Mar 30 2009
Obama puts our minds at ease about our warranties.
President Obama today announced that we shouldn’t worry about our GM, or Chevy warranties , because they will be backed by the government. This plan was explained just after the announcement that the CEO of GM would resign immediately, or the company would not receive their bailout money. CEO Rick Wagoner graciously resigned just before it was announced that he would be receiving 20 million dollars in compensation from his retirement package.
Now, there was outrage over the AIG bonuses, and there is usually outrage over anyone else who gets money that is legally contracted to these filthy rich evil CEOs, so where is the outrage here? There was a protest over the CEO of EXXON-Mobil when he received 400 million dollars in compensation when he retired, even though he merged and grew a company during his tenure. Rick Wagoner by all accounts failed at growing GM, and he is still getting his money, even though the company had to borrow billions of dollars of taxpayer money to keep the company afloat. Why is there a double standard here?
We need to get over this wealth envy, or wealth hatred, what ever you want to call it, and allow these companies to go into chapter 11. In that case he would have been forced to resign, and the tax payers wouldn’t be paying 20 million dollars to a failed CEO. Now, Im not saying that we should use the legal system to strip it from him. Technically he earned that money, I’m just pointing out the double standard.
