As General Motors emerges from bankruptcy, it's ex-CEO Rick Wagoner walks away with over $10 million in retirement benefits. What a country!
When management can run a company into the ground by having absolutely no clue what the American consumer wants and still get off with a cool $10 million! You gotta admire that kind of chutzpah.
I had a really nice company once. My business partner and I worked hard and built up a thriving business. We had such an attractive company that a group of venture capitalists acquired us and rolled us and two other companies into a much larger "dot com". We got stock and a little cash but the promise of bigger things. In the end, we were pushed out the door with worthless stock and bupkis. OK, chalk that up to experience, but how come these CEOs stay rich?
I guess it all has to do with who you went to school with and the practice of lining your board with other fat cats who will make sure you get a very shiny golden parachute. Of course the GM stockholders, well they get... you guessed it, bupkis!
Wednesday, July 15, 2009
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