LA Connection Property Blog: March 2009

General Motors and Rick Wagoner's $20 Million retirement package.

In May 2008 in the midst of record oil prices, I blogged about General Motors and questioned why GM failed to aggressively market and promote their electric car, the EV1.

I also asked why General Motors refused to allow the drivers of the EV1 to purchase their cars at the end of their leases, and why these vehicles were physically destroyed by General Motors?

Fast forward to March 29, 2009 - Rick Wagoner resigns as the CEO of GM under pressure from the Obama administration. Wagoner had previously stated that the worst decision of his tenure at GM was "axing the EV1 electric-car program and not putting the right resources into hybrids.

It's therefore interesting that Wagoner will receive a retirement package estimated at $20 Million. And this is for someone who led GM while it suffered it's biggest losses in it's history and brought it to the brink of bankruptcy .....?

If GM needs additional bailout funds to pay its day-to-day expenses, won't the company be using "bailout funds" to pay this unworthy retirement package?

General Motors and Rick Wagoner's $20 Million retirement package.
share
In May 2008 in the midst of record oil prices, I blogged about General Motors and questioned why GM failed to aggressively market and promote their electric car, the EV1 I also asked why General Motors refused to allow the drivers of the… more
Sarah Palin picks homophobic attorney general
share
Governor Sarah Palin has appointed Anchorage attorney, Wayne Anthony Ross as Alaska's attorney general. Palin stated that "with his vast legal knowledge, experience and integrity, he will make an exceptional attorney general. " … more
Candy Spelling tells how she chose her Realtor
share
In August 2008 I blogged about Candy Spelling and her $150 Million Mansion ("The Manor") in Holmby Hills, Los Angeles. Now that Mrs. Spelling has purchased a $47 Million, 16, 000 sq ft penthouse in Century City she is selling the… more
Wordle. net
share
Have you seen this site: www. wordle. ne t? Wordle an online toy created by a senior software engineer at IBM Research (Jonathan Feinberg), creates "word clouds " - an image of the words contained in a body of writing. … more
Goldman Sachs - Arms-length Business or Competitive Advantage?
share
One can't help questioning the "connections" & "linkages" of the "Wall Street Types" making decisions pertaining to the Troubled Asset Relief Program (TARP). Congresswoman Maxine Walters (D-California, 35th… more
Stylish & Sophisticated 2 Bed 2 Bath Condo in unique mid-century…
share
Stewart Penn | Penn Properties | stewart@pennpropertiesla. com | 310. 866. 1818 850 N Kings Rd, West Hollywood, CA FURTHER PRICE REDUCTION - MOTIVATED SELLER!! - Stylish & sophisticated 2 Bed 2 Bath Condo 2BR/2BA Condo offered at $679, 000… more
Why is Goldman Sachs rushing to repay the bailout money it received?
share
This week the New York Times featured an article about Goldman Sachs rushing to repay the bailout money it received from TARP According to Llyod C Blankfein CEO of Goldman Sachs the firm may actually repay the funds within a month, far… more
The madness continues at Citigroup
share
The recipients of bailout funds continue to act with arrogance and total contempt for the American Taxpayer. They have no regard for public sentiment and are clearly indifferent to reality. Remember how Merill's John Thain spent over.. more
Ford's electric car to be available in 2011 - some good news in the…
share
Did you know that Ford has a "ready made" electric car that will go on sale on 2011? The Ford Motor Company has partnered with Canada-based Magna International one of the leading automotive component companies in the world, to… more
What do AIG and Goldman Sachs have in common? - "Connecting the…
share
Did you know that Henry Paulson, George Bush's Treasury Secretary, was the ex CEO of Goldman Sachs? Did you know it was Paulson who led a team of regulators and bankers in early September 2008 to determine what to do with the most severely… more