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Tuesday, February 16, 2010

GM Execs Way Underpaid According To Man Who Wipes Own Butt With $100 Bills

Oh, Bob. How funny you can be at a time like this. According to Mr. Lutz who is/was/is GM’s Vice Chairman, the top 25 executives at GM are ‘way’ underpaid. Really? Now, I would have expected this kind of announcement to come from the union who represents the factory worker or someone who helps build the cars. However, this comes from the people that ran the company into the ground, flew a private jet to Washington D.C., to beg for government money, and now expects to come out of Chapter 11 with the same perks that helped get them into this mess in the first place.

Lutz talks of talent retention and the ability to keep executives at the company. Well, guess what? Your executives can leave and go work for another company and get six figures. The folks you screwed over may not be able to just say, “Eh, screw it. I’ll go work for another company.”

According to The Consumerist,
GM has hired a new chief financial officer, Chris Liddell, who will be paid in $750,000 plus stock awards. Special adviser Steve Girsky is being paid $1.1 million for sitting on GM's board of directors and for advising Whitacre. His pay includes $200,000 a year as a director and a monthly grant of salary stock valued at $75,000, or $900,000 a year.
Wow, that seems like a real hardship. It’s a wonder you haven’t foreclosed on your homes and been forced to work as a greeter at Walmart. I mean, how do you make ends meet? Want to know a little secret? We’re doing it. Us little jerks who have to budget and scrimp and save and wait for the layoff axe to swing towards us are doing what we can and we’re dealing with it. We are taking advantage of what resources we have to get by and you guys claim you’re underpaid. Do you think you’re owed anything? You built the Aztec! Seems like karmic justice to me.

You know what really burns me on all this is that we continue to bail out these too big to fail companies and they think it’s ok to just keep doing business like nothing happened. Talk about billing it forward. How do you ever expect to be respected as a corporation ever again? Are you guys living in a fantasy? How’s the magic beans there? Because pretty much that’s what you idiots are doing, buying magic beans by continually paying these huge salaries while turning over ownership to the government.

Once upon a time, I could look for an internal job posting and see a job grade attached that posting. However, that went away. You want to know why? Because someone very smart and possibly very evil said, “A job here is about the opportunity, not the pay.” If I worked for GM and said that to an executive, who complained about their pay, I’d be fired. And it’s not even like Lutz said, “Well, they aren’t being paid what they should be according to their talents and responsibilities.” No, he used the words, ‘Way, Way, Way, Underpaid.’ That probably means a comma for every ‘way’ he mentions.

If you are in a position to be a part of the rebuilding of one of the most well known American companies I think you should be compensated accordingly, if, IF, you can produce the turnaround we expect you to. That means, for awhile you may be paid the same as some low level executive for a company out of Cleveland. Then, after all is said and done and you end up walking on water and help the company become profitable, sustainable, and respectable, then I say let’s give you a little something, something for the effort. To think that from day one you are entitled to any HUGE bonus for a company that is emerging from bankruptcy is simply insane. If that’s why you went to work for GM or any other troubled asset recipient company then you should walk into a board meeting and a 30 year veteran assembler should be able to push a button causing you to drop straight into the incinerator.

Dude, the AZTEC!


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