GM Executive Pensions Get Cut; Wagoner May Lose $15 Million

There’s nothing the American populace loves more than apple pie, baseball, and a scapegoat. So when an American institution such as GM collapses so entirely as it has, the American people need to have answers. And once they have those answers, they need to have someone to hang the blame on. Those unfortunate souls? The executives that arguably ran what was arguably the world’s most successful automaker straight into the ground and beyond.

Of course, most of those executives have already safely escaped the wrath of the crumbling of GM’s; sitting on the sidelines and enjoying massive pensions. But, after pummelling the company with public funds, the notion of ex-CEO Rick Wagoner sitting at home earning $22 million over the next five years draws some understandable ire from the American public. Thus, it comes as no surprise that current GM CEO Fritz Henderson has announced that pensions over $100,000 will take a serious cut back; in some cases up to two thirds. In Wagoner’s case, that means the infamous ex-CEO may lose up to $15 million of that supposed $22 million.