Despite continuing to excoriate the banks for extravagant bonuses, the Government (read, the Obama administration), has approved a $9 Million pay package for the CEO of GM.
Considering that the new CEO had absolutely no experience in the auto industry prior to being placed in charge of the failing GM - perhaps it's a smart move to hire the OLD CEO as an adviser.
In a surprise announcement, GM also said former CEO Fritz Henderson has been rehired as a consultant. Henderson, who was forced out of the job in December, will work 20 hours a month and will be paid $59,090 a month, the company said.Think about that for a minute, folks. The same administration who has set up a pay czar to make sure that executive compensation is not out of line is now paying the person they ousted nearly $60,000 a month for working a whopping 20 hours.
And oh yes, speaking of the pay czar....
Whitacre's pay package exceeds the limits imposed on companies that have received U.S. government aid, but the an exemption was worked out with government pay czar Kenneth Feinberg, GM said.I wonder how many exemptions were given to Toyota? But I guess that since the US government doesn't own Toyota, we won't be seeing any special privileges, will we?
Because to this administration, everyone is equal, some are just more equal than others.