Ousted GM CEO To Get $10M Retirement Package

A new report by the Associated Press says that Rick Wagoner, the former CEO of General Motors who was given the boot by the Obama administration, will get a retirement package worth at least $10M. The number includes $1.64 million in benefits for each of the next five years plus an annual pension of $74,000 for the rest of his life. He also has the option of cashing in his company life insurance policy which would net him another $2.6M. Shocking numbers to some, but let's face facts here, it's peanuts

compared to many other big time CEOs, most of whom put in far less time and effort than Wagoner ever did during his nearly 30 years with GM. Bob Nardelli reportedly took home over $200 million in severance after just six years at Home Depot. Hard to imagine that any GM or Chrysler workers will be shedding a tear for either one of them. AP: Ex-GM CEO gets retirement package worth over $10M

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Ousted GM CEO To Get $10M Retirement Package