Are Auto Executive Pay Rates Obscene?
To read the news, you’d think that the pay rates for some executives particularly those working in the auto industry are obscene. As in paid too much. GM Limits When the Obama administration orchestrated the federal government’d take over of General Motors and Chrysler in 2009, they put into place pay caps that some believe should be repealed. Specifically, the federal government ordered the pay of top GM brass to be slashed in 2009 in exchange for taxpayer money. The Obama administrator forced CEO Rick Wagoner to resign while slashing the salary of the newly minted GM Chief Executive Fritz Henderson by 25 percent to $950,000 from $1.26 million. Today, only one other GM executive makes more than $500,000 which is still a lot of money. Then again when you see what executives pull down elsewhere you can see why some, namely GM Chairman of the Board Ed Whitacre, are calling for the federal government to lift that cap. Whitacre has a point – why would anyone want to work for General Motors
