re: #509 axegrinder

Under bankruptcy they’d have been able to restructure those agreements with retirees. They should have done that 20 years ago and would have if continued subsidies hadn’t propped them up. It should be a lesson learned but our government never learns.

If Wagoner had GM’s interests at heart, rather than his own, he would have taken the company into bankruptcy in order to save it and put it in a stronger position for the future with renegotiated labor contracts. Wagoner, however, is only interested in feathering his own nest, and his Golden Egg is his enormous pile of stock options - which would be rendered worthless under any sort of bankruptcy agreement. Can’t have that now, can we, Dick? “Screw the company, it’s all about me!”

You can bet he’ll be walking away from this deal with a gigantic mountain of cash that will exceed his average worker’s lifetime payroll by a couple orders of magnitude.