the government because it was so strapped for cash.

But, if its any consolation to those auto workers losing their jobs by the thousands, de Molina wont have access to the corporate jet in 2009 a perk that cost GMAC $2.26 million last year.

 Doesn't it seem like we the taxpayers are being fed a pile of BS? What will the history books call this era of corporate fraud in 100 years? This crap is outta hand!  No more gov. loans till they clean house and at least show some restraint!



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Canadian Poncho


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I heard one bank CEO on CNN saying that the huge bonuses for the troubled bank's top managers were required as some of them said they would "have a hard time getting by" if they didnt' get them. They really are in a different world, aren't they? Geez, in our house my wife was complaining about what celery costs these days..



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427carl


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How in Hell can someone be worth a million a month?  He has a staff to do his work...   WHAT EXACTLY IS HIS JOB??????

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Astro Jet


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427carl wrote:

How in Hell can someone be worth a million a month?  He has a staff to do his work...   WHAT EXACTLY IS HIS JOB??????


That is the problem with the compensation of American executives.  It is completely out of whack with what executives in other countries make.  In the US, the CEO usually makes something like 400-500 times what the average worker in that company makes, I don't have the exact figure but I know in Europe and Japan their CEOs make about half of what the US guys do.

http://financialservices.house.gov/ExecCompvsWorkers.html

 



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73SC


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I just dream about making twice my salary! Maybe I can come up with an accounting standard offset to give myself a $194,000 "other compensation"....Geez. I'm pulling out the CICA handbook now, it's gotta be in there. confuse.gif

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427carl


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I don't have a job anymore, but I could only "dream" of making a $1000.00 per week.....  I did hit 40,000 in 05 but that was the best... I was paid a bonus, on what the store made, but they subtracted any bad debt, and then paid 15% of that, and oh ya, they paid 6 months after that... glad I'm gone..   Can you imagine Police men and Firefighter making 80-90 thou?  I cant imagine how you would spend that kind of income...disbelief   I going for a nap   money makes me tired...



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Astro Jet


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427carl wrote:

Can you imagine Police men and Firefighter making 80-90 thou?  I cant imagine how you would spend that kind of income...disbelief   I going for a nap   money makes me tired...


Don't forget, tax man takes about 1/2 that amount away.  What your salary is and what you actually have to spend at the end of the day are two entirely different things....

 



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68 327 4spd


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Ya tell me about it i lose what my wife makes in a week.no

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427carl


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Astro Jet wrote:

427carl wrote:

 

Can you imagine Police men and Firefighter making 80-90 thou?  I cant imagine how you would spend that kind of income...disbelief   I going for a nap   money makes me tired...


Don't forget, tax man takes about 1/2 that amount away.  What your salary is and what you actually have to spend at the end of the day are two entirely different things....

 


         I understand, but a guy making 80 is still buying more stuff, than me at 40

 



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67HEAVEN


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427carl wrote:

I understand, but a guy making 80 is still buying more stuff, than me at 40

C'mon, Carl. It ain't about the stuff, is it? wink

 

 



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CDN2PLS2


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I think Police and Fire are probably worth all of that.

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4SPEED427


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CDN2PLS2 wrote:

I think Police and Fire are probably worth all of that.


Agreed, but nobody is worth $11 million a year.  Nobody.

 



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427carl


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427carl wrote:

I understand, but a guy making 80 is still buying more stuff, than me at 40

C'mon, Carl. It ain't about the stuff, is it? wink

 

 


      You would make a great  Statesman!    thats what people, with "stuff" say to people, without "stuff"     lol lol     I need more STUFF!biggrin  I am, way behind...

 



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